Section 89: Restriction on sale of Pension Fund Assets.

(1)
A Pension Fund Administrator shall not-
(a) sell pension fund assets to-
(i) itself;
(ii) any shareholder, director, affiliate, subsidiary, associate, related party or company of the Pension Fund Administrator;
(iii) any employee of the Pension Fund Administrator;
(iv) the spouse of any of the persons referred to in sub-paragraphs (i) to (iii) of this paragraph or those related to the said persons;
(v) affiliates of any shareholder of the Pension Fund Administrator; or
(vi) the Pension Fund Custodian holding pension fund assets to the order of the Pension Fund Administrator and any related party to the Pension Fund Custodian.
(b) utilise pension fund to purchase assets from the persons mentioned in sub-section (a) of this section; and
(c) apply pension fund assets under its management by way of loans and credits or as collateral for any loan taken by a holder of retirement savings account or any person whatsoever.
(2)
Notwithstanding the provision of sub-section (1) (c) of this section, a Pension Fund Administrator may, subject to guidelines issued by the Commission, apply a percentage of the pension assets in the retirement savings account towards payment of equity contribution for payment of residential mortgage by a holder of Retirement Savings Account.