Cap. 450 Art. 21Removal of the retirement fund administrator or retirement scheme administrator.

(1) Subject to any requirements as may be prescribed, the board of directors of a retirement fund may at any time replace the retirement fund administrator with a new retirement fund administrator.

(2) Subject to any requirements as may be prescribed, a majority by value of contributions to date within the scheme of the contributor of the Scheme may at any time replace the retirement scheme administrator with a new retirement scheme administrator in accordance with the relevant scheme document.

(3) It shall be the duty of the administrator being replaced to cooperate fully with the new retirement fund administrator or retirement scheme administrator, to ensure a proper, orderly and complete transfer of duties, and to take all reasonable and practical measures to preserve and safeguard the interests of the retirement fund and the beneficiaries.