Common use of Withdrawal of Funds Clause in Contracts

Withdrawal of Funds. a) An account owner may apply to withdraw all or part of the balance in his or her individual account when he or she has attained 65 years of age. b) For any of the following reasons, an account owner who has not attained 65 years of age may apply to the FSS for an early withdrawal of all or part of the balance in his or her individual account- (i) there is a need to bear huge medical expenses due to serious injury or illness of his or her own; (ii) he or she has attained 60 years of age and is not engaged in any paid activities; (iii) he or she has humanitarian or other properly explained reasons. c) If, in any of the following cases, an account owner under 65 years of age may apply to the FSS for an early withdrawal of all or part of the funds that are distributed by the government and recorded in his or her individual account according to Article 9(1)- (i) there is a need to bear huge medical expenses due to serious injury or illness of his or her spouse, any degree of lineal consanguinity or affinity; (ii) he or she has been receiving disability pension paid under Law No. 4/2010 for more than one year; (iii) he or she is currently receiving special disability subsidy paid under Law No. 9/2011 (Disability Allowance and Free Healthcare Services System). d) The account owner may withdraw all or part of the funds only once a year and the reasons given for the early withdrawal must be supported by documents. e) Those whose early withdrawal of funds has been granted on grounds referred to in above Article 13(b)(ii) cannot apply for making an early withdrawal on the same grounds later. f) The withdrawal of all or part of the balance in the account owner's individual account does not affect its subsequent recording of additional funds or contributions. g) The amount for early withdrawal shall be determined by the FSS according to the specific circumstances of the account owner and the documents submitted by him or her. h) The fund management entities must obtain permission from the FSS before they can pay the account owners the balances recorded in their contribution sub-accounts and preserved sub-accounts. i) If an account owner dies, his or her heir(s) may withdraw the balance from the related individual account in accordance with the provisions of Article 15 of Decree Law No. 7/2017.