Article 31-4Transfer, etc. of Amounts Equivalent to Cancellation Refunds to Asset Management and Investment Institutions, etc.

①Where a mutual aid policyholder has carried out a merger, company split or other act specified by Order of the Ministry of Health, Labour and Welfare as an act under the provisions of the Companies Act (Act No. 86 of 2005) or other laws (hereinafter referred to in this paragraph as a "merger, etc."), and implements a defined-benefit corporate pension in which a covered employee whose retirement allowance mutual aid contract has been cancelled pursuant to the provisions of Article 8, paragraph (3), item (i) as a result of that merger, etc. is a participant, or a corporate-type pension plan in which that covered employee is a participant of a corporate-type pension plan, the Organization is to transfer to the asset management and investment institution, etc. or the asset management institution the amount equivalent to the cancellation refund pertaining to the covered employee whose consent has been obtained, on the basis of an application concerning the transfer of the amount equivalent to the cancellation refund to a defined-benefit corporate pension or corporate-type pension plan (limited to those specified by Order of the Ministry of Health, Labour and Welfare) that the mutual aid policyholder makes, with the consent of that covered employee, as provided by Order of the Ministry of Health, Labour and Welfare.

②Where an application under the preceding paragraph has been made, the Organization is not to pay a cancellation refund to that covered employee, notwithstanding the provisions of Article 16, paragraph (1).

③Where any of the following events occurs with respect to a covered employee who is the subject of an application under paragraph (1), the Organization pays a cancellation refund to that covered employee, notwithstanding the provisions of the preceding paragraph.