The correct answer is: B. Maturity claim cheques are paid to the beneficiaries in a MWP Act case.
The MWP Act (Maturity Withdrawals for Pensioners) is a law that allows pensioners to withdraw money from their pension funds before they reach retirement age. The money can be used for any purpose, such as buying a home, starting a business, or paying for education.
To withdraw money under the MWP Act, pensioners must apply to their pension fund. The pension fund will then assess the application and decide whether to approve it. If the application is approved, the pension fund will issue a maturity claim cheque to the pensioner.
The maturity claim cheque is made payable to the pensioner. The pensioner can then cash the cheque or deposit it into their bank account.
The trustees of a pension fund are responsible for managing the fund and ensuring that it is invested in a way that meets the needs of the pensioners. The trustees do not have the authority to pay out money from the fund without the approval of the pensioners.
Therefore, the statement “Maturity claim cheques are paid to the trustees in a MWP Act case” is incorrect.
The statement “Both the statements above are correct” is also incorrect. Only the statement “Maturity claim cheques are paid to the beneficiaries in a MWP Act case” is correct.