From 1 January 2010, pension funds can no longer oblige older employees to withdraw their retirement benefits (as a lump-sum or an annuity) when they wish to continue being gainfully employed or if they register as unemployed. If an employee exits his pension fund after reaching the early retirement age (but not before he turns 58), he is now entitled to instruct the pension fund to transfer his vested termination benefit to a vested benefits institution. The amended legislation is due to enter into effect on 1 January 2010. Interest and dividends accruing on pension assets held with a tax-exempt vested benefits institution are exempt from capital and income tax. If the termination benefit is split between two separate accounts, the assets may be withdrawn in different calendar years, maximising tax efficiency. Vested termination benefits can be invested with Liberty on a tax-exempt basis for five years after the normal AHV/AVS retirement age.