Singapore Armed Forces (SAVER Plan) (Amendment) Regulations 2024

No. S 150

Singapore Armed Forces Act 1972

Singapore Armed Forces
(SAVER Plan) (Amendment)
Regulations 2024

In exercise of the powers conferred by section 205A of the Singapore Armed Forces Act 1972, the Armed Forces Council makes the following Regulations:

Citation and commencement

1. These Regulations are the Singapore Armed Forces (SAVER Plan) (Amendment) Regulations 2024 and come into operation on 1 March 2024.

Amendment of regulation 2

2. In the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) (called in these Regulations the principal Regulations), in regulation 2 —

(a)

in paragraph (1), delete “, unless the context otherwise requires”;

(b)

in paragraph (1), in the definition of “gross salary”, in paragraph (b), after “may determine”, insert “in a General Order”;

(c)

in paragraph (1), in the definition of “SAVER end date”, in paragraph (b), replace sub‑paragraphs (i) and (ii) with —

“(i)	42 years of age, if his rank on the date that he attains that age is Senior Lieutenant‑Colonel or below;
(ii)	44 years of age, if his rank by the date that he attains 42 years of age is Colonel or above;”;

(d)

in paragraph (1), after the definition of “SAVER‑Premium Fund”, insert —

“ “SAVER salary”, in relation to a member, means the consolidated monthly salary and includes such pay components, bonuses and allowances as the Armed Forces Council may determine in a General Order;”; and

(e)

in paragraph (2), after “gross salary” wherever it appears, insert “, SAVER salary”.

Amendment of regulation 13

3. In the principal Regulations, in regulation 13(1) —

(a)

in sub‑paragraph (b), after “Account”, insert “and subject to sub‑paragraph (ba)”;

(b)

in sub‑paragraphs (b) and (c), replace “gross salary” with “SAVER salary”;

(c)

after sub‑paragraph (b), insert —

“(ba)

in the case of the Retirement Account of a person who was a former member and becomes a member again upon his re‑enlistment for regular service as an officer, an additional contribution at such rate and under such conditions as the Armed Forces Council may determine in a General Order;”; and

(d)

in sub‑paragraph (c), delete “and” at the end.

Amendment of Second Schedule

4. In the principal Regulations, in the Second Schedule —

(a)	in paragraph 2, in the second column, replace the column heading “Vesting for members who are pilots or officers of and above the rank of Colonel” with “Vesting for pilot of any rank or any other member whose SAVER end date is 44 years of age”; and
(b)	in paragraph 2, in the second column, replace the column heading “Vesting for other members” with “Vesting for any member whose SAVER end date is 42 or 45 years of age”.

Saving provision

5. Despite regulation 3(b), regulation 13(1) of the principal Regulations as in force before 1 March 2024 continues to apply to every member who is a member immediately before that date, as if regulation 3(b) had not been enacted.

[G.N. Nos. S 376/2003; S 516/2004; S 107/2005; S 168/2007; S 162/2008; S 188/2010; S 239/2012; S 738/2020; S 448/2021; S 1038/2022]

Made on 31 January 2024.

HO CHIN NING

Secretary,
Armed Forces Council,
Singapore.

[Q61C-4/16-1-1; AG/LEGIS/SL/295/2020/5 Vol. 1]

(To be presented to Parliament under section 207 of the Singapore Armed Forces Act 1972).

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