Singapore Armed Forces (SAVER Fund) (Amendment) Regulations 2000

No. S 190

Singapore Armed Forces Act

(Chapter 295)

Singapore Armed Forces (Saver Fund) (Amendment) Regulations 2000

In exercise of the powers conferred by section 205C(8) of the Singapore Armed Forces Act, the Armed Forces Council hereby makes the following Regulations:

Citation and commencement

1.—(1) These Regulations may be cited as the Singapore Armed Forces (SAVER Fund) (Amendment) Regulations 2000 and shall, with the exception of regulation 9(b), come into operation on 31st March 2000.

(2) Regulation 9(b) of these Regulations shall be deemed to have come into operation on 1st April 1998.

Amendment of regulation 1

2. Regulation 1 of the Singapore Armed Forces (SAVER Fund) Regulations (Rg 18) (referred to in these Regulations as the principal Regulations) is amended by deleting the words “(SAVER Fund)” and substituting the words “(SAVER-Premium Fund)”.

Amendment of regulation 2

3. Regulation 2 of the principal Regulations is amended —

(a)

by inserting, immediately after the definition of “Board”, the following definitions:

“ “CARE Account” means the Career and Retirement Endowment Account referred to in regulation 12 (2)(a);

“CARE Initial Quantum”, in relation to the CARE Account, means the initial lump sum contribution which may be granted by the Armed Forces Council to a member of the Premium Plan upon the member completing not less than 10 years of reckonable service in accordance with the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. No. S 188/2000);”;

(b)

by deleting the definition of “Contribution Account” and substituting the following definitions:

“ “Compensation Account” means the Compensation Account referred to in regulation 11 (a);

“Contribution Account” means the Contribution Account referred to in regulation 11 (b);”;

(c)

by deleting the words “SAVER Fund” in the definition of “financial year” and substituting the words “SAVER-Premium Fund”;

(d)

by deleting the definition of “Income Account” and substituting the following definitions:

“ “Forfeiture Account” means the Forfeiture Account referred to in regulation 11 (c);

“Income Account” means the Income Account referred to in regulation 11 (d);

“Loan and Benefits Account” means the Loan and Benefits Account referred to in regulation 11 (e);

“Medical Account” means the Medical Account referred to in regulation 11 (f);”;

(e)

by inserting, immediately after the words “SAVER Plan” in the definition of “member”, the words “or the Premium Plan”;

(f)

by deleting the words “SAVER Fund” wherever they appear in the definition of “net income” and substituting in each case the words “SAVER-Premium Fund”;

(g)

by inserting, immediately after the definition of “net income”, the following definitions:

“ “Premium Plan” means the Premium Plan established by the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. S 188/2000) made under section 205A of the Act;

“Provisional Account” means the Provisional Account referred to in regulation 11 (g);”; and

(h)

by deleting the definition of “Stabilisation Account” and substituting the following definition:

“ “START Account” means the Specialist Account to Reward Ten-Year Engagement Account referred to in regulation 11 (h);”.

Amendment of regulation 3

4. Regulation 3 (5) of the principal Regulations is amended by deleting the words “SAVER Fund” and substituting the words “SAVER-Premium Fund”.

Amendment of regulation 6

5. Regulation 6 of the principal Regulations is amended by inserting, immediately after paragraph (2), the following paragraph:

“(3) No trustee shall be deemed to have any pecuniary interest in any matter which was or is before any meeting of the Board under paragraph (1) by reason only that the trustee was or is at the time of the meeting a member of the SAVER Plan or the Premium Plan, as the case may be.”.

Amendment of regulation 7

6. Regulation 7 (3) of the principal Regulations is amended by deleting the words “SAVER Fund” in the 4th line and in the 7th and 8th lines and substituting in each case the words “SAVER-Premium Fund”.

Amendment of regulation 10

7. Regulation 10 of the principal Regulations is amended —

(a)

by deleting the words “SAVER Fund” in the 1st line and substituting the words “SAVER-Premium Fund”;

(b)

by deleting the words “SAVER Plan to members of the SAVER Plan” in paragraph (a) and substituting the words “SAVER Plan or the Premium Plan to members of either Plan”;

(c)

by inserting, immediately after the words “SAVER Plan” in paragraph (b), the words “or the Premium Plan”;

(d)

by deleting the words “SAVER Fund; or” in paragraph (d) and substituting the words “SAVER-Premium Fund;”;

(e)

by deleting paragraph (e) and substituting the following paragraphs:

“(e)	such other expenses relating to the administration, management and investment of moneys in the SAVER-Premium Fund; or
(f)	any loan or other benefit to members in accordance with the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) and the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. S 188/2000).”; and

(f)

by deleting the words “SAVER Fund” in the regulation heading and substituting the words “SAVER-Premium Fund”.

Deletion and substitution of regulations 11, 12 and 13

8. Regulations 11, 12 and 13 of the principal Regulations are deleted and the following regulations substituted therefor:

“Accounts in SAVER-Premium Fund

11. There shall be maintained by the Board in respect of the SAVER-Premium Fund the following accounts:

(a)

the Compensation Account in which shall be kept moneys transferred from the Income Account, and moneys allocated from the moneys appropriated from the Consolidated Fund for the purposes of the Ministry of Defence, to meet payments of awards in respect of death in service or disablement;

(b)

the Contribution Account in which shall be kept all capital moneys of the SAVER-Premium Fund;

(c)

the Forfeiture Account in which shall be kept —

(i)	all moneys kept in the former Stabilisation Account and Capital Forfeiture Account maintained by the Board under the revoked regulation 11 in force before 31st March 2000;
(ii)	all dividends forfeited in accordance with the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) and the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. S 188/2000); and
(iii)	such other sums forfeited in accordance with the Singapore Armed Forces (SAVER Plan) Regulations and the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. No. S 188/2000);

(d)

the Income Account in which shall be kept all income from the investment of capital moneys of the SAVER-Premium Fund;

(e)

the Loan and Benefits Account in which shall be kept moneys transferred from the Income Account, and moneys allocated from the moneys appropriated from the Consolidated Fund for the purposes of the Ministry of Defence, to meet payments of loans or other benefits to members of the SAVER Plan or the Premium Plan in accordance with the Singapore Armed Forces (SAVER Plan) Regulations and the Singapore Armed Forces (Premium Plan) Regulations 2000;

(f)

the Medical Account in which shall be kept moneys transferred from the Income Account, and moneys allocated from the moneys appropriated from the Consolidated Fund for the purposes of the Ministry of Defence, to meet payments of awards in respect of any benefit under the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) or the Singapore Armed Forces (Premium Plan) Regulations 2000 in respect of medical services rendered to members of the SAVER Plan or the Premium Plan, including benefits rendered after retirement;

(g)

the Provisional Account in which shall be kept moneys transferred from the Income Account, and moneys allocated from the moneys appropriated from the Consolidated Fund for the purposes of the Ministry of Defence, to meet provisions for future transactions and contingencies; and

(h)

the START Account in which shall be kept moneys transferred from the Income Account, and moneys allocated from the moneys appropriated from the Consolidated Fund for the purposes of the Ministry of Defence, to meet payments of START benefits or CARE Initial Quantum to members of the Premium Plan in accordance with the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. No. S 188/2000).

Subsidiary accounts of Contribution Account

12.—(1) The Board shall also maintain in respect of each member of the SAVER Plan the following subsidiary accounts within the Contribution Account:

(a)	a Savings Account;
(b)	a Retirement Account; and
(c)	a Central Provident Fund Top-Up Account.

(2) The Board shall maintain in respect of each member of the Premium Plan the following subsidiary accounts within the Contribution Account:

(a)	a CARE Account; and
(b)	a Central Provident Fund Top-Up Account.

(3) The Board shall credit to the subsidiary accounts of members of the SAVER-Premium Fund —

(a)	contributions and benefits at the rates prescribed by the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) or the Singapore Armed Forces (Premium Plan) Regulations 2000; and
(b)	any such dividend declared by the Board under paragraph (4).

(4) The Board may during each financial year declare to the subsidiary accounts of each member of the SAVER Plan or the Premium Plan a dividend out of the net income and unrealised net profits of the SAVER-Premium Fund for that financial year.

Forfeiture Account

13.—(1) All or any part of the contributions referred to in regulation 12(1) and (2) may be met from moneys in the Forfeiture Account.

(2) All dividends and other sums which are forfeited in accordance with the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) or the Singapore Armed Forces (Premium Plan) Regulations 2000 shall be credited to the Forfeiture Account.”.

Amendment of regulation 14

9. Regulation 14 of the principal Regulations is amended —

(a)

by deleting the words “SAVER Fund” in paragraphs (1) and (2)(a) and (b) and substituting in each case the words “SAVER-Premium Fund”;

(b)

by inserting, immediately after the word “dividends” in paragraph (2)(d), the words “and interest”;

(c)

by deleting the word “and” at the end of sub-paragraph (d) of paragraph (2) and by inserting immediately thereafter the following sub-paragraph:

“(da)

all dividends and interest authorised to be paid in respect of any member under the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. No. S 188/2000); and”; and

(d)

by inserting, immediately after paragraph (2), the following paragraph:

“(3) The Board may transfer any moneys in the Income Account to the Compensation Account, Loan and Benefits Account, Medical Account, Provisional Account or START Account as the Board deems necessary to meet payments of awards or loans or other benefits under the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) or the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. No. S 188/2000) or to meet future transactions or contingencies.”.

Deletion and substitution of regulations 15 and 16

10. Regulations 15 and 16 of the principal Regulations are deleted and the following regulations substituted therefor:

“Investments and interest derived from investments

15.—(1) The moneys of the SAVER-Premium Fund may be invested in accordance with section 205B of the Act.

(2) All amounts received by way of interest on investment made from moneys of the SAVER-Premium Fund shall be carried to the Income Account.

(3) All amounts received by way of rents from the properties owned by or mortgaged to the SAVER-Premium Fund shall be carried to the Income Account, but there shall first be deducted any payments made in respect of rates, insurance, repairs and any other expenses or outgoings made for the purpose of maintaining the properties in a rent earning condition, including any commission paid to a receiver appointed by the Board as mortgagee of any property.

(4) Upon the realisation of any investment, so much of the net proceeds as are equal to the book value of the investment as shown in the accounts shall be treated as capital moneys of the SAVER-Premium Fund, and the remaining net proceeds shall be credited to the Income Account.

Deficiency in SAVER-Premium Fund

16. Any deficiency, including losses from the realisation of investments, on the SAVER-Premium Fund which may from time to time arise shall be made good out of the amount standing to the credit of the Contribution Account, Compensation Account, Medical Account and START Account.”.

Amendment of regulation 17

11. Regulation 17 of the principal Regulations is amended —

(a)	by deleting the words “SAVER Fund” wherever they appear in paragraphs (1), (2) and (3) and in the regulation heading and substituting in each case the words “SAVER-Premium Fund”;
(b)	by deleting the words “Armed Forces Council” in paragraph (1) and in the 4th and 5th lines of paragraph (2) and substituting in each case the word “Board”;
(c)	by inserting, immediately after the word “Regulations” in the 2nd line of paragraph (2), the words “or the Singapore Armed Forces (Premium Plan) Regulations 2000 (G.N. No. S 188/2000)”; and
(d)	by deleting the words “SAVER Plan” in the 3rd and 4th lines of paragraph (2) and substituting the words “SAVER Plan or the Premium Plan”.

Amendment of regulation 18

12. Regulation 18 of the principal Regulations is amended by deleting the words “SAVER Fund” and substituting the words “SAVER-Premium Fund”.

Amendment of regulation 20

13. Regulation 20 (1) of the principal Regulations is amended by deleting the words “SAVER Fund” in sub-paragraphs (a), (b) and (c) and substituting in each case the words “SAVER-Premium Fund”.

Amendment of regulation 24

14. Regulation 24 of the principal Regulations is amended —

(a)

by deleting the words “annually to each member of the SAVER Plan” in the 1st and 2nd lines and substituting the words “half-yearly to each member of the SAVER Plan or the Premium Plan”;

(b)

by deleting the word “and” at the end of paragraph (a); and

(c)

by deleting the full-stop at the end of paragraph (b) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:

“(c)	any rectification of errors in any subsidiary account of the member.”.

Amendment of regulation 25

15. Regulation 25 of the principal Regulations is amended —

(a)

by deleting the words “shall serve a written notice on the member stating its intention to” in the 3rd and 4th lines of paragraph (1) and substituting the word “may”; and

(b)

by deleting paragraphs (2) and (3) and substituting the following paragraph:

“(2) Where an error in any subsidiary account of a member is rectified under paragraph (1), the member may, within 14 days after receiving a statement under regulation 24 showing the rectification of the error, appeal to the Armed Forces Council against the rectification, and the decision of the Armed Forces Council shall be final.”.

Savings

16. The Compensation Account, Contribution Account, Income Account and Medical Account maintained by the Board prior to 31st March 2000 under the revoked regulation 11 of the principal Regulations shall be deemed to continue subject to such modifications as may be made by these Regulations.

Made this 30th day of March 2000.

CHAN YENG KIT

Secretary,
Armed Forces Council,
Singapore.

[MINDEF 4-4/26-3/DLS/WKW; AG/LEG/SL/295/97/2 Vol. 2]

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

Search within Legislation