Home Affairs Uniformed Services (INVEST Fund) (Amendment No. 2) Regulations 2007

Status:

Published in Subsidiary Legislation Supplement
on 13 Sep 2007

No. S 481

Home Affairs Uniformed Services Superannuation Act

(Chapter 126B)

Home Affairs Uniformed Services (Invest Fund) (Amendment No. 2) Regulations 2007

In exercise of the powers conferred by section 24 of the Home Affairs Uniformed Services Superannuation Act, the Minister for Home Affairs hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Home Affairs Uniformed Services (INVEST Fund) (Amendment No. 2) Regulations 2007 and shall come into operation on 15th September 2007.

Amendment of regulation 3

2. Regulation 3(1) of the Home Affairs Uniformed Services (INVEST Fund) Regulations (Rg 1) (referred to in these Regulations as the principal Regulations) is amended by inserting, immediately after sub-paragraph (h), the following sub-paragraph:

“(ha)

the Director, Finance Division, Ministry of Home Affairs;”.

Amendment of regulation 10

3. Regulation 10 of the principal Regulations is amended by deleting paragraph (g) and substituting the following paragraph:

“(g)	the Provisional Account in which shall be kept such moneys transferred from the Capital Forfeiture Account, Income Account and moneys allocated from Voted Funds to meet provisions for future transactions and contingencies or such other payments as the Board may determine.”.

Amendment of regulation 12

4. Regulation 12 (2) of the principal Regulations is amended by inserting, immediately after the words “Stabilisation Account”, the words “or the Provisional Account”.

Amendment of regulation 13

5. Regulation 13 of the principal Regulations is amended —

(a)

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)

payments of awards in respect of death in service or disablement under the INVEST Plan or the Scheme; and”;

(b)

by inserting, immediately after the words “future transactions or contingencies” in paragraph (3), the words “or such other payments as the Board may determine”; and

(c)

by inserting, immediately after paragraph (3), the following paragraph:

“(4) Notwithstanding paragraph (2), the Board may, in relation to such exceptional expenses arising from the administration, investment or management of moneys in the Fund as it may determine ––

(a)	charge such expenses, or part thereof, on the Provisional Account instead of the Income Account; or
(b)	transfer such moneys from the Provisional Account to the Income Account as the Board thinks fit to meet those expenses.”.

[G.N. No. S 31/2007]

Made this 30th day of August 2007.

BENNY LIM

Permanent Secretary,
Ministry of Home Affairs,
Singapore.

[MHA 181/12/007; AG/LEG/SL/126B/2001/1 Vol. 2]

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