Singapore legislation
Section 27N
Section 27N
Establishment of Lifelong Income Fund
(1)
The Board must establish and maintain a fund called the Lifelong Income Fund, into which all premiums collected under section 27L are to be paid, and out of which all payments to be made by the Board under this Part (including any costs and expenses incurred by the Board in establishing and maintaining the Scheme) are to be met.
(2)
The Lifelong Income Fund is controlled and administered by the Board.
(3)
The moneys in the Lifelong Income Fund may be invested by the Board in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
(4)
Where a member is not entitled to any amount paid to him or her, or into his or her account in the Fund, under or purportedly under section 27K(6) or 27L(5), the Board may recover that amount —
from any money standing to the member’s credit in the Fund; or
on the member’s death, despite section 24(3A), from —
his or her estate;
the moneys payable out of the Fund on his or her death; or
any person to whom any moneys referred to in sub‑paragraph (ii) have been paid.
(5)
Subsection (4) is without prejudice to any other right of action which the Board may have under any written law or rule of law.
(6)
Any money recovered by the Board under subsection (4) must be refunded to the Lifelong Income Fund.
(7)
Despite anything in this Part or the relevant regulations, the Board must not make any payment under this Part unless the Lifelong Income Fund is solvent.