Singapore legislation
Section 4A
Section 4A
Establishment of Occupational Superannuation Scheme
(1)
The Minister shall, by regulations, establish an Occupational Superannuation Scheme for the benefit of all CPIB officers appointed on or after 1 November 2001, who will be the members of the Scheme.
(2)
The regulations made under subsection (1) shall provide for the payment of —
any gratuity, allowance, superannuation or other like benefit to members of the Scheme, or to their legal personal representatives or dependants, on the death of the members in the service or on the resignation, retirement or discharge of the members from the service;
any pension, gratuity, allowance, compensation or other benefit in respect of the death of or injuries received by any member of the Scheme in and which are attributable to service; and
any allowance, subsidy or other benefit to such former members of the Scheme as may be prescribed after their retirement from the service.
(3)
The regulations made under subsection (1) may provide for —
the payment of contributions in respect of each member;
the age or ages at which a member may retire or be required to retire from the service;
the appointment of award officers to assess, award and pay pensions, gratuities and allowances and other like benefits under the Scheme and to otherwise administer the Scheme; and
the bringing of appeals against decisions of award officers and the appointment of one or more persons to hear such appeals and review the decisions of award officers.
(4)
In making regulations under subsection (1), the Minister shall also provide for —
every CPIB officer who is appointed before 1 November 2001 and who, immediately before that date, is eligible (whether on retirement or in respect of death or injury in or attributable to service) for any pension, gratuity or other allowance under the Pensions Act 1956; and
every CPIB officer who is appointed before 1 November 2001 to the service on a contract for a term and who, immediately before that date, is eligible for any gratuity or other like benefit under the contract,an option to join the Scheme as a member and for the terms and conditions of such an option.
(5)
The regulations made in relation to CPIB officers referred to in subsection (4) shall provide —
in the case of an officer referred to in subsection (4)(a), that any such officer who opts to join the Scheme shall cease to be eligible to benefits under the Pensions Act 1956 but shall remain eligible under the Scheme to benefits not less in value than the amount of any pension, gratuity or other allowance for which he would have been granted under the Pensions Act 1956 if he retired from the service, or was injured or died in service, on the date immediately before his joining the Scheme; and
in the case of an officer referred to in subsection (4)(b), that any such officer who opts to join the Scheme shall remain eligible to benefits not less in value than the amount of any gratuity or other like benefit for which he would have been granted under his contract if he had completed his term of service under the contract on the date immediately before his joining the Scheme.
(6)
Any option exercised by any CPIB officer before 1 November 2001 to join or not to join the Scheme shall be deemed to be exercised in accordance with the regulations made under subsection (1) in relation to CPIB officers referred to in subsection (4).