Singapore legislation
Section 21
Section 21
Pension schemes, provident fund, etc.
(1)
The Bank may, with the approval of the Minister, make rules for the establishment of a scheme or schemes for the payment of pensions, gratuities, provident fund or other superannuation benefits to such employees or classes of employees of the Bank as it may determine, or to their legal personal representatives or dependants, on the death or retirement of those employees from the service of the Bank or on their otherwise leaving the service of the Bank.
(2)
The following provisions shall apply to any scheme established under subsection (1):
no assurance on the life of any contributor under any such scheme, and no moneys or other benefits payable under any such assurance, and no payment made under any such scheme to any person who has been employed by the Bank, shall be assignable or transferable, or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever, other than a debt due to the Bank or to the Government;
no donation by the Bank or contribution by its officers made under any such scheme and no interest thereon shall be assignable or transferable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim whatsoever other than a debt due to the Bank or to the Government;
no such donation, contribution or interest shall be subject to the debts of the contributor, nor shall such donation, contribution or interest pass to the Official Assignee on the bankruptcy of the contributor, but, if the contributor is adjudicated a bankrupt or is declared insolvent by a court, the donation, contribution or interest shall, subject to the provisions of this Act, be deemed to be subject to a trust in favour of the persons entitled thereto on the death of the contributor;
the bankruptcy of a contributor shall not affect the making of deductions from the salary of the contributor in accordance with any such scheme, but the deductions shall continue to be made notwithstanding the provisions of any written law, and the portion of salary so deducted shall not be deemed to form part of his after-acquired property;
subject to the provisions of any such scheme, all moneys paid or payable under any such scheme on the death of a contributor shall be deemed to be subject to a trust in favour of the persons entitled thereto under the will or intestacy of that deceased contributor, or under a nomination in such form as may be prescribed in that scheme, and shall not be deemed to form part of his estate or be subject to the payment of his debts but shall be deemed to be property passing on his death for the purposes of the Estate Duty Act [Cap. 96]; (f)any contributor may by a memorandum under his hand appoint a trustee or trustees of the moneys payable on his death out of any such scheme and may make provision for the appointment of a new trustee or new trustees of those moneys and for the investment thereof; the memorandum shall be in the form prescribed in the scheme and shall be deposited with the Bank;
if at the time of the death of any contributor or at any time afterwards, there is no trustee of such moneys or it is expedient to appoint a new trustee or new trustees, then and in any such case a trustee or trustees or a new trustee or new trustees may be appointed by the Supreme Court or a Judge thereof; and
the receipt of a trustee or trustees duly appointed, or in default of any such appointment and of written notice thereof to the Bank, the receipt of the legal personal representative of a deceased contributor shall be a discharge to the Bank for any moneys payable on his death out of any such scheme.
(3)
The Bank in making rules under subsection (1) relating to any pension, provident fund or other superannuation benefits which affect any person transferred to the service of the Bank under section 20 shall in those rules provide for the payment to those persons or their dependants of benefits not less in value than the amount of any pension, provident fund, gratuity or allowance for which those persons would have been eligible under the Pensions Act [Cap. 225], had they continued in the service of the Government and any such rule relating to length of service of persons shall provide for the recognition as service under the Bank by persons so transferred of service by them under the Government.
(4)
Nothing in the rules to be made under subsection (1) shall adversely affect the conditions that would have been applicable to persons transferred to the service of the Bank from their service with the Government as regards any pension, gratuity or allowance payable under the Pensions Act.
(5)
Where any person in the service of the Bank, who does not come within the scope and effect of any pension or other schemes established under this section, retires or dies in the service of the Bank or is discharged from that service, the Bank may grant to him or to such other person or persons wholly or partly dependent on him, as the Bank may think fit, such allowance or gratuity as the Bank may determine. [20