Singapore legislation
Clause 10
Clause 10
Pension schemes, provident funds, etc
(1)
As soon as may be and subject to the approval of the Minister, the Board shall establish a pension scheme or schemes, or a provident fund or funds to be approved by the Central Provident Fund Board for the payment of pensions, provident funds or gratuities to officers and servants of the Board who retire from the service of the Board, or otherwise cease to hold office, by reason of age, or of infirmity of body or mind, or of abolition of office.
(2)
The following provisions shall apply to any pension scheme or provident fund established under this section: —
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 pension, provident fund, gratuity or other payment made under any such scheme or provident fund to any person who has been employed by the Board, 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 Board or to the Government or to the Company;
no donation or contribution to a fund established under any such scheme or provident fund or 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 Board or to the Government or to the Company;
no such donation or 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 such contributor, but, if such contributor is adjudicated a bankrupt or is declared insolvent by a court such donation or contribution or interest shall, subject to the provisions of this Ordinance, be deemed to be impressed with 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 or provident fund, but such deductions shall continue to be made notwithstanding the provisions of any written law, and the portion of the salary so deducted shall not be deemed to form part of his after acquired property; and
subject to the provisions of any such scheme, or provident fund, all moneys paid or payable out of any fund established under any such scheme or provident fund on the death of a contributor shall be deemed to be impressed with a trust in favour of the persons entitled thereto under the will or intestacy of such deceased contributor, or under a nomination in such form as may be prescribed in such scheme or provident fund, and shall not be deemed to form part of his estate or be subject to the payment of his debts.