Singapore legislation

Clause 5

of Parliamentary Pensions Bill

Clause 5

Rate of pension

(1)

Subject to subsection (3) of this section, the annual amount of pension payable to a Member or backbencher shall be —

(a)

in respect of every completed year of reckonable service, at the rate of one-thirtieth (1/ 30) of his annual salary; and

(b)

in respect of any remaining uncompleted year of reckonable service, at the rate of one-three hundred and sixtieth (1/360) part of his annual salary for each completed month of reckonable service:Provided that the annual pension payable to any Member or backbencher shall not exceed two-thirds of his annual salary.

(2)

For the purpose of this section, “annual salary” means —

(a)

where there has been no variation in the salary received by a Member throughout his reckonable service, the amount of annual salary received by him; or

(b)

where there have been one or more variations in the salary received by a Member (including a backbencher) during his reckonable service, one-third (1/ 3) of the total salary received by him in any thirty-six months (whether this period be continuous or otherwise) of his reckonable service when his salary was at its maximum point or points.

(3)

For the purpose of computing the amount of pension payable to a Member or backbencher, there shall be excluded —

(a)

any salary, allowance or other monetary benefits received by him from any source other than his salary within the meaning of this Act;

(b)

any period during which he was a contributor to such scheme or the holder of such office as is referred to in section 6 of this Act.