Singapore legislation
Clause 30
Clause 30
Pension schemes, provident fund, etc.
(1)
The Authority may, with the approval of the Minister, make regulations for the establishment of a scheme or schemes for the payment of pensions, gratuities, provident fund or other superannuation benefits to persons transferred to the service of the Authority under paragraph (b) of subsection (1) of section 12 or to their legal personal representatives or dependants, on the death or retirement of such persons from the service of the Authority or on their otherwise leaving the service of the Authority.
(2)
The following provisions shall apply to any scheme established under subsection (1) —
no assurance on the life of a 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 a person who has been employed by the Authority shall be assignable or transferable, or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim, other than a debt due to the Authority or to the Government;
no donation by the Authority or contribution by its employees made under any such scheme and no interest thereon shall be assignable or transferable or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim, other than a debt due to the Authority 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 such contributor, but, if such contributor is adjudicated a bankrupt or is declared insolvent by a court, such 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 such 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 subject to a trust in favour of the persons entitled thereto under a nomination in such form as may be prescribed in such scheme, or in the absence of any such nomination the persons entitled thereto under the will or intestacy of such deceased contributor and shall not 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. 137);
a 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 such moneys and for the investment thereof; such memorandum shall be in the form prescribed in such scheme and shall be deposited with the Authority;
if at the time of death of a contributor or at any time afterwards, there is no trustee of such moneys or it is expedient to appoint a new trustee or trustees, then and in any such case a trustee or trustees or a new trustee or trustees may be appointed by the High Court; and
the receipt of a person duly nominated by a deceased contributor or a trustee or trustees duly appointed, or in default of any such nomination or appointment and of written notice thereof to the Authority, the receipt of the legal personal representative of a deceased contributor shall be a discharge to the Authority for any moneys payable on his death out of any such scheme.