Singapore legislation
Clause 5
Clause 5
New sections 12C and 12D
The principal Act is amended by inserting, immediately after section 12B, the following sections:“Transfer of member’s moneys in the Fund to parent’s retirement account, etc.12C. The Board may, subject to such terms and conditions as it may impose, permit —
a member to transfer such portion of the sum standing to his credit in the Fund as may be prescribed to the retirement account of his parent to be applied by the parent; or
any person to voluntarily maintain a minimum sum with the Board or to pay money into his parent’s retirement account,for any of the purposes mentioned in section 12(6).Moneys transferred to parent’s retirement account to be returned to member’s account on death of parent12D. Any moneys transferred by a member to his parent’s retirement account or paid by any person into his parent’s retirement account under section 12C shall be deemed to be contributions for the purposes of this Act, and shall not form part of the moneys payable out of the Fund on the death of the parent, and on the death of the parent, any money so transferred or paid or the balance thereof, shall be returned to the account from which it was transferred or to the account of the person who made the payment.”.