Clause 11

by deleting the words “a Savings and Employee Retirement Plan (referred to in this Act as the SAVER Plan)” in the 2nd and 3rd lines of subsection (1) and substituting the words “2 savings and employee retirement plans (referred to in this Act as the SAVER Plan and the Premium Plan, respectively)”;

by deleting the word “and” at the end of subsection (1)(c);

by deleting the full-stop at the end of paragraph (d) of subsection (1) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(e)any loan or other benefit to such servicemen or classes of servicemen as may be prescribed.”;

by inserting, immediately after the words “SAVER Plan” in the 1st line of subsection (2), the words “and the Premium Plan”;

by inserting, immediately after the words “SAVER Plan” wherever they appear in subsection (2)(a), (b) and (c), the words “or the Premium Plan”; and

by deleting subsections (3) and (4) and substituting the following subsections:“(3) The Armed Forces Council shall, in making any regulations under this section, provide —

for officers who, immediately prior to 1st January 1998, are eligible for any pension, gratuity or other allowance under any regulations made under section 205 to opt to join the SAVER Plan and for the terms and conditions of such an option;

for soldiers who, immediately prior to 1st January 2000, are eligible for any pension, gratuity or other allowance under any regulations made under section 205 to opt to join the Premium Plan and for the terms and conditions of such an option; and

that any such officer who opts to join the SAVER Plan or any such soldier who opts to join the Premium Plan, shall remain eligible to benefits not less in value than the amount of any pension, gratuity or other allowance for which he would have been granted under the regulations made under section 205 if he retired or ceased contract service on medical grounds not due to causes within his control on the date immediately prior to his joining the SAVER Plan or the Premium Plan, as the case may be.(4) Any option exercised by any officer before 1st April 1998 to join or not to join the SAVER Plan and any option exercised by any soldier before the date of commencement of the Singapore Armed Forces (Amendment) Act 2000 to join or not to join the Premium Plan, shall be deemed to be exercised in accordance with the regulations made under subsection (3).”.