Singapore legislation
Clause 12
Clause 12
Establishment of INVEST Fund
(1)
There shall be established a fund to be called the INVEST Fund into which shall be paid all the following moneys:
such sums appropriated from the Consolidated Fund and authorised to be paid into the Fund by or under any written law to enable the Fund to meet its liabilities under this Act or any other written law;
all revenues of Singapore allocated by written law to the Fund; and
the net income from investments of moneys in the Fund authorised to be made by this Act or any other written law.
(2)
There shall also be paid into the Fund such sum from the Pension Fund established by the Pension Fund Act (Cap. 224A) as the Minister for Finance may determine as the value of that part of the Pension Fund relating to all those officers in the uniformed services referred to in section 4(1)(a) who exercise an option in favour of joining the INVEST Plan in accordance with the regulations.
(3)
The Fund shall be deemed to be a Government fund for the purposes of any other written law, but shall be administered separately from all other Government funds.
(4)
Except as otherwise expressly provided in this Act or regulations made under section 24, the Financial Procedure Act (Cap. 109) shall apply to the Fund.
(5)
For the purposes of subsection (1)(c), the net income from investments shall be the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the Fund any profit derived or loss sustained, as the case may be, from the realisation of such investments.