Singapore legislation
Clause 23
Clause 23
Periodic examination of Fund
(1)
For successive periods of such duration, not exceeding 5 years, as the Minister may determine in each case, an examination of the Fund shall be made by a person appointed by the Minister with a view to determining the state of the Fund having regard to its prospective liabilities and the probable annual provisions required by the Fund to meet those liabilities.
(2)
Notwithstanding subsection (1), where an amendment is made to the INVEST Plan, and the amendment affects the cost of benefits payable under the INVEST Plan or creates an initial unfunded liability, the Minister may, for the purposes of section 12(1)(a), appoint a person to make an examination and report on the state of the Fund.
(3)
The person appointed under subsection (1) or (2) shall, at the end of his examination, report to the Minister for Finance and the Minister the state of the Fund having regard to its prospective liabilities and the probable annual provisions required by the Fund to meet those liabilities.
(4)
The Minister shall cause a copy of every such report to be presented to Parliament forthwith after receipt thereof.