Singapore legislation
Schedule 1
of National University of Singapore (Corporatisation) Act 2005
Schedule 1
Dissolution of ASPF Scheme
FIRST SCHEDULESection 18(3), (5), (6) and (7)Dissolution of ASPF SchemeInterpretation1.—
In this Schedule, unless the context otherwise requires —“ASPF” means the Academic Staff Provident Fund;“ASPFAIS Investment” means an investment effected under Clause 19E of Statute 18;“ASPF member” means a person who is a member of the ASPF Scheme and who is in the service of the university company as at 28 December 2007;“ASPF moneys” means the moneys standing to the credit of any person under the ASPF Scheme;“assets of the ASPF” means all property, assets, rights and interests of every description relating to the ASPF Scheme which immediately before 28 December 2006 were vested in the university company or the Trustees, including, without limitation, all moneys, mortgages (legal or equitable) of immovable property and investments (including assurance policies and unit trusts);“balance of the assets of the ASPF” means the assets of the ASPF excluding —
the ASPF moneys, ASPFAIS Investments or Part V Assurances to be transferred or assigned to any relevant person under paragraph 5(b);
the ASPF moneys, ASPFAIS Investments or Part V Assurances standing to the credit of each living relevant person under the ASPF Scheme credited or to be credited to the relevant person’s CPF account under paragraph 18 or 19;
the ASPF moneys, ASPFAIS Investments or Part V Assurances to be retained by the university company under paragraphs 33 and 40;
the mortgages (whether legal or equitable), in relation to the mortgaged properties under the ASPF Scheme, to be transferred to and vested in the CPF Board under paragraph 25(1); and
the mortgages (whether legal or equitable), in relation to the mortgaged properties under the ASPF Scheme, to be retained by the university company under paragraphs 37 and 44,after deducting the liabilities of the ASPF Scheme and the expenses of winding up the ASPF Scheme;“Board of Management” means the board of management of the ASPF Scheme constituted under Clause 8(a) of Statute 18;“CPF” means the Central Provident Fund established under the Central Provident Fund Act 1953;“CPF account” means an account maintained under the Central Provident Fund Act 1953;“CPFIS” means the Central Provident Fund Investment Scheme established under the Central Provident Fund Act 1953;“CPF member” means a person who is a member of the CPF as defined by section 2(1) of the Central Provident Fund Act 1953;“deceased relevant person” means a relevant person who is not uncontactable and who dies before 28 December 2007;“dissolution notice” means the notice to be given by the university company to the relevant persons under paragraph 2;“expenses of winding up the ASPF Scheme” means all expenses including legal and accounting costs of winding up the ASPF Scheme and any legal costs and stamps fees incurred in connection with the transfer of the property, assets, rights and interests relating to the ASPF Scheme to the CPF Board, whether incurred before, on or after 28 December 2006;“Interest Equalisation Reserve Account” means the account established under Clause 11(ii) of Statute 18;“Investment Depreciation Reserve Account” means the account established under Clause 13(i) of Statute 18;“Investment Fund” means the Investment Fund constituted under Clause 5 of Statute 18;“living relevant person” means any relevant person who is alive immediately before 28 December 2007;“mortgaged property under the ASPF Scheme” means any immovable property with a mortgage (whether legal or equitable) in favour of the university company which secures a withdrawal of ASPF moneys to finance the purchase of the property or to finance or re-finance the payment of a housing loan taken out for the purchase of the property;“notice period” means the period from 28 December 2006 to 28 December 2007;“Part V Assurance” means a life assurance or an endowment assurance effected under Part V of Statute 18;“relevant person” means any person who, before 28 December 2007, had ASPF moneys, ASPFAIS Investments or Part V Assurances standing to that person’s credit under the ASPF Scheme or a mortgaged property under the ASPF Scheme;“Trustees” means the trustees of the ASPF Scheme;“working day” means any day other than a Saturday, Sunday or public holiday.(2) In this Schedule, a relevant person is treated as uncontactable if —
the person does not have a CPF account; and
the university company is not in possession of any of the following details or documents in respect of the person which are necessary for the opening of a CPF account:
the person’s nationality;
in the case of a relevant person who is a citizen of Singapore, the person’s Singapore national registration identification number;
in the case of a relevant person who is not a citizen of Singapore, the person’s passport number and foreign identification number, a copy of each page of the person’s passport which contains the person’s identification information and a copy of the person’s foreign identification card;
the person’s date of birth,despite reasonable efforts made by the university company to obtain those details or documents.Notification of dissolution of ASPF Scheme
2. The university company must —
on a date which is at least 12 months before 28 December 2007, give a written notice to each relevant person who is not uncontactable of its intention to wind up the ASPF Scheme; and
on the 7th working day after the date on which the dissolution notice is given, cause the dissolution notice to be published in a local daily English newspaper circulating generally in Singapore.
3. The dissolution notice is deemed to have been duly served on a relevant person —
where the dissolution notice is sent by post to the relevant person’s address —
if the address is in Singapore, within 2 clear working days; or
if the address is outside Singapore, within 5 clear working days,after the notice was posted; and in proving service of the notice, it is sufficient to prove that the envelope containing the notice was addressed, stamped and posted;
where the dissolution notice is delivered by hand, immediately upon delivery to the relevant person or upon it being left at the relevant person’s mailbox at the university company’s premises designated by the university company for use by the relevant person;
where the dissolution notice is in the form of an electronic mail sent to the relevant person’s electronic mail address, on the date and at the time stated in the electronic acknowledgment of receipt by the relevant person which is received by the university company; or
upon the publication of the dissolution notice in the local daily English newspaper under paragraph 2(b),whichever is the earliest in time.
4. For the purposes of paragraph 3 —
the relevant address of a relevant person in paragraph 3(a) is the last known address of the relevant person according to the university company’s records;
the relevant email address of an ASPF member in paragraph 3(c) is the email address bearing the Internet domain name “nus.edu.sg” which is assigned by the university company to the ASPF member.Relevant person 55 years of age or above
5. The university company must give each relevant person who is 55 years of age or above as at 28 December 2007 and who is not uncontactable, and must by notice inform the relevant person of, the option of either —
having his or her ASPF moneys, ASPFAIS Investments or Part V Assurances transferred to his or her CPF account or a CPF account opened for him or her in accordance with paragraph 15, as the case may be; or
having his or her ASPF moneys, ASPFAIS Investments or Part V Assurances transferred or assigned to him or her, or to have the mortgage in relation to his or her mortgage property under the ASPF Scheme discharged (as the case may be) subject to the condition that he or she —
has sufficient money set aside for the purposes of section 15(6) of the Central Provident Fund Act 1953; or
sets aside an amount of ASPF moneys to be transferred to his or her CPF account or a CPF account opened for him or her in accordance with paragraph 15 (as the case may be) for the purposes of section 15(6) of the Central Provident Fund Act 1953.
6. If the university company is not notified of the option selected by a relevant person mentioned in paragraph 5 in the manner and by the date specified in the university company’s notice to that relevant person under paragraph 5, that relevant person’s ASPF moneys must be transferred to the CPF Board under paragraph 13(b) and his or her ASPFAIS Investments or Part V Assurances (if any) are deemed to be investments under the CPFIS under paragraph 22.Part V Assurances or ASPFAIS Investments
7. All premiums paid towards any Part V Assurance, whether using ASPF moneys or cash, before 28 December 2007, are deemed to have been paid with ASPF moneys.
8. With effect from 28 December 2006, no new Part V Assurance is allowed to be effected under the ASPF Scheme.9.—
Before 28 December 2007, the Board of Management must assign every Part V Assurance and ASPFAIS Investment held in the name of the predecessor university on behalf of any relevant person who is not uncontactable back to the relevant person.(2) To avoid doubt, any Part V Assurance or ASPFAIS Investment so assigned is, despite the assignment, considered to be standing to the credit of the relevant person under the ASPF Scheme.Dissolution of ASPF Scheme and transfer of ASPF moneys
10. During the notice period, the university company may apply the assets of the ASPF to pay the debts and liabilities of the ASPF Scheme and the costs, charges and expenses of winding up the ASPF.11.—
The university company must —
cause the accounts of the ASPF to be prepared up to 27 December 2007; and
within 30 days of 28 December 2007, compute the respective share of the balance of the assets of the ASPF (if any) in respect of each relevant person who has ASPF moneys standing to his or her credit in the ASPF Scheme immediately before 28 December 2007 pro rata to the average of the balances of ASPF moneys in his or her account at the end of each quarter for the period commencing after the last periodical valuation conducted pursuant to Clause 13 of Statute 18 and ending on 27 December 2007,and then close the accounts of the ASPF.(2) The university company must, as soon as practicable after the accounts of the ASPF are closed, cause the accounts to be audited and must, after the audit, deliver the audited accounts to the CPF Board.
12. The accounts to be delivered to the CPF Board under paragraph 11(2) must —
give full particulars of the assets of the ASPF and full particulars of the Investment Fund, Interest Equalisation Reserve Account and Investment Depreciation Reserve Account;
provide details of the ASPF moneys standing to the credit of each living relevant person under the ASPF Scheme and to be transferred to the CPF Board under paragraph 13(b); and
provide details of the respective share of the balance of the assets of the ASPF of each living relevant person who has ASPF moneys standing to his or her credit in the ASPF Scheme immediately before 28 December 2007 computed under paragraph 11(1)(b) to be transferred to his or her CPF ordinary account under paragraph 20.
13. On 28 December 2007 —
the ASPF Scheme is dissolved;
the ASPF moneys, including (where applicable) interest under Clause 11(i) of Statute 18, to be credited under paragraph 18 to the CPF accounts of each living relevant person who is not uncontactable (other than a relevant person who has opted for those moneys to be transferred or assigned to him or her under paragraph 5(b)), must be transferred to the CPF Board; and
the balance of the assets of the ASPF (if any) must be retained by the university company to be held on trust for the relevant persons who have ASPF moneys immediately before 28 December 2007.
14. Despite paragraph 13, the university company must satisfy all rights against it, the ASPF or the Trustees as are expressly preserved by paragraph 32(2) and must fulfil and perform all duties and obligations in respect of the ASPF Scheme which ought to have been fulfilled or performed by it, by the Board of Management or by the Trustees (as the case may be) and which for any reason remain unfulfilled or unperformed on 28 December 2007.Opening of CPF accounts and crediting into CPF accounts
15. Every living relevant person who is not uncontactable and is not already a CPF member immediately before 28 December 2007 is deemed to be a CPF member on that date, and the CPF Board must open CPF accounts for those persons in accordance with the Central Provident Fund Act 1953.
16. Every person who is deemed a CPF member under paragraph 15 is bound by the Central Provident Fund Act 1953 and entitled to all rights and privileges of CPF members under that Act.
17. Any ASPF moneys which are transferred to the CPF Board by virtue of paragraph 13(b) or any Part V Assurance or ASPFAIS Investment deemed to be an investment under the CPFIS under paragraph 22, which was held upon any trust for any living relevant person immediately before 28 December 2007 must, after the transfer or deeming, be held upon the same trust.
18. Upon the transfer to the CPF Board of the ASPF moneys mentioned in paragraph 13(b), the CPF Board must credit the ordinary and special accounts in the CPF of each living relevant person mentioned in that paragraph with the amounts standing to the credit of that person under the ASPF Scheme immediately before 28 December 2007.
19. The CPF Board must, in respect of each living relevant person who is not uncontactable and who immediately before 28 December 2007 has any Part V Assurance or ASPFAIS Investment (other than any Part V Assurance or ASPFAIS Investment which that person has opted to be transferred or assigned to him or her under paragraph 5(b)), treat the Part V Assurance or ASPFAIS Investment as an investment under the CPFIS, as deemed under paragraph 22, and must credit the Part V Assurance or ASPFAIS Investment to the relevant person’s CPFIS account.
20. The respective share of the balance of the assets of the ASPF (if any) of each living relevant person who has ASPF moneys standing to his or her credit under the ASPF Scheme computed under paragraph 11(1)(b) must be transferred from the university company to the CPF Board 30 days after 28 December 2007 and the CPF Board must credit the share to the ordinary account of that person.
21. Every employment contract or agreement for service between the university company and an ASPF member is deemed to be varied to provide that the ASPF member is, with effect from 28 December 2007, required to contribute to the CPF instead of the ASPF.Part V Assurances and ASPFAIS Investments deemed investments under CPFIS22. On 28 December 2007, every Part V Assurance and ASPFAIS Investment of a living relevant person who is not uncontactable held by him or her immediately before that date (other than any Part V Assurance or ASPFAIS Investment which that person has opted to be transferred or assigned to him or her under paragraph 5(b)) is deemed to be an investment made by him or her under the CPFIS, and all premiums paid or deemed to have been paid with ASPF moneys in respect of ASPFAIS Investments and Part V Assurances are, on and after that date, deemed to have been paid with CPF moneys from his or her CPF account.
23. Every living relevant person who, at any time before 28 December 2007, used ASPF moneys for paying the premium on his or her Part V Assurance is, on and after that date, entitled to use moneys credited to his or her ordinary account with the CPF Board for paying the premium on that Part V Assurance and any rider thereto.
24. To avoid doubt, a living relevant person who did not, at any time before 28 December 2007, use his or her ASPF moneys for paying the premium on his or her Part V Assurance is not entitled to use moneys credited to his or her ordinary account with the CPF Board for paying the premium on that Part V Assurance or any rider thereto.Preservation of rights in relation to immovable property25.—
Each mortgage (whether legal or equitable) in favour of the university company in relation to any mortgaged property under the ASPF Scheme of a living relevant person who is not uncontactable is, on 28 December 2007 transferred to and vests in the CPF Board.(2) The CPF Board is, in respect of any mortgage mentioned in sub‑paragraph (1) and the liabilities secured by the mortgage, entitled to the same rights and priorities and subject to the same obligations and incidents on and after 28 December 2007 as the university company would have been entitled and subject to if the mortgage had continued to be held by the university company or in the university company’s favour.
26. Despite section 145 of the Land Titles Act 1993, it is not necessary for the CPF Board to make any application to the Registrar of Titles to enter in the land‑register a memorial of the vesting in favour of the CPF Board of all mortgages or charges of registered land transferred to and vested in the CPF Board under paragraph 25(1).
27. Section 56(1) of the Land Titles Act 1993 does not apply to any instrument executed by the CPF Board purporting to dispose of, or to create an interest in, mortgages or charges of registered land transferred to or vested in the CPF Board under paragraph 25(1) and must not prevent the registration of any such instrument executed by the CPF Board, even though the CPF Board may not be named as the proprietor of the registered land in the land-register at the time of the registration of such instrument.
28. Despite section 4 of the Registration of Deeds Act 1988, it is not necessary for the CPF Board to register the transfer to or vesting in favour of the CPF Board of all mortgages or charges of unregistered land under paragraph 25(1), and the production of a Government Printer’s copy of this Act is admissible in any court as evidence of the CPF Board’s interest in the land.
29. For the purposes of the Land Titles Act 1993 and the Registration of Deeds Act 1988, all caveats or memoranda of charge claiming an interest in land as mortgagee or chargee in respect of any mortgaged property under the ASPF Scheme lodged by the university company and subsisting as at 28 December 2007 are construed and have effect on and after that date as if any reference in them to the university company is a reference to the CPF Board.Disclosure of information
30. The university company and the CPF Board are entitled, and it is lawful for the university company and the CPF Board, to disclose to each other and to any bank, insurance company or other financial institution which —
is approved or participating under the CPFIS;
is approved or participating under any investment scheme referred to in Clause 19E of Statute 18; or
has issued any Part V Assurance,as the case may be, such information relating to —
the assets of the ASPF;
any person who has, on 28 December 2006, any ASPF moneys, Part V Assurance, ASPFAIS Investment or mortgaged property under the ASPF Scheme;
the accounts under the ASPF of any person mentioned in sub‑paragraph (e);
the CPF accounts of any person mentioned in sub‑paragraph (e); and
the contact details of any person mentioned in sub‑paragraph (e),as the university company or the CPF Board thinks necessary to facilitate the dissolution and transfer of assets.
31. Any relevant person in respect of whom any information relating to —
himself or herself;
any of his or her moneys, investments, assurances or mortgaged property;
his or her account in the ASPF Scheme; or
his or her CPF accounts,has been disclosed under paragraph 30 is deemed to have consented to the disclosure.Claims against ASPF Scheme32.—
Upon the dissolution of the ASPF, no relevant person has any claim against the ASPF Scheme, the university company, the Trustees or the CPF Board other than in accordance with and pursuant to the provisions of this Schedule.(2) Despite sub-paragraph (1) but subject to the first and paramount lien or charge vested in the university company pursuant to Clause 7 of Statute 18, the dissolution of the ASPF does not prejudice or affect the rights of any relevant person to any payment out of the assets of the ASPF that had accrued immediately before the dissolution of the ASPF.ASPF moneys, ASPFAIS Investments, Part V Assurances and mortgaged property of deceased relevant persons
33. All ASPF moneys, ASPFAIS Investments and Part V Assurances of a deceased relevant person must not be transferred to the CPF Board on 28 December 2007.
34. The ASPF moneys of a deceased relevant person mentioned in paragraph 33 must on 28 December 2007 be transferred to an account opened in the name of the university company as trustee and must be placed on deposit with a bank.
35. The respective share of the balance of the assets of the ASPF (if any) in respect of the deceased person computed in accordance with paragraph 11(1)(b) must be transferred on 27 January 2008 to the account mentioned in paragraph 34.
36. The ASPFAIS Investments and Part V Assurances of a deceased relevant person mentioned in paragraph 33 must be held by the university company as trustee.
37. The university company continues, in respect of any mortgage (whether legal or equitable) in favour of the university company in relation to any mortgaged property under the ASPF Scheme of a deceased relevant person and the liabilities secured by the mortgage, to be entitled to the same rights and priorities and subject to the same obligations and incidents on and after 28 December 2007 as it had been immediately before that date.
38. The university company has the right to deduct from the moneys transferred to the account under paragraphs 34 and 35 or apply any amount of the property referred to in paragraph 36 that is necessary to reimburse any reasonable expenses incurred by it in administering the moneys, investments or assurances of a deceased relevant person.39.—
The moneys which have been transferred to the account under paragraphs 34 and 35 and the ASPFAIS Investments and Part V Assurances mentioned in paragraph 36, must be paid or transferred to the trustees or legal personal representatives of the deceased relevant person.(2) The university company must arrange for the discharge of the mortgaged property mentioned in paragraph 37.ASPF moneys, ASPFAIS Investments, Part V Assurances and mortgaged property of uncontactable relevant persons
40. All ASPF moneys, ASPFAIS Investments and Part V Assurances of a relevant person who is uncontactable must not be transferred to the CPF Board on 28 December 2007.
41. The ASPF moneys of a relevant person who is uncontactable mentioned in paragraph 40 must on 28 December 2007 be transferred to an account or accounts to be opened in the name of the university company as trustee and must be placed on deposit with a bank.
42. The amount of the balance of the assets of the ASPF (if any) which is attributable to the shares of the balance of the assets of the ASPF of all uncontactable relevant persons who have ASPF moneys standing to their credit in the ASPF Scheme immediately before the dissolution date, computed under paragraph 11(1)(b), must be transferred on 27 January 2008 to the account or accounts mentioned in paragraph 41.
43. The ASPFAIS Investments and Part V Assurances of a relevant person who is uncontactable mentioned in paragraph 40 must be held by the university company as trustee.
44. The university company continues, in respect of any mortgage (whether legal or equitable) in favour of the university company in relation to any mortgaged property under the ASPF Scheme of an uncontactable relevant person and the liabilities secured by the mortgage, to be entitled to the same rights and priorities and subject to the same obligations and incidents on and after 28 December 2007 as it had been immediately before that date.
45. The university company has the right to deduct from the moneys transferred to the account or accounts under paragraph 41 or 42 or apply any amount of the property referred to in paragraph 43 that is necessary to reimburse any reasonable expenses incurred by it in administering the moneys, investments or assurances of a relevant person who is uncontactable.
46. Any person entitled to the whole or any part of any amount or property which is held on trust in the account or accounts mentioned in paragraph 41 or under paragraph 43 may apply to the university company to claim that amount or property, or part of it.
47. Where an application has been made under paragraph 46 by a living relevant person, the CPF Board must, at the university company’s request, open a CPF account for the relevant person.
48. Upon the opening of the CPF account mentioned in paragraph 47, the university company must —
where the relevant person is below 55 years of age, transfer his or her ASPF moneys, ASPFAIS Investments or Part V Assurances to that CPF account; or
where the relevant person is 55 years of age or above, give the relevant person an option —
to have his or her ASPF moneys, ASPFAIS Investments or Part V Assurances transferred to that CPF account; or
to have his or her ASPF moneys, ASPFAIS Investments or Part V Assurances transferred to him or her subject to the condition that he or she sets aside an amount of ASPF moneys in his or her CPF account for the purposes of section 15(6) of the Central Provident Fund Act 1953.Evidence of transfer of property, assets, rights and interests
49. The production of a Government Printer’s copy of this Act is, for all purposes, conclusive evidence of the transfer of the balance of the assets of the ASPF to the CPF Board and the vesting of the balance of the assets of the ASPF in the CPF Board in accordance with the provisions of this Schedule.[S 633/2007]