Singapore legislation
Regulation 6
of Parliamentary Pensions (Conversion to the Central Provident Fund Scheme) Regulations
Regulation 6
Commuted pension gratuity or reduced pension plus gratuity
Subregulation 1
Subject to these Regulations, a Member to whom a pension is granted under these Regulations may, at his option exercisable in accordance with this regulation, be paid —
the full pension without any gratuity; (b) a reduced pension at the rate of two-thirds (⅔) of the full pension together with a gratuity equal to twelve and one half (12½) times the annual value of one-third (⅓) of the full pension; or (c) a commuted pension gratuity without any pension.
Subregulation 2
The option referred to in paragraph (1) shall be exercisable not later than 30 days after the person becomes eligible for a pension under regulation 4(1), except that if the person has not exercised an option within such time, the President may, if it appears in the circumstances equitable to do so, allow the person to exercise the option at any time prior to the date of payment of a pension or gratuity to him.
Subregulation 3
Where a person fails to exercise the option in accordance with this regulation, he shall be deemed to have opted to receive a commuted pension gratuity without any pension as referred to in paragraph (1).
Subregulation 4
Such option, once exercised by a person in respect of his reckonable service as a Member shall not be revoked so far as concerns any pension or gratuity so granted to him under these Regulations in respect of such service.
Subregulation 5
Subject to this regulation, the commuted pension gratuity referred to in paragraph (1) shall be a capital sum ascertained by multiplying the commutation factor of 175.14 by the amount of such pension that the person concerned is eligible for under these Regulations.