Singapore legislation
Regulation 6
of Pensions (Conversion to the Central Provident Fund Scheme) Regulations
Regulation 6
Reduced pension plus gratuity and commuted pension gratuity
Subregulation 1
The reduced pension and gratuity referred to in regulation 5(1)(b) shall be —
a reduced pension equal to the amount of an officer’s annual pension less 2/25ths of the gratuity specified in sub-paragraph (b); and
a gratuity equal to 1/120ths of his one year’s pensionable emoluments at the date immediately before his conversion in respect of each complete month of pensionable service before his conversion subject to a maximum of his pensionable emoluments for 3 years.
Subregulation 2
The commuted pension gratuity referred to in regulation 5(1)(c) shall be —
a capital sum ascertained by multiplying the relevant commutation factor by the amount of such pension that may be granted to an officer under these Regulations; or
in the case of an officer retiring before attaining his minimum age in the circumstances described in section 7(2)(e) or (i) of the Act, a capital sum ascertained in accordance with sub-paragraph (a), from which sum there shall be a discount at the relevant discount rate in respect of each year or part thereof falling between the day he will attain his minimum age and either the date of his retirement or the date to which his gratuity is suspended under section 7(4) of the Act, whichever is the later date.
Subregulation 3
For the purposes of this regulation —
Definition
“commutation factor” means 175.14;
Definition
“discount rate” means 5 per cent;
Definition
“minimum age” shall have the same meaning as in section 7(5) of the Act;
Definition
“relevant commutation factor” and “relevant discount rate”, in relation to an officer, mean the commutation factor and discount rate specified in this paragraph as in force on either the date of the officer’s retirement from the public service in Singapore or his appointment to the public service in Singapore, whichever is more favourable; and for this purpose, all officers appointed to the public service in Singapore before 1st January 1995 shall be deemed to be appointed to the public service in Singapore on that date.