Singapore legislation
Regulation 12
of Prevention of Corruption (Occupational Superannuation Scheme) Regulations 2003
Regulation 12
Contributions
Subregulation 1
Subject to these Regulations, the Board shall cause the following to be credited to the accounts of each member of the 2001 Scheme in the INVEST Fund:
in the case of the Retention Account of such member who is an eligible junior officer, an annual contribution at the prescribed rate of the member’s gross salary;
in the case of the Retirement Account, a monthly contribution at the prescribed rate of a sum that is the total of the following:
the member’s gross salary and any bonus paid to the member in that month;
such additional remuneration component as may be approved by the Secretary to the Prime Minister and paid to the member in that month;
any dividend declared by the Board under paragraph (5); and (d)any other sums specified by these Regulations.
Subregulation 2
For the purposes of determining whether the monthly contribution at the prescribed rate mentioned in paragraph (1)(b) must be credited to the Retirement Account of a member of the 2001 Scheme, if the member transfers from the service to another scheme of service in the public service and rejoins the service on transfer without break from the public service on or after 1 May 2019, any period of reckonable service completed before the date of the transfer from the service must be disregarded.
Subregulation 3
The Board shall, subject to the directions of the Minister, credit to the accounts specified in paragraph (1) every such contribution and dividend in such manner as the Minister may direct, and the Minister may give different directions in respect of different classes of members of the 2001 Scheme.
Subregulation 4
Notwithstanding paragraph (1), no contribution shall be credited in respect of —
any whole period of absence without leave;
any whole period of desertion;
any whole period of imprisonment as a result of conviction on a charge by a court;
any whole period of remand, custody, confinement, detention, or suspension or interdiction from duty pending trial by a court or disciplinary proceedings on a charge for which a member of the 2001 Scheme is subsequently convicted by the court or found guilty in the disciplinary proceedings, as the case may be; and
any whole period of detention authorised under any written law.
Subregulation 4A
The Board may withhold any contribution payable to the accounts of any member of the 2001 Scheme under paragraph (1) if that member is in remand, custody, confinement, detention or under suspension or interdiction from duty pending trial by a court or disciplinary proceedings, but immediately on a finding of not guilty on all the charges against the member, any withheld contributions must be credited to the member’s accounts.
Subregulation 5
The Board may, during or after each financial year —
declare to the Retirement Account of each member of the 2001 Scheme one or more dividends out of the net income and net unrealised profits of the INVEST Fund for that financial year; and
credit to the Retention Account (if any) of each member of the 2001 Scheme interest at such rate as the Board may determine for that financial year.
Subregulation 6
In this regulation —
Definition
“net income” means the amount ascertained by adding to, or deducting from, the income received from the investments of capital moneys in the INVEST Fund any profit derived or loss sustained, as the case may be, from the realisation of such investments;
Definition
“prescribed rate”, in relation to any contributions for a member of the 2001 Scheme, means the rate prescribed in the First Schedule in relation to the number of complete years of reckonable service completed by the member when the contribution is credited to the member’s Retirement Account or Retention Account, as the case may be.