Singapore legislation
Regulation 15
of Prevention of Corruption (Occupational Superannuation Scheme) Regulations 2003
Regulation 15
Closure of accounts
Subregulation 1
Subject to these Regulations, where a member of the 2001 Scheme —
retires or is required to retire from the service on any of the grounds specified in regulation 11;
resigns from the service; (ba)is transferred from the service to another scheme of service in the public service except the Administrative Service;
dies in service; or (d)is dismissed from the service,all his accounts in the INVEST Fund shall be closed with effect from the date of his retirement, resignation, transfer, death or dismissal, as the case may be, and all contributions to his accounts shall cease immediately.
Subregulation 2
The Retention Account of a member of the 2001 Scheme shall be closed upon the member having completed 12 years of reckonable service, and all the moneys in his Retention Account have been paid to him in accordance with these Regulations.
Subregulation 3
Where the accounts of a member of the 2001 Scheme are closed under paragraph (1) or (2) during a financial year before a dividend or interest (if any) is declared for that financial year or the previous financial year, the Board may, despite paragraph (1) or (2), cause to continue to be credited to the member’s accounts interest at such rate as it determines until the moneys in those accounts are paid; and that interest is in lieu of any dividend or interest that may be declared or credited under regulation 12(5).