Singapore legislation
Regulation 35
of Prevention of Corruption (Occupational Superannuation Scheme) Regulations 2003
Regulation 35
Preserved allowance
Subregulation 1
Where a junior or senior officer who joined the non-pensionable service on or before 6th December 1984 and is eligible for an Annual Allowance under the Pensions Act 1956, exercises an option to convert to the 2001 Scheme, the Board shall cause to be credited to his Retirement Account an amount determined with the formula:Where PEis the pensionable officer’s last drawn pensionable emoluments as of 31st October 2001; andPSis the total length of pensionable service rendered by the officer immediately before 1st November 2001.
Subregulation 2
In this regulation, “interest” means the interest that is earned from the CPF contribution differential between a non-pensionable officer and a pensionable officer.