Singapore legislation
Regulation 39
of Prevention of Corruption (Occupational Superannuation Scheme) Regulations 2003
Regulation 39
Closure of Retention Account and Retirement Account
Subregulation 1
If any relevant person exercises the option to convert to the 2023 Scheme —
the relevant person’s Retention Account (if any) and Retirement Account (if any) must be closed on 1 September 2023 and all contributions to those accounts must cease immediately; and
the whole amount of money standing to the credit of the relevant person on 1 September 2023 in the Retention Account (if any) and Retirement Account (if any) is to be awarded to the relevant person.
Subregulation 2
The Board may, on the application of the relevant person mentioned in paragraph (1), or a person entitled to apply under paragraph (3), to withdraw the money standing to the credit of the relevant person on 1 September 2023 in the Retention Account or Retirement Account, made at any time on or after that date, authorise the payment to the applicant of the money.
Subregulation 3
The following persons are entitled to apply to withdraw the money standing to the credit of the relevant person mentioned in paragraph (1) in the relevant person’s Retention Account or Retirement Account:
where the relevant person lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008 —
a deputy appointed or deemed to be appointed for the relevant person by the court under that Act with power in relation to the relevant person for the purposes of these Regulations; or
a donee under a lasting power of attorney registered under that Act with power in relation to the relevant person for the purposes of these Regulations;
after the death of the relevant person, the personal representative of the relevant person.