Singapore legislation

Schedule 2

of Prevention of Corruption (Occupational Superannuation Scheme) Regulations 2003

Schedule 2

Vesting For Retention And Retirement Accounts

SECOND SCHEDULERegulation 18(1)Vesting For Retention And Retirement Accounts

1. The portion of moneys in the Retention Account of a member of the 2001 Scheme as specified in the second column shall vest in the member on his completing the requisite number of years of reckonable service as specified in the first column.First column Second columnLength of reckonable service in years or part thereof Retention Account vesting6 25%8 33%10 50%12 100%.[S 607/2023 wef 01/09/2023]2. For the purposes of paragraph 1, a person shall be deemed to have attained the years in service prescribed in that paragraph on the anniversary of his service.

3. In the case of members of the 2001 Scheme who have received the one-time contribution of $3,700, the amount shall vest in the member —

(a)

on completion of 12 years of service or as at 1st November 2002, whichever is the later; or (b)in the case of a member of the 2001 Scheme who had served 12 years of service but who had passed away before 1st November 2002, on the day immediately after his completion of 12 years of service.[S 607/2023 wef 01/09/2023][S 607/2023 wef 01/09/2023]4. Subject to regulation 18(4) and (4A), the portion of moneys in the Retirement Account of a member of the 2001 Scheme vests in the member in accordance with the vesting scale specified in the third or fourth column —

(a)

corresponding to the member’s age specified in the first column, where the member is —

(i)

an eligible junior officer;

(ii)

an eligible transferred junior officer; or

(iii)

a junior officer (other than an eligible junior officer or an eligible transferred junior officer) as at 30 April 2019 and who becomes a member of the 2001 Scheme on or after that date; or[S 607/2023 wef 01/09/2023](b)corresponding to the member’s age specified in the second column, where the member is —

(i)

a senior officer who is a member of the 2001 Scheme since 30 April 2019;[S 607/2023 wef 01/09/2023](ii)a senior officer who transfers from the service to another scheme of service in the public service before 1 May 2019 and rejoins the service on transfer without break from the public service on or after that date;

(iii)

a senior officer (not being mentioned in sub-paragraphs (i) and (ii)) as at 30 April 2019 and becomes a member of the 2001 Scheme on or after 1 May 2019; or[S 607/2023 wef 01/09/2023](iv)a member mentioned in sub-paragraph (a) who is appointed a senior officer on or after 1 May 2019.First columnSecond columnThird columnFourth columnAge as at retirement, resignation or transferAge as at retirement, resignation or transferVesting scale in respect of a member of the 2001 Scheme who —

(a)

retires;

(b)

resigns; or

(c)

transfers from the service to the Administrative ServiceVesting scale in respect of a member of the 2001 Scheme who transfers from the service to another scheme of service in the public service except the Administrative Service28336%16%293412%22%303518%28%313624%34%323730%40%333835%45%343940%50%354045%55%364150%60%374255%65%384360%70%394465%75%404570%80%414674%84%424778%88%434882%92%444986%96%455090%100%465192%100%475294%100%485396%100%495498%100%50 and above55 and above100%100%[S 607/2023 wef 01/09/2023][S 403/2019 wef 01/05/2019][S 607/2023 wef 01/09/2023][S 607/2023 wef 01/09/2023]4A. Subject to regulation 18(4) and (4A), where a member of the 2001 Scheme (other than a member mentioned in paragraph 4) becomes a member of the 2001 Scheme on or after 1 May 2019, the portion of moneys in the member’s Retirement Account vests in the member in accordance with the vesting scale specified in the second or third column (as applicable) corresponding to the member’s age specified in the first column.First columnSecond columnThird columnAge as at retirement, resignation or transferVesting scale in respect of a member of the 2001 Scheme who —

(a)

retires;

(b)

resigns; or

(c)

Read in full context — Prevention of Corruption (Occupational Superannuation Scheme) Regulations 2003 →