Singapore legislation

Regulation 33

of Public Utilities Board (Provident Fund) Rules

Regulation 33

Life or endowment assurance

Subregulation 1

Subject to the conditions in paragraph (2), where a member elects to utilise his contributions towards a life or endowment assurance, the Committee may pay the annual premium on such life or endowment assurance from the amount standing to the credit of the member’s Contributions Account.

Subregulation 2

The following shall be the conditions for the life or endowment assurance to be paid from the member’s Contributions Account:

(a)

every assurance policy shall be —

(i)

affected at a Singapore branch of a life assurance company approved by the Committee;

(ii)

in the name of the trustees of the Fund and shall not be assigned by the Committee until maturity;

(iii)

made payable to the trustees; and

(iv)

effected on the life of a member;

(b)

the sum assured in the policy shall not exceed one year’s total salary and emoluments of the member concerned;

(c)

an annual premium shall not exceed the employee’s total contribution of the preceding year;

(d)

the period of the policy shall extend to not less than the date of retirement of the member and shall not be for less than 10 years; and

(e)

the Committee may impose such other conditions as it may think necessary.

Read in full context — Public Utilities Board (Provident Fund) Rules →