Singapore legislation
Section 205C
Section 205C
Administration of SAVER-Premium Fund
(1)
The SAVER‑Premium Fund is, subject to the direction and control of the Armed Forces Council, to be managed and administered by a Board of Trustees consisting of not more than 13 members, all of whom must be appointed by the Armed Forces Council.
(2)
The moneys in the SAVER‑Premium Fund may be invested in —
any investments authorised under section 7 of the Financial Procedure Act 1966; and
any other investments that the Board of Trustees thinks fit, not being any stock, bond, fund or security issued by the Government.
(3)
The Armed Forces Council may authorise the transfer to the Consolidated Fund any moneys in the SAVER‑Premium Fund which, in the opinion of the Minister and the Minister for Finance, are not required to meet the liabilities of the SAVER‑Premium Fund.
(4)
The Armed Forces Council must cause to be kept proper accounts and records of all transactions and affairs relating to the SAVER‑Premium Fund and must ensure that payments out of the Fund are correctly made and properly authorised and that adequate control is maintained over the assets and receipts of the Fund.
(5)
The accounts and annual financial statements of the SAVER‑Premium Fund must be audited by the Auditor‑General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor‑General.
(6)
A person does not qualify for appointment as an auditor under subsection (5) unless the person is a public accountant as defined in the Companies Act 1967.
(7)
The remuneration of the auditor must be paid out of the SAVER‑Premium Fund.
(8)
The auditor must submit such periodic and special reports to the Minister as may appear to the auditor to be necessary or as the Minister may require.
(9)
As soon as the accounts of the SAVER‑Premium Fund and the financial statements have been audited in accordance with this Act, a copy of the audited financial statements, together with a copy of any report made by the auditor, must be submitted to the Minister.
(10)
Where the Auditor-General is not the auditor of the SAVER‑Premium Fund, a copy of the audited financial statements and any report made by the auditor must be forwarded to the Auditor‑General at the same time they are submitted to the Minister.
(11)
The Minister must cause a copy of the audited financial statements of the SAVER‑Premium Fund and the auditor’s report to be presented to Parliament.
(12)
For successive periods of such duration, not exceeding 5 years, as the Minister may determine in each case, an examination of the SAVER‑Premium Fund must be made with a view to determining the state of the SAVER‑Premium Fund having regard to its prospective liabilities and the probable annual provisions required by the SAVER‑Premium Fund to meet those liabilities.
(13)
The Armed Forces Council may make regulations for the proper control and management of the SAVER‑Premium Fund and, in particular, regulations —
providing for the appointment of the members of the Board of Trustees, including their tenure and remuneration;
prescribing the procedure to be followed by the Board of Trustees in the exercise of its functions; and
relating to the accounting, reporting, auditing and periodic examination of the SAVER‑Premium Fund.