Singapore Armed Forces (SAVER-Premium Fund) Regulations

Where the Board is satisfied that any excess amount has been credited in error to any subsidiary account of any member, the Board may rectify the error by deducting the excess from the subsidiary account concerned.

Where an error in any subsidiary account of a member is rectified under paragraph (1), the member may, within 14 days after receiving a statement under regulation 24 showing the rectification of the error, appeal to the Armed Forces Council against the rectification, and the decision of the Armed Forces Council shall be final.

There shall be a Board of Trustees consisting of —

(ea)the Chief of Digital and Intelligence Service;

The trustees appointed under paragraph (1)(g) shall be appointed for a term of 3 years or for such shorter term as the Armed Forces Council may determine, and shall be eligible for re-appointment.

The Armed Forces Council may at any time revoke the appointment of the trustees under paragraph (1)(g).

The trustees may be paid such allowance as may be determined by the Armed Forces Council.

The Board shall manage and administer the SAVER-Premium Fund subject to the direction and control of the Armed Forces Council.

Subject to paragraph (2), the quorum of the Board shall be 3 trustees.

No business shall be transacted at any meeting of the Board unless the following trustees are present:

For the purpose of exercising its functions under the Act and these Regulations, the Board shall meet on such date and at such place and time as the Chairman may determine.

In the absence of the Chairman, such trustee as the Chairman designates to act on his behalf shall preside at the meeting.

Subject to these Regulations, all matters arising at any meeting of the Board shall be determined by a simple majority of the trustees and a determination by a simple majority of the trustees shall for all purposes be a determination of the Board.

Subject to these Regulations, matters arising at a meeting of the Board may be determined by a simple majority of votes and, in the event of an equality of votes, the Chairman or, in his absence, the trustee presiding shall have a casting vote in addition to his original vote.

The Board may, if it thinks fit, transact its business by the circulation of papers, and a resolution in writing, signed by a simple majority of the trustees required by regulation 4(2) to be present at any meeting of the Board and those for the time being entitled to take part in the determination in respect thereof shall be valid and effectual as if it had been passed at a meeting of the Board duly convened and held.

Any such resolution may consist of several documents in like form, each signed by one or more trustees.

No decision of the Board on any matter made at any meeting where the Chairman is absent shall have effect unless the consent of the Chairman in writing under his hand has been obtained therefor.

If any trustee has a pecuniary interest, direct or indirect, in any matter which is before any meeting of the Board, he shall at that meeting declare the nature of his interest and shall not take part in the consideration or discussion of, or vote on any question with respect to that matter, and if the Chairman or, in his absence, the trustee presiding so directs, that trustee shall withdraw from the meeting during such consideration or discussion.

Notwithstanding paragraph (1), for the purpose of determining whether there is a quorum, a trustee shall be treated as being present at a meeting notwithstanding that, under that paragraph, he cannot vote or has withdrawn from the meeting.

No trustee shall be deemed to have any pecuniary interest in any matter which was or is before any meeting of the Board under paragraph (1) by reason only that the trustee was or is at the time of the meeting a member of the SAVER Plan or the Premium Plan, as the case may be.

The Board may appoint any person to be the secretary of the Board for such period as the Board may determine.

The Board may be assisted by such public officers as are in the opinion of the Board necessary for the purpose of carrying out its functions under the Act and these Regulations.

The trustees may, instead of acting personally, appoint and pay an agent, whether a solicitor, banker, stockbroker or other person, to transact any business or do any act required to be transacted or done in the management of the SAVER-Premium Fund, including selling, converting, collecting, getting in, and executing and perfecting assurances of, or managing or cultivating, or otherwise administering any property, movable or immovable, forming part of the SAVER- Premium Fund in any place within or outside Singapore or executing or exercising any discretion or power vested in them in relation to any such property, with such ancillary powers, and with and subject to such provisions and restrictions as they may think fit, including a power to appoint substitutes.

The trustees shall not, by reason only of their having made such appointment, be responsible for any default of the agent if appointed in good faith.

All trustees shall be deemed to be public servants within the meaning of the Penal Code 1871.

All trustees appointed under regulation 3(1)(g) shall be deemed to be public officers for the purposes of the Financial Procedure Act 1966 and section 20 of that Act shall apply to such persons notwithstanding that they are not or were not in the employment of the Government.

The Board shall also maintain in respect of each Category A member of the SAVER Plan, and each member of the SAVER Plan who transferred to the military domain experts service before 1 July 2025, the following subsidiary accounts within the Contribution Account:

The Board must maintain, in respect of each of the following Category B members of the SAVER Plan, the subsidiary accounts specified for him within the Contribution Account:

The Board shall maintain in respect of each member of the Premium Plan, other than an applicable Category B member of the Premium Plan, the following subsidiary accounts within the Contribution Account:

The Board must maintain in respect of each applicable Category B member of the Premium Plan — a CARE Account.

The Board shall credit to the subsidiary accounts of each member —

The Board may during each financial year declare to the subsidiary accounts of each member a dividend out of the net income and unrealised net profits of the SAVER-Premium Fund for that financial year.

The Board may deduct from the Central Provident Fund Top-Up Account of a member or, if the member does not have such an account or there is a deficiency of funds in that account, from any other subsidiary account of the member, any expenses incurred by or on behalf of the Board in the administration, management or investment of moneys in the SAVER-Premium Fund specifically on account of that member.

Any deduction under paragraph (5) shall be paid by the Board as reimbursement into the Income Account.

All or any part of the contributions to be credited to the subsidiary accounts of each member under regulation 12(3)(a) may be met from moneys in the Forfeiture Account.

All dividends and other sums which are forfeited in accordance with the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) or the Singapore Armed Forces (Premium Plan) Regulations (Rg 22) shall be credited to the Forfeiture Account.

The income from investment of moneys in the SAVER- Premium Fund and any other sums specified by these Regulations shall be paid into an account to be called the Income Account.

Subject to regulation 16, there shall be charged on the Income Account —

The Board may transfer any moneys in the Income Account to the Loan and Benefits Account or Provisional Account as the Board deems necessary to meet payments of awards or loans or other benefits under the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) or the Singapore Armed Forces (Premium Plan) Regulations (Rg 22) or to meet future transactions or contingencies.

The moneys of the SAVER-Premium Fund may be invested in accordance with section 205C of the Act.

All amounts received by way of interest on investment made from moneys of the SAVER-Premium Fund shall be carried to the Income Account.

All amounts received by way of rents from the properties owned by or mortgaged to the SAVER-Premium Fund shall be carried to the Income Account, but there shall first be deducted any payments made in respect of rates, insurance, repairs and any other expenses or outgoings made for the purpose of maintaining the properties in a rent earning condition, including any commission paid to a receiver appointed by the Board as mortgagee of any property.

Upon the realisation of any investment, so much of the net proceeds as are equal to the book value of the investment as shown in the accounts shall be treated as capital moneys of the SAVER-Premium Fund, and the remaining net proceeds shall be credited to the Income Account.

The auditor shall in his report state —

The auditor may at any other time report to the Minister upon any matter arising out of the performance of his audit.

Where the Auditor-General is not the auditor, the auditor shall, at the same time that he submits any report to the Minister under paragraph (2), forward a copy of the report to the Auditor-General.

The Auditor-General and, where the Auditor-General is not the auditor, the auditor shall be entitled at all reasonable times to full and free access to all accounting and other records relating, directly or indirectly, to the financial transactions of the Board.

The Auditor-General and, where the Auditor-General is not the auditor, the auditor may make copies of or extracts from any such accounting and other records.

The Auditor-General may require any person to furnish him with any information relating, directly or indirectly, to the SAVER-Premium Fund —

Any person who fails, without any reasonable cause, to comply with any requirement of the Auditor-General under paragraph (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.

The Board shall, as soon as practicable after the end of each financial year, cause to be prepared and transmitted to the Minister through the Armed Forces Council a report dealing generally with the activities of the Board during the preceding financial year and containing such information relating to the proceedings and policy of the Board as the Armed Forces Council may, from time to time, direct.

The Minister shall as soon as practicable cause a copy of every such report to be presented to Parliament.