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Income Account

Singapore Armed Forces (SAVER-Premium Fund) Regulations

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—(1) 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.(2) Subject to regulation 16, there shall be charged on the Income Account —(a)all expenses incurred by or on behalf of the Board in connection with the administration of the SAVER-Premium Fund, including the cost of auditing the accounts of the Fund;(b)all expenses incurred by or on behalf of the Board in connection with investment of moneys in the SAVER- Premium Fund, including any fee or commission payable to agents for managing such investments and any payments in respect of rates, insurance repairs and any other expenses made for the purpose of maintaining properties owned or mortgaged to the Fund;(c)all losses sustained from the realisation of such investments;(d)all dividends and interest authorised to be paid in respect of any member under the Singapore Armed Forces (SAVER Plan) Regulations;(e)all dividends and interest authorised to be paid in respect of any member under the Singapore Armed Forces (Premium Plan) Regulations; and(f)all other expenses properly incurred by the Board in the execution of its functions under the Act and these Regulations.(3) 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.

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