Singapore legislation
Regulation 15
Regulation 15
Closure of accounts
Subregulation 1
Subject to these Regulations, where a Category A member —
retires or is required to retire from the Singapore Armed Forces on any of the grounds specified in regulation 12;
resigns from the Singapore Armed Forces;
dies in regular service; or
is discharged or dismissed in any of the circumstances specified in regulation 16,all his accounts in the SAVER-Premium Fund shall be closed with effect from the date of his retirement, resignation, death, discharge or dismissal, as the case may be, and all contributions to his accounts shall cease forthwith.
Subregulation 2
Where a member’s accounts are closed under paragraph (1) during a financial year before a dividend (if any) for that financial year is declared, the Board may, notwithstanding paragraph (1), cause to continue to be credited to the member’s accounts interest at such rate as it determines until the moneys in those accounts are paid, and that interest shall be in lieu of any dividend that may be declared payable for that financial year under regulation 13(4).