17AD. Closure of accounts

This regulation applies to a Category B member who —

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 17AF.

Subject to these Regulations, with effect from the date of the Category B member’s retirement, resignation, death, discharge or dismissal, as the case may be —

all contributions to the Category B member’s accounts in the SAVER-Premium Fund must cease forthwith; and

all the Category B member’s accounts in the SAVER-Premium Fund must be closed.

Despite paragraph (2), where the Category B member’s accounts in the SAVER-Premium Fund are closed during a financial year before a dividend (if any) for that financial year is declared —

the Board may cause interest at the rate determined by the Board to continue to be credited to the Category B member’s accounts in the SAVER-Premium Fund, until the moneys in those accounts are paid; and

that interest is to be in lieu of any dividend that may be declared payable to the Category B member’s accounts in the SAVER-Premium Fund for that financial year under regulation 17AA(4).

For the purposes of this regulation, a reference to a Category B member’s accounts in the SAVER-Premium Fund is —

in the case of an opted Category B member — a reference to his SAVER Account, CPF Top-Up Account and Savings Account; and

in any other case — a reference to his SAVER Account.

This regulation applies to a Category B member who —

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 17AF.

Subject to these Regulations, with effect from the date of the Category B member’s retirement, resignation, death, discharge or dismissal, as the case may be —

all contributions to the Category B member’s accounts in the SAVER-Premium Fund must cease forthwith; and

all the Category B member’s accounts in the SAVER-Premium Fund must be closed.

Despite paragraph (2), where the Category B member’s accounts in the SAVER-Premium Fund are closed during a financial year before a dividend (if any) for that financial year is declared —

the Board may cause interest at the rate determined by the Board to continue to be credited to the Category B member’s accounts in the SAVER-Premium Fund, until the moneys in those accounts are paid; and

that interest is to be in lieu of any dividend that may be declared payable to the Category B member’s accounts in the SAVER-Premium Fund for that financial year under regulation 17AA(4).

For the purposes of this regulation, a reference to a Category B member’s accounts in the SAVER-Premium Fund is —

in the case of an opted Category B member — a reference to his SAVER Account, CPF Top-Up Account and Savings Account; and

in any other case — a reference to his SAVER Account.