Singapore legislation
Regulation 43
Regulation 43
Preserved pension
Subregulation 1
Where a serviceman exercises an option to convert according to Option A, the Board shall cause to be credited to his Retirement Account an amount determined in accordance with the formulaWhere PEis the serviceman’s last drawn pensionable emoluments as of 31st March 1998; andPSis the total length of pensionable service rendered by the serviceman immediately before 1st April 1998.
Subregulation 2
Where a serviceman exercises an option to convert according to Option B, the Board shall cause to be credited to his Savings Account and Retirement Account the respective amounts determined in accordance with the respective formulae:
Savings Account — an amount determined in accordance with the formula (9% × BP × CS); and
Retirement Account — an amount determined in accordance with the formulaWhere BPis the serviceman’s last drawn monthly basic salary as of 31st March 1998;CSis the total length of contract service rendered by the serviceman immediately before 1st April 1998; andPSis the total length of pensionable service rendered by the serviceman immediately before 1st April 1998.
Subregulation 3
Where a serviceman exercises an option to convert according to Option C, the Board shall cause to be credited to his Retirement Account an amount determined in accordance with the formula0.09 (PE × CPF plus service)Where PEis the serviceman’s last drawn pensionable emoluments as of 31st March 1998; and “CPF plus service” is the total length of service rendered by the serviceman immediately before 1st April 1998.
Subregulation 4
Where a serviceman exercises an option to convert according to Option D, the Board shall cause to be credited to his Retirement Account an amount determined in accordance with the formulaWhere PEis the serviceman’s last drawn pensionable emoluments as of 31st March 1998; andPSis the total length of pensionable service rendered by the serviceman immediately before 1st April 1998.