Singapore legislation
Regulation 16
Regulation 16
Application to officer cadets
Subregulation 1
Subject to paragraphs (2) and (3), if a Category A member is selected for officer cadet training and becomes a member of the SAVER Plan in accordance with the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19), all his accounts maintained under regulation 12(2) of the Singapore Armed Forces (SAVER-Premium Fund) Regulations (Rg 18) in the SAVER-Premium Fund shall be closed with effect from the commencement date of his officer cadet training, and all contributions to his accounts shall cease forthwith.
Subregulation 2
The Board shall transfer all the moneys in the accounts closed under paragraph (1) to the member’s SAVER Account and CPF Top-Up Account in accordance with the Singapore Armed Forces (SAVER Plan) Regulations.
Subregulation 3
If the Category A member mentioned in paragraph (1) fails his officer cadet training and reverts to a soldier, his accounts under the Premium Plan will be re-opened and the Board shall cause to be credited to the member’s accounts the following sums:
to the member’s CARE Account —
for a member mentioned in regulation 12(1)(ba) or (c) who has not attained the rank of Warrant Officer immediately before he becomes an officer cadet, an amount out of the moneys held in the member’s Retirement Account or SAVER Account (as the case may be) under the Singapore Armed Forces (SAVER Plan) Regulations (Rg 19) that is equivalent to —
the amount transferred from his CARE Account to his Retirement Account under regulation 15A(1)(b) of the Singapore Armed Forces (SAVER Plan) Regulations or to his SAVER Account under regulation 17AE(1)(b) of those Regulations; and
any dividend declared by the Board in respect of such transferred amount mentioned in sub-paragraph (A) during his service as an officer cadet; and
for a member mentioned in regulation 12(1)(ba) or (c) who has attained the rank of Warrant Officer immediately before he becomes an officer cadet, or a member mentioned in regulation 12(1)(b) —
the amount mentioned in sub-paragraph (i)(A) and (B);
an amount out of the moneys held in his Retirement Account or SAVER Account (as the case may be) under the Singapore Armed Forces (SAVER Plan) Regulations, that is credited to his Retirement Account or SAVER Account (as the case may be) under regulation 13(1)(b) or 17AA(1)(a) and (b) of those Regulations in respect of the period that he is an officer cadet; and
any dividends declared by the Board in respect of such credited amount referred to in sub-paragraph (B) during his service as an officer cadet;
to the member’s CPF Top-Up Account — such moneys held in the member’s CPF Top-Up Account under the Singapore Armed Forces (SAVER Plan) Regulations.