18C. 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 11;

resigns from the Singapore Armed Forces;

dies in regular service; or

is discharged or dismissed, or has his service with the Singapore Armed Forces terminated, in any of the circumstances specified in regulation 18E.

Subject to these Regulations, with effect from the date of the Category B member’s retirement, resignation, death, discharge, dismissal or termination, 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 18A(4).

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

in the case of an applicable Category B member of the Premium Plan — a reference to his CARE Account; and

in any other case — a reference to his CARE Account and CPF Top-Up Account.

In this regulation, “applicable Category B member of the Premium Plan” has the meaning given by regulation 2 of the Singapore Armed Forces (SAVER-Premium Fund) Regulations.

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 11;

resigns from the Singapore Armed Forces;

dies in regular service; or

is discharged or dismissed, or has his service with the Singapore Armed Forces terminated, in any of the circumstances specified in regulation 18E.

Subject to these Regulations, with effect from the date of the Category B member’s retirement, resignation, death, discharge, dismissal or termination, 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 18A(4).

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

in the case of an applicable Category B member of the Premium Plan — a reference to his CARE Account; and

in any other case — a reference to his CARE Account and CPF Top-Up Account.

In this regulation, “applicable Category B member of the Premium Plan” has the meaning given by regulation 2 of the Singapore Armed Forces (SAVER-Premium Fund) Regulations.