Singapore legislation
Regulation 18C
Regulation 18C
Closure of accounts
Subregulation 1
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.
Subregulation 2
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.
Subregulation 3
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).
Subregulation 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.
Subregulation 5
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.