Singapore legislation
Regulation 18D
Regulation 18D
Application to officer cadets
Subregulation 1
Subject to paragraphs (2) and (3), if a Category B 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 —
all his accounts maintained under regulation 12(2) of the Singapore Armed Forces (SAVER-Premium Fund) Regulations in the SAVER-Premium Fund must be closed with effect from the commencement date of his officer cadet training; and
all contributions to those accounts must cease forthwith.
Subregulation 2
The Board must transfer all the moneys in the accounts closed under paragraph (1) to —
the Category B member’s SAVER Account; and
if the Category B member is an opted Category B member — the member’s CPF Top-Up Account,in accordance with the Singapore Armed Forces (SAVER Plan) Regulations.
Subregulation 3
If the Category B member mentioned in paragraph (1) fails his officer cadet training and reverts to being a soldier, his accounts under the Premium Plan must be re-opened and the Board must cause to be credited to those accounts the following sums:
to the Category B member’s CARE Account —
the amount transferred from his CARE Account to his SAVER Account under regulation 17AE(1)(b) of the Singapore Armed Forces (SAVER Plan) Regulations, and any dividend declared by the Board in respect of that amount during his service as an officer cadet; and (ii)an amount held in his SAVER Account under the Singapore Armed Forces (SAVER Plan) Regulations which corresponds to the amount that is credited to that Account under regulation 17AA(1)(a) and (b) of those Regulations in respect of the period that he is an officer cadet, and any dividend declared by the Board in respect of that amount during his service as an officer cadet;
to the Category B member’s CPF Top-Up Account — any moneys held in his CPF Top-Up Account under the Singapore Armed Forces (SAVER Plan) Regulations.