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Arrangements for members who transfer from service to statutory body

Home Affairs Uniformed Services (INVEST Plan) Regulations

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—(1) Notwithstanding any provision in these Regulations to the contrary, where a member is transferred under any written law from the service to the employment of any statutory body under the purview of the Ministry of Home Affairs or such other statutory body as the Minister may determine —(a)all contributions to his Retirement Account and Retention Account must cease with effect from the date of his transfer;(b)where a Retirement Account has been opened for that member, his Retirement Account shall not close but shall remain open until the relevant date, and interest on the moneys in that account at such rate as the Minister may determine shall continue to be credited into the former INVEST Plan member’s account in lieu of any dividend declared under regulation 12(4) until the moneys are paid to him in accordance with these Regulations;(c)where a Retention Account has been opened for that member, his Retention Account shall close with effect from the date of his transfer and all moneys in it shall be awarded to the former INVEST Plan member;(d)if he is transferred from the service to the employment of the statutory body before the moneys standing to his credit in his Retirement Account have fully vested in him, the former INVEST Plan member may, at his option, be awarded —(i)on his transfer, such portion of the moneys standing to that member’s credit in his Retirement Account that is vested under regulation 18, and the balance of moneys in that account (together with interest thereon) subsequently at the relevant date if he is still in the employment of the statutory body; or(ii)all moneys in his Retirement Account (together with interest thereon) at the relevant date if he is still in the employment of the statutory body; and(e)if he is transferred from the service to the employment of the statutory body after the sums in his Retirement Account have fully vested in him, all the sums vested may be awarded to the former INVEST Plan member.(2) If a former INVEST Plan member referred to in paragraph (1)(d) who resigns, retires or is dismissed from the employment of the statutory body before the relevant date has previously opted for the award under paragraph (1)(d)(i), the sum that may be subsequently awarded to him under paragraph (1)(d)(i) shall be forfeited immediately and transferred to the Provisional Account of the Fund.(3) If a former INVEST Plan member mentioned in paragraph (1)(d) —(a)resigns, retires or is dismissed from the employment of the statutory body before his relevant date; and(b)has previously opted for the award under paragraph (1)(d)(ii),an amount equal to the sums vested in his Retirement Account at the date of his transfer from the service may be awarded to the former INVEST Plan member on his resignation, retirement or dismissal (as the case may be), and the balance in his Retirement Account must be forfeited and transferred to the Provisional Account of the Fund.(4) [Deleted by S 906/2018 wef 01/01/2019](5) The Board may, on the application of a former INVEST Plan member made at any time on or after the relevant date or on or after his resignation, retirement or dismissal from the employment of the statutory body, authorise the payment to the former INVEST Plan member of the relevant sum awarded under paragraph (1) or (3), as the case may be.(6) In this regulation, “relevant date” means the date the whole of the amount standing to the credit of the former INVEST Plan member in his Retirement Account vests in him.

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