Singapore legislation
Regulation 12
of Home Affairs Uniformed Services (INVEST Plan) Regulations
Regulation 12
Contributions
Subregulation 1
Subject to these Regulations, the Board shall cause the following to be credited to the accounts of each member in the Fund:
[Deleted by S 906/2018 wef 01/01/2019](b)in the case of the Retention Account of a member who is an eligible junior officer, up to the member’s INVEST contribution cessation date, an annual contribution at the prescribed rate of the member’s gross salary;
in the case of the Retirement Account, up to the member’s INVEST contribution cessation date, a monthly contribution at the prescribed rate of a sum that is the total of the following:
the member’s gross salary and any bonus paid to the member in that month;
such additional remuneration component as may be approved by the Permanent Secretary, Ministry of Home Affairs and paid to the member in that month;
any dividend declared by the Board under paragraph (4); and
any other sums specified by these Regulations.
Subregulation 1A
For the purposes of determining whether the monthly contribution at the prescribed rate mentioned in paragraph (1)(c) must be credited to the Retirement Account of a member, if the member transfers from the service to another scheme of service in the public service and rejoins the service on transfer without break from the public service on or after 1 January 2019, any period of reckonable service completed before the date of the transfer from the service must be disregarded.
Subregulation 2
The Board shall, subject to the directions of the Minister, credit to the accounts specified in paragraph (1) every such contribution and dividend in such manner as the Minister may direct, and the Minister may give different directions in respect of different classes of members.
Subregulation 3
Notwithstanding paragraph (1), no contribution shall be credited in respect of —
any whole period of absence without leave;
any whole period of desertion;
any whole period of imprisonment as a result of the member’s conviction on a charge by a court;
any whole period of remand, custody, confinement, detention, or suspension or interdiction from duty pending trial by a court or disciplinary proceedings on a charge for which the member is subsequently convicted by the court or found guilty in the disciplinary proceedings, as the case may be; and
any whole period of detention authorised under any written law.
Subregulation 3A
The Board may withhold any contribution payable to the account of any member under paragraph (1) if that member is in remand, custody, confinement, detention or under suspension or interdiction from duty pending trial by a court or disciplinary proceedings, but immediately on a finding of not guilty on all the charges against the member, any withheld contributions must be credited to the member’s accounts.
Subregulation 4
The Board may, during or after each financial year ––
declare to each member’s Retirement Account one or more dividends out of the net income and net unrealised profits of the Fund for that financial year; and
credit to each member’s Retention Account, if any, interest at such rate as the Board shall determine for that financial year.
Subregulation 5
In this regulation —
Definition
“net income” means the amount ascertained by adding to, or deducting from, the income received from the investments of capital moneys in the Fund any profit derived or loss sustained, as the case may be, from the realisation of such investments;
Definition
“prescribed rate”, in relation to any contributions for a member, means the rate prescribed in the First Schedule in relation to the number of complete years of reckonable service completed by the member when the contribution is credited to the member’s Retirement Account or Retention Account, as the case may be.