Singapore legislation
Regulation 15
of Home Affairs Uniformed Services (INVEST Plan) Regulations
Regulation 15
Closure of accounts
Subregulation 1
Subject to these Regulations, where a member —
retires or is required to retire from the service on any of the grounds specified in regulation 11;
resigns from the service; (ba)is transferred from the service to another scheme of service in the public service except the Administrative Service;
dies in service; (d)is dismissed from the service; or
is discharged from the Police Force,all his accounts in the Fund shall be closed with effect from the date of his retirement, resignation, transfer, death, dismissal or discharge (as the case may be) and all contributions to his accounts shall cease immediately.
Subregulation 2
A member’s Retention Account shall be closed upon the member having completed 12 years of reckonable service, and all the moneys in his Retention Account have been paid to him in accordance with these Regulations .
Subregulation 2A
[Deleted by S 159/2021 wef 15/03/2021]
Subregulation 3
Where a member’s accounts are closed under paragraph (1) or (2) during a financial year before a dividend or interest, if any, is declared for that financial year or the previous financial year, the Board may, notwithstanding paragraph (1) or (2), cause to continue to be credited into the member’s accounts interest at such rate as it determines until the moneys in those accounts are paid, and that interest shall be in lieu of any dividend or interest that may be declared or credited under regulation 12(4).