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Moneys in Fund to be paid on death

Public Utilities Board (Provident Fund) Rules

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—(1) If any member ceases to be in the employment of the Board by reason of the happening of any one of the following events, there shall, subject to rule 29(2), be paid to the member, or, in the case of his death, to his nominees, trustees or legal personal representatives, the amount standing to the credit of his account in respect of both the Contributions Account and the Donations Account, together with such interest as is calculated in accordance with rule 14(4):(a)retirement on attaining 55 years of age or optional retirement with the consent of the Board on or after attaining the age of 50 years;(b)resignation or retirement on account of incapacity for service by reason of illness;(c)death; or(d)retirement on account of reduction or alteration in the establishment or staff of the Board, or at the request of the Board on grounds other than misconduct, irregularity or negligence in which event the second proviso to paragraph (2) will apply.(2) If a member ceases to be in the employment of the Board on the grounds of misconduct, irregularity or negligence, or on the happening of an event, which is not set out in paragraph (1), he shall, subject to rule 29(2), be entitled to be paid —(a)the amount standing to his credit in the Contributions Account; and(b)the amount standing to his credit in the Donations Account in the following proportions: (i) where he has been a member for less than 5 yearsNil;(ii) where he has been a member for not less than 5 years, but less than 10 years50% standing to the credit of the member in the Donations Account;(iii) where he has been a member for not less than 10 years, but less than 15 years75% standing to the credit of the member in the Donations Account; or(iv) where he has been a member for not less than 15 years100% standing to the credit of the member in the Donations Account:Provided that the Committee may, in its discretion, with the approval of the Minister, pay to a member an amount from the Donations Account of that member in excess of the proportion set out in this paragraph:And provided that if a member has not reached the normal retirement age of 55 years, he shall not be entitled to be paid in cash the amounts stated in sub-paragraphs (a) and (b), in which event the sums due to such member shall be —(i)retained in the Fund until his death or the attainment by him of the age of 55 years or his premature retirement through chronic disability or his departure from Singapore and Malaysia with the intention of taking up permanent residence elsewhere;(ii)transferred to another approved pension or provident fund or the Central Provident Fund; or(iii)converted into a paid-up life assurance policy maturing upon his attaining the age of 55 years or upon his prior death which policy shall be retained by the Committee until its maturity.

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