Application of moneys in Pension Fund
Open ↗6.—(1) The moneys in the Pension Fund may only be withdrawn and applied to meet any one or more of the following purposes:(a)
the payment of any pension, gratuity, allowance or other like benefit granted or deemed to be granted under any provision of any written law specified in the Schedule to persons who have been in the public service in Singapore, or to their legal personal representatives or dependants, on the death, superannuation, resignation, retirement or discharge of those persons;
(b)
the payment of any disability pension, injury allowance, gratuity or compensation under any provision of any written law specified in the Schedule to persons who have been in the public service in Singapore, or to their legal personal representatives or dependants, in respect of injuries received in and which are attributable to that service;
(c)
the payment of any sum ex gratia or any pension, gratuity, allowance, compensation, subsidy or other like benefit pursuant to a prescribed superannuation scheme;
(d)
the payment of any gratuity on the death or retirement of persons appointed as members of the local staff of any diplomatic mission of Singapore;
(e)
any other expenses relating to the granting of any pension, gratuity, allowance, compensation or other like benefit which is mentioned in paragraphs (a) and (b) and expressly provided by written law to be met out of the Pension Fund.
(2) The Minister may, by order in the Gazette, amend the Schedule.
Expenses
Open ↗7. All expenses arising from or incidental to the administration of, and the investment and management of moneys in, the Pension Fund are charged on and payable out of the Fund.
Deficiencies
Open ↗8.—(1) Where the moneys in the Pension Fund are insufficient to pay any pension, gratuity, allowance, compensation or other like benefit at the time when the payment becomes due, the deficiency is charged on and payable out of the Consolidated Fund.
(2) Subsection (1) applies only to any pension, gratuity, allowance, compensation or other like benefit in respect of persons who have been in the public service in Singapore which —(a)
prior to 1 April 1995, was charged on the Consolidated Fund; or
(b)
is provided for under any written law enacted on or after 1 April 1995.
Surpluses in Pension Fund
Open ↗9.—(1) The Minister may, by warrant under his or her hand authorise the transfer to the Consolidated Fund any moneys in the Pension Fund which, in the opinion of the Minister, are not required to meet the liabilities of the Pension Fund.
(2) The Minister may, by warrant under his or her hand authorise the transfer to the SAVER‑Premium Fund established under section 205B of the Singapore Armed Forces Act 1972 any moneys in the Pension Fund that the Minister may determine as the value of that part of the Pension Fund relating to all those servicemen in the Singapore Armed Forces who opted in favour of joining the SAVER Plan or Premium Plan established under section 205A of the Singapore Armed Forces Act 1972.
(3) The Minister may, by warrant under his or her hand authorise the transfer to the INVEST Fund established under section 12 of the Home Affairs Uniformed Services Superannuation Act 2001 any moneys in the Pension Fund that the Minister may determine as the value of that part of the Pension Fund relating to all those public officers who opted in favour of joining the INVEST Plan established under that Act and to all public officers who opted in favour of joining the Occupational Superannuation Scheme under the Prevention of Corruption Act 1960.
Withdrawals
Open ↗10.—(1) Moneys must not be withdrawn from the Pension Fund unless they are charged on the Fund or authorised to be withdrawn under this Act.
(2) A payment must not be made out of the Pension Fund unless the payment is authorised by the Minister.
