4.—(1) Every transferred person who immediately prior to the transfer date held a pensionable appointment with the Authority shall be given the option either —| (a) | to continue to be a member of the Authority’s Pension Scheme and be subject to the Port (Singapore Harbour Board) (Pension Scheme) Regulations 1949 (referred to in this Order as the Pension Regulations), in which case he shall not be eligible to participate in any pension, gratuity, provident fund or other superannuation benefits scheme established by the Company (referred to in this Order as the Company’s Scheme); or [S 386/49] | | (b) | to participate in the Company’s Scheme from the transfer date, in which case the Authority shall —| (i) | on his ultimate retirement or if he otherwise leaves the service of the Company in circumstances which would have rendered him eligible (had he continued to be in the service of the Authority) for a pension, gratuity or allowance under the Pension Regulations pay him a pension, gratuity or allowance under these Regulations calculated up to the transfer date; or | | (ii) | on his death whilst in the service of the Company, pay to his legal personal representatives or dependants out of the Pension Fund, a pension, gratuity or allowance, as the case may be, calculated up to the transfer date in accordance with the Pension Regulations. |
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| (2) A transferred person who fails to exercise such option within 6 months from the date of the publication of this Order shall be deemed to opt to continue as a member of the Authority’s Pension Scheme. |
| (3) The Pension Regulations and any amendments made thereto from time to time shall continue to apply to every transferred person who opts or is deemed to have opted to continue as a member of the Authority’s Pension Scheme, in the like manner as the said Regulations applied to such persons immediately prior to the transfer date, and every reference to service or employment with the Singapore Harbour Board in the said Regulations shall be construed as a reference to and shall include service or employment in the Company in respect of such person. |
| (4) The provisions of the Pension Regulations, as from time to time amended, requiring the Authority to make payments into the Pension Fund, shall apply to the Company and be construed as provisions requiring the Company to make such payments into the said Fund in respect of every transferred person who opts or is deemed to have opted to continue as a member of the Authority’s Pension Scheme as would have been made by the Authority had such person continued to be in the service of the Authority. |
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