University of Singapore Academic Staff Provident Fund (Merger) Rules

National University of Singapore Act

(Chapter 204, Section 10(1)(a))

University of Singapore Academic Staff Provident Fund (Merger) Rules

R 4

G.N. No. S 335/1970

REVISED EDITION 1990

(25th March 1992)

[14th August 1970]

1.  These Rules may be cited as the University of Singapore Academic Staff Provident Fund (Merger) Rules.

2.  In these Rules —

“old fund” means the University of Malaya Academic Staff Provident Fund established under the University of Malaya Ordinance;

[1955 Ed.]

“new fund” means the University of Singapore Academic Staff Provident Scheme, established by the University of Singapore under section 27(f) of the Constitution of the University.

[2989/70]

3.—(1)  The old fund shall on 14th August 1970 be dissolved and merge in the new fund.

(2)  From and after the dissolution of the old fund and the merging of the old fund in the new fund, no member or contributor of the old fund shall have any claim upon the old fund otherwise than under the rules of the new fund:

Provided that nothing in this paragraph shall be deemed to prejudice or affect the rights of any member or contributor to any payment out of the old fund already accrued due immediately before such dissolution and merger.

(3)  The University shall, out of the old fund paid and transferred to it under rule 4, satisfy all such rights against the old fund as are expressly saved by the proviso to paragraph (2) and shall fulfil and perform all duties and obligations in respect of the old fund which ought to have been fulfilled or performed by the University and which remained unfulfilled or unperformed at the date of the dissolution and merger of the old fund.

4.  The dissolution and merger of the old fund under rule 3 shall take effect in the following manner:

(a) the Board of Management of the old fund shall cause the accounts of the old fund to be posted up to the day preceding 14th August 1970 and to be closed, and as soon as convenient thereafter shall cause the accounts to be audited and shall after such audit deliver the audited accounts to the Board of Management of the new fund and shall pay to the University in trust for the new fund all funds to the credit of the old fund and transfer or cause to be transferred to the University in trust as aforesaid all investments and other assets of the old fund;

(b) the accounts to be delivered to the Board of Management of the new fund under paragraph (a) shall give full particulars of all investments, moneys, assets, life assurance policies and also the amount standing to the credit of each member of the old fund including interest and pro rata shares of surpluses, if any, and particulars of the Investment Depreciation Reserve Account;

(c) upon receipt by the University of the funds aforesaid the Board of Management of the new fund shall forthwith open an individual account in respect of each member or contributor of the old fund and shall credit such account with the amount standing to the credit of the member of the old fund including interest and pro rata shares of surpluses, if any, and shall further credit to the Investment Depreciation Reserve Account of the new fund such sums as shall in the accounts delivered under paragraph (b) appear to the credit of the Investment Depreciation Reserve Account of the old fund; and

(d) every member or contributor of the old fund shall, immediately upon his account being credited in the manner prescribed by paragraph (c), forthwith become a member of the new fund and shall be bound by the Academic Staff Provident Scheme, and entitled to all rights and privileges under the Scheme as if he had become a member under clause 3 of the Scheme.