Parliamentary Pensions (Commuted Pension Gratuity) Regulations

Parliamentary Pensions Act

(Chapter 219, Sections 2 and 17)

Parliamentary Pensions (Commuted Pension Gratuity) Regulations

Rg 2

G.N. No. S 219/1995

REVISED EDITION 1996

(15th May 1996)

[1st January 1995]

Citation

1.  These Regulations may be cited as the Parliamentary Pensions (Commuted Pension Gratuity) Regulations.

Commutation factor

2.  For the purposes of the Act, the prescribed commutation factor shall be 175.14.

Discount rate

3.  For the purposes of the Act, the prescribed discount rate shall be 5%.

Payment of commuted pension gratuity

4.—(1)  Where a person has opted in accordance with section 7 of the Act to receive a commuted pension gratuity without any pension, the commuted pension gratuity shall be payable as follows:

(a) where the person is in receipt of a pension under the Act, the entire commuted pension gratuity shall be paid to the person; or

(b) in any other case, part of the commuted pension gratuity, being a sum equal to the difference between —

(i) the total amount paid by the Government to the Central Provident Fund on account of the person with respect to his period of reckonable service as a Member and as a holder of any office; and

(ii) the total amount payable by the Government to the Central Provident Fund on account of that person with respect to the same period of reckonable service if he had been a future Member,

together with the interest thereon, shall be paid to the person’s account in the Central Provident Fund, and the balance of the commuted pension gratuity shall be paid to the person, except that where the commuted pension gratuity is less than the sum difference referred to in this sub-paragraph, the entire commuted pension gratuity shall be paid to the person’s account in the Central Provident Fund.

(2)  For the purposes of paragraph (1)(b), the reference to the total amount paid or payable by the Government to the Central Provident Fund in respect of any person shall not include reference to any amount thereof which is recoverable from the person’s salary pursuant to the Central Provident Fund Act [Cap. 36] or any regulations made thereunder.