Parliamentary Pensions (Conversion to the Central Provident Fund Scheme) Regulations

Parliamentary Pensions Act

(Chapter 219, Section 17)

Parliamentary Pensions (Conversion to
the Central Provident Fund Scheme) Regulations

Rg 3

G.N. No. S 220/1995

REVISED EDITION 1996

(15th May 1996)

[1st January 1995]

Citation

1.   These Regulations may be cited as the Parliamentary Pensions (Conversion to the Central Provident Fund Scheme) Regulations.

Application

2.   These Regulations shall apply to all persons who on 1st January 1995 are elected Members.

Option

3. —(1)   A Member to whom these Regulations apply may be given, in respect of his reckonable service as a Member on or after 1st January 1995, an option to convert to the provident fund scheme applicable to non-pensionable employees of the Government under the Central Provident Fund Act [Cap. 36].

(2)   The option once exercised by the person shall be irrevocable in respect of the person’s reckonable service as a Member on or after 1st January 1995.

Preserved pension

4. —(1)   Every Member exercising an option pursuant to regulation 3 and who has not less than 9 years’ reckonable service as a Member (whether continuously or not) on 1st January 1995 (including any period which may be counted as such service by virtue of section 6 of the Act) may, if he ceases to be a Member and attains the age of 50 years, be granted a pension, the annual amount of which shall be —

(a) in respect of every completed year of reckonable service, at the rate of one-thirtieth (1/30) of his annual salary; and

(b) in respect of any remaining uncompleted year of reckonable service, at the rate of one-three hundred and sixtieth (1/360) part of his annual salary for each completed month of reckonable service,

except that the annual pension payable shall in no case exceed two-thirds (⅔) of his annual salary.

(2)   If any Member referred to in paragraph (1) dies after ceasing to be a Member but before attaining the age of 50 years, there may be paid to such of his dependants as the President may think fit or, if there are no dependants, to his legal personal representatives a gratuity as follows:

(a) the commuted pension gratuity that might have been granted to the person under these Regulations on his attaining the age of 50 years had he not died, from which gratuity there shall be a discount at the prescribed discount rate in respect of each year or part thereof falling between the date he would have attained the age of 50 years had he not died and the date of his death (both dates inclusive); or

(b) an amount equal to his annual salary,

whichever is the greater.

(3)   If the President is satisfied that any Member referred to in paragraph (1) is, after having ceased to be a Member, physically or mentally incapacitated so as to be unable to continue in any employment before he has attained the age of 50 years, he may, at his option, be granted either of the following with effect from the date he so satisfies the President that he is so physically or mentally incapacitated, notwithstanding the fact that he has not attained the age of 50 years:

(a) a full pension under paragraph 4(1) without any gratuity; or

(b) the commuted pension gratuity that might have been granted to the person under these Regulations on his attaining the age of 50 years.

(4)   In this regulation, “annual salary” means the annual equivalent of the highest monthly rate of salary (excluding any non-pensionable allowances) received by a Member during any period of his service as a Member prior to 1st January 1995.

Members with insufficient period of reckonable service

5.   Every Member exercising an option pursuant to regulation 3 and who has less than 9 years’ reckonable service as a Member (whether continuously or not) on 1st January 1995 (including any period which may be counted as such service by virtue of section 6 of the Act) shall not be eligible under the Act or these Regulations for any pension in respect of his reckonable service as a Member prior to 1st January 1995.

Commuted pension gratuity or reduced pension plus gratuity

6. —(1)   Subject to these Regulations, a Member to whom a pension is granted under these Regulations may, at his option exercisable in accordance with this regulation, be paid —

(a) the full pension without any gratuity;

(b) a reduced pension at the rate of two-thirds (⅔) of the full pension together with a gratuity equal to twelve and one half (12½) times the annual value of one-third (⅓) of the full pension; or

(c) a commuted pension gratuity without any pension.

(2)   The option referred to in paragraph (1) shall be exercisable not later than 30 days after the person becomes eligible for a pension under regulation 4(1), except that if the person has not exercised an option within such time, the President may, if it appears in the circumstances equitable to do so, allow the person to exercise the option at any time prior to the date of payment of a pension or gratuity to him.

(3)   Where a person fails to exercise the option in accordance with this regulation, he shall be deemed to have opted to receive a commuted pension gratuity without any pension as referred to in paragraph (1).

(4)   Such option, once exercised by a person in respect of his reckonable service as a Member shall not be revoked so far as concerns any pension or gratuity so granted to him under these Regulations in respect of such service.

(5)   Subject to this regulation, the commuted pension gratuity referred to in paragraph (1) shall be a capital sum ascertained by multiplying the commutation factor of 175.14 by the amount of such pension that the person concerned is eligible for under these Regulations.