On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 18/04/2013.
PART IIIB
LIFELONG INCOME SCHEME
27J. In this Part —
“annuity plan” means an annuity plan under the Scheme, pursuant to which the Board will pay a relevant member his monthly income under section 27K(6);
“premium” means a premium under section 27L(1) or (1A) for an annuity plan;
“relevant age” means the age at which a relevant member becomes entitled to receive a monthly income under section 27K(6);
“relevant member” means a member of the Fund to whom the Scheme applies;
“relevant regulations” means any regulations made under section 27Q;
“Scheme” means the Lifelong Income Scheme established and maintained by the Board under section 27K.
27K.
—(1) The Board is hereby authorised to establish and maintain a Lifelong Income Scheme for the purpose of providing, to every relevant member who has an annuity plan that is in force and who has attained the relevant age applicable to him, a monthly income for the remainder of his life.
(2) Subject to subsections (3), (4) and (5) and the relevant regulations, the Scheme shall apply to every member who —
(a)
attains, on or after 1st January 2013, such age as may be prescribed in the relevant regulations; and
(b)
on attaining the age referred to in paragraph (a) or at such time as may be prescribed in the relevant regulations, satisfies all of the following requirements:
(i)
he is a citizen or permanent resident of Singapore;
(ii)
he is required to comply with section 15(6)(a);
(iii)
the amount standing to his credit in his retirement account is not less than such amount as may be prescribed in the relevant regulations for the purposes of this sub-paragraph.
(2A) For the purposes of subsection (2)(b), different times and amounts may be prescribed for different classes of members.
(3) The Board may, on the application of a member who is a citizen or permanent resident of Singapore at the time the Board considers the application, but does not satisfy one or more of the requirements under subsection (2), permit him to join the Scheme —
(a)
on or after the date he attains the age referred to in subsection (2)(a); and
(b)
subject to such terms and conditions as the Board may impose.
(4) The Scheme shall not apply to any member whom, or any class of members which, the Minister may prescribe under the relevant regulations.
(5) The Scheme shall not apply, or shall cease to apply, to a member if —
(a)
the Board, on the application of the member, so approves; and
(b)
the member complies with such terms and conditions for the Board’s approval as the Board may impose.
(6) Subject to subsection (7), sections 27N and 27P and the relevant regulations, where a relevant member has paid a premium and an annuity plan has been issued to him, then for so long as the annuity plan remains in force and he is alive, the Board shall pay to him, after he has attained the relevant age applicable to him, such monthly income as the Minister may determine.
(7) The Board shall not be required to pay a relevant member an amount due to him under subsection (6) if, at the time the amount is due, he fails to satisfy the Board, in accordance with the relevant regulations, that he is alive.
(8) Subject to sections 27N and 27P, no monthly income paid to a relevant member under subsection (6) shall —
(a)
be liable to be attached, sequestered or levied upon for or in respect of any debt or claim;
(b)
be subject to any set-off of any nature for any debt owing by the relevant member; or
(c)
pass to the Official Assignee on the bankruptcy of the relevant member.
27L.
—(1) Every relevant member shall pay a premium of such amount as the Minister may determine, and the Minister may determine different premiums for different classes of relevant members.
(1A) Where a relevant member has been issued an annuity plan before such time as may be prescribed in the relevant regulations, he shall, if required by the Board, pay one or more additional premiums, each within such time as the Board may determine and of such amount as the Minister may determine, and the Minister may determine different additional premiums for different classes of relevant members.
(2) Notwithstanding anything in this Act, the Board shall be entitled to deduct the whole or any part of the premium payable by a relevant member from the amount standing to his credit in his retirement account.
(3) Where any deduction has been made by the Board under subsection (2), the Board shall as soon as practicable give to the relevant member a notice in writing to that effect.
(4) The Board may permit a relevant member to pay the whole or any part of the premium in such other manner and within such time as the Board may determine.
(5) Subject to subsection (7) and sections 27N and 27P, where the Board is liable to refund the whole or any part of the premium paid by a relevant member, the Board may pay the amount to be refunded —
(a)
into his account in the Fund; or
(b)
in such other manner as the Board may determine.
(6) Subject to subsection (7) and sections 27N and 27P, no amount refunded under subsection (5)(a) shall —
(a)
be liable to be attached, sequestered or levied upon for or in respect of any debt or claim;
(b)
be subject to any set-off of any nature for any debt owing by the relevant member; or
(c)
pass to the Official Assignee on the bankruptcy of the relevant member.
(7) The Board shall be entitled to recover on behalf of the Government any cash grant made by the Government to a relevant member for the payment of the premium, together with any interest which he is liable to pay the Government under the terms of the cash grant, from any amount which the Board is liable to refund under subsection (5).
(8) Where a relevant member who has paid in cash any sum towards the premium dies before an annuity plan has been issued to him, and the sum does not exceed such amount as the Minister may, by notification in the Gazette, specify —
(a)
the Board may pay to a proper claimant the whole or any part, as the Board may determine, of the sum; and
(b)
the receipt of the proper claimant shall be a discharge to the Board for the payment to the proper claimant under paragraph (a).
(9) Subsection (8) shall not affect any recourse which any person may have against a proper claimant for an amount paid to the proper claimant under subsection (8)(a).
(10) In this section —
“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;
“parent” includes an adoptive parent;
“proper claimant” means a person who —
(a)
claims to be entitled to a sum referred to in subsection (8) on the death of a relevant member as executor of the deceased relevant member; or
(b)
claims to be entitled to a sum referred to in subsection (8) on the death of a relevant member (whether for his own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased relevant member.
Minister may delegate functions and powers under sections 27K(6) and 27L(1) and (1A)
27M. The Minister may in writing delegate to the Board, or to any person or group of persons appointed by the Minister, all or any of his functions and powers under sections 27K(6) and 27L(1) and (1A).
27N.
—(1) The Board shall establish and maintain a fund to be known as the Lifelong Income Fund, into which shall be paid all premiums collected under section 27L, and out of which shall be met all payments to be made by the Board under this Part (including any costs and expenses incurred by the Board in establishing and maintaining the Scheme).
(2) The Lifelong Income Fund shall be controlled and administered by the Board.
(3) The moneys in the Lifelong Income Fund may be invested by the Board in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).
(4) Where a member is not entitled to any amount paid to him, or into his account in the Fund, under or purportedly under section 27K(6) or 27L(5), the Board may recover that amount —
(a)
from any money standing to his credit in the Fund; or
(b)
on his death, notwithstanding section 24(3A), from —
(i)
his estate;
(ii)
the moneys payable out of the Fund on his death; or
(iii)
any person to whom any moneys referred to in sub-paragraph (ii) have been paid.
(5) Subsection (4) is without prejudice to any other right of action which the Board may have under any written law or rule of law.
(6) Any money recovered by the Board under subsection (4) shall be refunded to the Lifelong Income Fund.
(7) Notwithstanding anything in this Part or the relevant regulations, the Board shall not make any payment under this Part unless the Lifelong Income Fund is solvent.
27O. The Insurance Act (Cap. 142) shall not apply to the Scheme or to anything done by the Board under this Part.
27P.
—(1) Subject to section 27N and subsection (2), where, under an order of court, the spouse of a relevant member has been awarded any amount to be paid to the relevant member under section 27K(6) or 27L(5), the Board shall pay the amount to the spouse, such payment to take place —
(a)
after the relevant member has become entitled to the amount; and
(b)
upon an application by the spouse for the payment of the amount.
(2) Subject to section 27N, where the amount to be paid to the relevant member under section 27K(6) or 27L(5) is less than the amount awarded under the order of court, the Board shall pay the first-mentioned amount instead of the amount awarded under the order of court.
(3) A payment of money by the Board under subsection (1) or (2) —
(a)
shall be a good and valid discharge of the Board’s obligations under the order of court; but
(b)
shall not affect any recourse which the spouse may have against the relevant member for the balance of the amount awarded under the order of court.
(4) Where an order of court requires the Board to do anything —
(a)
the Board shall not be liable to give effect to that requirement unless the order of court has been served on the Board in such manner as may be prescribed by the relevant regulations; and
(b)
the Board shall not be liable for any act or omission of the Board contrary to that requirement which was committed on or before the date of such service.
(5) Where an order of court requires the Board to do anything in contravention of this Act, the Board shall not be liable to give effect to that requirement.
(6) In this section, “order of court” and “spouse” have the same meanings as in section 27A.
27Q.
—(1) The Minister may make such regulations as are necessary or expedient for the purpose of carrying out the provisions of this Part and section 6(4B)(a)(ii).
(2) Without prejudice to the generality of subsection (1), such regulations may —
(a)
provide for different classes of relevant members;
(b)
provide for the manner of, and time for, payment of the premium by each class of relevant members;
(c)
provide for the manner by which a relevant member may designate his relevant age;
(d)
provide for the different types of annuity plans which a relevant member may apply for under the Scheme;
(da)
provide for the cancellation or termination of annuity plans, and for the manner in which a relevant member may apply to terminate an annuity plan issued to him;
(db)
provide for the circumstances in which the Board is liable to refund the whole or any part of the premium paid by a relevant member;
(e)
provide for the manner by which the Board will pay a relevant member his monthly income under section 27K(6) or any amount to be refunded to him;
(ea)
without prejudice to the generality of paragraph (e), provide for the Board to pay a relevant member’s monthly income under section 27K(6), or any amount to be refunded to a relevant member, into the relevant member’s account in the Fund, and for the circumstances in which payment will be made to a relevant member in this manner;
(f)
provide for the manner by which a relevant member is to satisfy the Board that he is alive;
(g)
provide for the withdrawal of any amount paid into a relevant member’s account in the Fund under section 27L(5)(a);
(h)
without prejudice to section 27L(8) and the generality of paragraph (db), provide for the refund of the whole or any part of the premium on the death of a relevant member, and for the circumstances in which no such refund will be made;
(i)
empower the Board to impose terms and conditions for the purposes of the Scheme;
(j)
prescribe the evidence to be produced, and the person, officer or authority to whom that evidence is to be produced, for the purposes of this Part;
(k)
provide for the information, evidence and documents that the Board may require a relevant member to furnish for the purposes of this Part;
(l)
provide for the manner in which, and the processes (apart from those referred to in section 27N) by which, any amount received by a member (being an amount to which he is not entitled), or any part thereof, is to be recovered, including recovery from —
(i)
any money standing to his credit in the Fund; or
(ii)
any monthly income under section 27K(6) which he may be entitled to receive subsequently;
(m)
provide for the purposes of section 27P and, in particular, prescribe the procedure and requirements for and manner of effecting, and any other matter relating to, the payment of money under that section; and
(n)
prescribe anything which under this Part or section 6(4B)(a)(ii) may be prescribed by the Minister.