—(1) The Armed Forces Council may also make regulations for the establishment of 2 savings and employee retirement plans (referred to in this Act as the SAVER Plan and the Premium Plan, respectively) for the payment of —
any gratuity, allowance, superannuation or other like benefit to such servicemen or classes of servicemen as may be prescribed, or to their legal personal representatives or dependants, on the death or the retirement or resignation from the Singapore Armed Forces of such servicemen;
any pension, allowance, gratuity, compensation or other benefit in respect of the death of or injuries received by any such serviceman in and which are attributable to service;
any subsidy, rebate or other benefit in respect of medical services rendered to such servicemen;
any allowance, subsidy or other benefit to such former servicemen after their retirement from the Singapore Armed Forces; and
any loan or other benefit to such servicemen or classes of servicemen as may be prescribed.
(2) The following provisions shall apply to the SAVER Plan and the Premium Plan established under this section:
no payments, allowance or other benefit payable under the SAVER Plan or the Premium Plan (whether on death, retirement or resignation of a serviceman or otherwise), and no contribution by the Government made under the SAVER Plan or the Premium Plan and no interest thereon shall be assignable or transferable, or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim, other than —
a debt due to the Government; or
an order of court for the payment of periodical sums of money towards the maintenance of the wife or former wife or minor child (whether legitimate or not) of the serviceman to whom the payment, allowance or other benefit has been granted;
no contribution by the Government made under the SAVER Plan or the Premium Plan and no interest thereon shall be subject to the debts of a serviceman, nor shall such contributions and interest pass to the Official Assignee on the bankruptcy of the serviceman, but if the serviceman is adjudicated a bankrupt or is declared insolvent by a court of law, such contribution and interest shall be deemed excluded from the property of the bankrupt for the purposes of the Bankruptcy Act (Cap. 20); and
subject to the provisions of any regulations made under this section, all moneys paid or payable under the SAVER Plan or the Premium Plan on the death of a serviceman shall be deemed to be subject to a trust in favour of the persons entitled thereto under the will or intestacy of such deceased serviceman and shall not be deemed to form part of his estate or be subject to the payment of his debts but shall be deemed to be property passing on his death for the purposes of the Estate Duty Act (Cap. 96).
(3) The Armed Forces Council shall, in making any regulations under this section, provide —
for officers who, immediately prior to 1st January 1998, are eligible for any pension, gratuity or other allowance under any regulations made under section 205 to opt to join the SAVER Plan and for the terms and conditions of such an option;
for soldiers who, immediately prior to 1st January 2000, are eligible for any pension, gratuity or other allowance under any regulations made under section 205 to opt to join the Premium Plan and for the terms and conditions of such an option; and
that any such officer who opts to join the SAVER Plan or any such soldier who opts to join the Premium Plan, shall remain eligible to benefits not less in value than the amount of any pension, gratuity or other allowance for which he would have been granted under the regulations made under section 205 if he retired or ceased contract service on medical grounds not due to causes within his control on the date immediately prior to his joining the SAVER Plan or the Premium Plan, as the case may be.
(4) Any option exercised by any officer before 1st April 1998 to join or not to join the SAVER Plan and any option exercised by any soldier before 31st March 2000 to join or not to join the Premium Plan, shall be deemed to be exercised in accordance with the regulations made under subsection (3).