—(1) It shall be lawful for the President to make regulations for the granting of pensions, gratuities and other allowances to persons who have been in the public service in Singapore or to their legal personal representatives or dependants:
Provided that until varied or revoked by any such regulations, the regulations contained in the First Schedule shall be in force.
(2) The President may, in making regulations under this section, provide for any officer or class of officers holding pensionable offices to opt for the provident fund scheme applicable to non-pensionable employees of the Government under the Central Provident Fund Act [Cap. 36] and for the terms and conditions of such option.
(3) Any pension or gratuity granted under this Act shall be computed in accordance with the provisions in force at the actual date of an officer’s retirement.
(4) All such regulations shall be published in the Gazette and shall come into operation on such date as the President may prescribe:
Provided that where the President is satisfied that it is equitable that any regulation made under this Act should have retrospective effect in order to confer a benefit upon, or remove a disability attaching to, any person, that regulation may be given retrospective effect to any date, whether before or after the commencement of this Act, for that purpose.
(5) All such regulations and any regulation varying or revoking the same shall have the same force and effect for all purposes as if they were contained in this Act and the expression “this Act” shall in the following sections be read and construed accordingly.
(6) The regulations made under this section may provide that where a person has rendered full-time national service pursuant to section 10 of the Enlistment Act [Cap. 93], or pursuant to the provisions of any written law repealed by that Act (whether such service was rendered before or after that person became the holder of a pensionable office) the period of his entire full-time national service may be treated, to such extent and on such conditions as may be specified in the regulations, as pensionable service and that that service shall be deemed to be public service and that person shall be deemed to have been or to have continued to be, as the case may be, an officer in the public service for the period of that full-time national service for the purposes of this Act.