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Benefits
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Contributions made to the Fund
   

Who makes the contributions to the Fund for me?
Both you and your employer, the Government, make contributions into the Fund.

 

How much are the contributions?

  • You personally contribute 5% of your salary into the Fund.

  • Your employer, the Government, also contributes into the fund for you:

  • From July 1999 to 30 June 2004, it will contribute 5% of your salary;

  • From 1 July 2004 to 30 June 2009, it will contribute 7.5% of your salary; and

  • From 1 July 2009 onwards, it will contribute 10% of your salary.

  • You can also make additional voluntary contributions into the Fund whenever you like, for as much as you like. These additional voluntary contributions are a convenient way of saving, so that when you retire you can have a greater lump sum for you and your family to enjoy. If you are interested in making additional voluntary contributions into the Fund, please contact the Retirement Fund Board.

 

How are the contributions paid into the Fund?

  • Your own contributions (of 5% of your salary) are automatically deducted from your salary by Ministry of Finance and paid into the Fund half monthly at pay days. These contributions are credited to your accounts.

  • Your employer, the Government, also pays contributions into the Fund half monthly at pay days. These contributions are also credited to your accounts.

  • If you choose to make any additional voluntary contributions into the Fund, you can have these deducted from your salary, or you can pay them directly into the Fund by cheque or cash. The choice is yours.

 

How many accounts do I have in the Fund?

There are five accounts set up in the Fund for you:

Type of Account

Purpose of the Account

1. Member Basic Account

You have to contribute 5% of your salary towards the Fund. These contributions are automatically paid into your Member Basic Account.

2. Member Voluntary Account

If you want to contribute more than the compulsory 5%, you can. These contributions are known as additional voluntary contributions and are paid into your Member Voluntary Account.

3. Employer Account

Your employer, the Government also contributes into the Fund for you. This is an extra amount currently equal to 5% of your salary and will gradually increase to 10% by 1 July 2009. These contributions are paid into your Employer Account. Please note, however, that you are only entitled to the amount in your Employer Account if you have completed three continuous years in the Civil Service.*

4. Transfer Cashable Account

You may decide to transfer money from another fund into the Retirement Fund. If the amount you transfer is able to be taken as cash (i.e. it is not required to be preserved but you choose not to, it will be placed in your Transfer Cashable Account.

5. Transfer Preserved Account

You may decide to transfer money from another fund into the Retirement Fund. If the amount you transfer cannot be taken as cash (i.e. it must be preserved), it will be placed in your Transfer Preserved Account.

*Service includes any continuous service prior to 1 July 1999 while being a civil servant and a member of the Pensions Act Scheme.

 

Can I borrow money from my accounts?
No, because the purpose of the Fund is to provide you with a lump sum when you reach your preservation age, or on death, disablement, medical grounds or hardship. Therefore, you cannot borrow money from your accounts, or use the money as security in any financial arrangement.

 

What happens to my contributions if I leave the Civil Service?
If you leave the civil Service, both you and your employer, the Government, stop making contributions into the Fund.

If you transferred any money into your Transfer Cashable Account (which is not required to be preserved until your retirement) you may take this as cash.

If you have made any voluntary contributions into your Member Voluntary Account, you may also take these in cash.

All other contributions are “preserved”, which means that they must remain in the fund until you reach your preservation age, become disabled, or die (whichever happens first). The contributions will then be paid out, together with interest up until the date of payment.

Please note, if you have been a Civil Servant for less than three years when you leave the civil Service, you are not entitled to receive any of your employer’s (i.e. the Government’s) contributions that are maintained in your Employer Account.

 

What happens to my contributions if I go on unpaid leave?
While you are on unpaid leave neither you nor your employer, the Government, will pay contributions into the Fund.

 

When do contributions end?
All Government contributions cease when you leave service.

Member basic contributions also cease when you leave service, although you may elect to make member voluntary contributions after that date.

 

How can I keep track of the contributions deducted from my salary?
Twice each year the Retirement Fund Board will send you a personal Member Benefits Advice. It shows you:

  • The Contributions deducted from your salary;

  • How much your employer, the Government, has contributed;

  • Which accounts have been credited with contributions;

  • How much interest your accounts have earned; and

  • Fees that have been deducted

 
 
 
   
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