Yahoo!
Newsroom – Mon, Sep 10, 2012
http://sg.news.yahoo.com/bill-to-remove-pensions-for-office-holders--mps-passes-20120910.html
Parliament on
Monday passed a bill that removes pensions for government
office-holders and Members of Parliament (MPs), putting into effect
the recommendations on ministerial salaries which were endorsed in
January.
New office-holders appointed on or after 21 May last year, when the
new government took office, as well as office-holders who had
served less than eight years by that date, will not receive
pensions.
Eligible office-holders with eight years or more of service before
the same date, and current MPs who were elected before 1 January
1995, have had their pensions frozen since 21 May last
year.
They will only be eligible for pensions accrued up to 20 May of
that year.
Since May 21 last year, no serving office holder has begun
receiving pensions upon turning 55.
These changes also mean that the Central Provident
Fund system,
which is the basic retirement scheme for Singaporeans, will now be
adopted instead.
The House also passed amendments to the Civil List and Pension Act
to remove the Parliament’s power to grant pension to a former
president. To date, no president has ever been granted a pension by
the state.