Part of a comprehensive analysis of the National University of Singapore (Corporatisation) Act 2005
All Parts in This Series
Transfer and Vesting of ASPF Scheme Property and Liabilities
Section 18(1) of the National University of Singapore (Corporatisation) Act 2005 mandates that:
"On 1 April 2006, all property, rights and liabilities of the predecessor university relating to the ASPF Scheme are transferred to and vest in the university company." — Section 18(1)
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This provision exists to ensure a seamless transition of all assets and obligations associated with the Academic Staff Provident Fund (ASPF) Scheme from the predecessor university to the newly corporatised university company. By effecting a statutory transfer and vesting, the law prevents any legal uncertainty or disputes over ownership and responsibility for the ASPF Scheme's property and liabilities. This is essential for maintaining the integrity and continuity of the scheme for its members.
Continuation of Membership in the ASPF Scheme
Section 18(2) provides for the continuation of membership status:
"Any person who, immediately before 1 April 2006, was a member or former member of the ASPF Scheme continues, on and after that date, to be a member or former member (as the case may be) of the ASPF Scheme." — Section 18(2)
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This clause safeguards the rights of individuals who were members or former members of the ASPF Scheme before corporatisation. It prevents any disruption or loss of benefits that might arise from the transfer of the scheme to the university company. The provision ensures that membership status is preserved, thereby upholding the expectations and entitlements of the scheme participants.
Obligation to Dissolve the ASPF Scheme
Section 18(3) imposes a clear timeline and duty on the university company:
"The university company must, on 28 December 2007, dissolve the ASPF Scheme in accordance with the First Schedule." — Section 18(3)
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The purpose of this provision is to provide a definitive endpoint for the ASPF Scheme under the university company’s administration. The dissolution date and process are prescribed to facilitate orderly winding up, ensuring that all assets, liabilities, and member interests are properly addressed. The First Schedule contains detailed procedures to guide this dissolution, promoting transparency and fairness.
Continuation of Certain Provisions Despite Repeal
Section 18(4) addresses the legal continuity of specific provisions:
"Despite the repeal of the National University of Singapore Act (Cap. 204, 2002 Revised Edition), until the time that the ASPF Scheme is dissolved — (a) section 15 of and the Second Schedule to the National University of Singapore Act (Cap. 204, 2002 Revised Edition) in force immediately before 1 April 2006 and Statute 18 remain in force and continue to apply to the ASPF Scheme; and (b) the Board of Trustees of the university company may amend Statute 18 for the purposes of alignment with the prevailing policy in respect of the treatment of moneys or investments under the Central Provident Fund Act 1953." — Section 18(4)
Verify Section 18 in source document →
This provision ensures that despite the repeal of the predecessor Act, critical statutory provisions governing the ASPF Scheme continue to apply until its dissolution. This legal continuity prevents any regulatory vacuum that could jeopardise the scheme’s administration. Additionally, empowering the Board of Trustees to amend Statute 18 aligns the scheme’s operations with current policies under the Central Provident Fund Act 1953, ensuring regulatory compliance and consistency.
Transfer of ASPF Scheme Property and Rights to the CPF Board
Section 18(5) provides for the final transfer of assets:
"On 28 December 2007, the property and rights of the university company relating to the ASPF Scheme are transferred to and vest in the CPF Board in accordance with the First Schedule." — Section 18(5)
Verify Section 18 in source document →
This provision facilitates the ultimate integration of the ASPF Scheme’s assets into the Central Provident Fund (CPF) system. By vesting the property and rights in the CPF Board, the law ensures that members’ provident funds are consolidated under a central statutory body with established expertise and infrastructure. This transfer enhances the security and management of members’ retirement savings.
Ministerial Power to Amend the First Schedule
Section 18(6) grants regulatory flexibility:
"The Minister may, by order in the Gazette, amend the First Schedule." — Section 18(6)
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This provision allows the Minister to make necessary adjustments to the detailed procedures and definitions in the First Schedule without requiring a full legislative amendment. Such flexibility is vital for responding to unforeseen circumstances or policy changes affecting the winding up and transfer of the ASPF Scheme. The requirement for publication in the Gazette ensures transparency and public awareness of any amendments.
Deeming of the Students’ Association Constitution
Section 19 addresses the status of the students’ association:
"On 1 April 2006, the students’ association known as the National University of Singapore Students’ Union and its constituent bodies are deemed to be constituted pursuant to the provisions of the constituent documents of the university company." — Section 19
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This deeming provision ensures that the students’ association continues to exist and operate under the new corporatised university company’s governance framework. It avoids any legal uncertainty about the association’s status post-corporatisation, thereby preserving student representation and activities without interruption.
Application of the Second Schedule to the Guild of Graduates
Section 20 extends certain provisions to graduates:
"The provisions of the Second Schedule apply to all persons whose names are on the register of the Guild of Graduates of the predecessor university." — Section 20
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This provision ensures that the rights and obligations set out in the Second Schedule are applicable to the Guild of Graduates, thereby protecting their interests and maintaining continuity in their relationship with the university company. It reflects the importance of alumni in the university’s community and governance.
Key Definitions Supporting the ASPF Scheme Provisions
Section 18(7) and the First Schedule provide comprehensive definitions critical to interpreting and implementing the ASPF Scheme provisions:
"(7) In this section and the First Schedule, unless the context otherwise requires — “ASPF Scheme” means the Academic Staff Provident Fund Scheme established by the predecessor university under Statute 18; “CPF Board” means the Central Provident Fund Board established and constituted under the Central Provident Fund Act 1953; “Statute 18” means Statute 18 (Academic Staff Provident Fund Scheme) made pursuant to the National University of Singapore Act (Cap. 204, 2002 Revised Edition), as may be amended from time to time by the Board under subsection (4)(b)." — Section 18(7)
Verify Section 18 in source document →
"1.— (1) In this Schedule, unless the context otherwise requires — “ASPF” means the Academic Staff Provident Fund; “ASPFAIS Investment” means an investment effected under Clause 19E of Statute 18; “ASPF member” means a person who is a member of the ASPF Scheme and who is in the service of the university company as at 28 December 2007; “ASPF moneys” means the moneys standing to the credit of any person under the ASPF Scheme; “assets of the ASPF” means all property, assets, rights and interests of every description relating to the ASPF Scheme which immediately before 28 December 2006 were vested in the university company or the Trustees, including, without limitation, all moneys, mortgages (legal or equitable) of immovable property and investments (including assurance policies and unit trusts); “balance of the assets of the ASPF” means the assets of the ASPF excluding — (a) the ASPF moneys, ASPFAIS Investments or Part V Assurances to be transferred or assigned to any relevant person under paragraph 5(b); (b) the ASPF moneys, ASPFAIS Investments or Part V Assurances standing to the credit of each living relevant person under the ASPF Scheme credited or to be credited to the relevant person’s CPF account under paragraph 18 or 19; (c) the ASPF moneys, ASPFAIS Investments or Part V Assurances to be retained by the university company under paragraphs 33 and 40; (d) the mortgages (whether legal or equitable), in relation to the mortgaged properties under the ASPF Scheme, to be transferred to and vested in the CPF Board under paragraph 25(1); and (e) the mortgages (whether legal or equitable), in relation to the mortgaged properties under the ASPF Scheme, to be retained by the university company under paragraphs 37 and 44, after deducting the liabilities of the ASPF Scheme and the expenses of winding up the ASPF Scheme; “Board of Management” means the board of management of the ASPF Scheme constituted under Clause 8(a) of Statute 18; “CPF” means the Central Provident Fund established under the Central Provident Fund Act 1953; “CPF account” means an account maintained under the Central Provident Fund Act 1953; “CPFIS” means the Central Provident Fund Investment Scheme established under the Central Provident Fund Act 1953; “CPF member” means a person who is a member of the CPF as defined by section 2(1) of the Central Provident Fund Act 1953; “deceased relevant person” means a relevant person who is not uncontactable and who dies before 28 December 2007; “dissolution notice” means the notice to be given by the university company to the relevant persons under paragraph 2; “expenses of winding up the ASPF Scheme” means all expenses including legal and accounting costs of winding up the ASPF Scheme and any legal costs and stamps fees incurred in connection with the transfer of the property, assets, rights and interests relating to the ASPF Scheme to the CPF Board, whether incurred before, on or after 28 December 2006; “Interest Equalisation Reserve Account” means the account established under Clause 11(ii) of Statute 18; “Investment Depreciation Reserve Account” means the account established under Clause 13(i) of Statute 18; “Investment Fund” means the Investment Fund constituted under Clause 5 of Statute 18; “living relevant person” means any relevant person who is alive immediately before 28 December 2007; “mortgaged property under the ASPF Scheme” means any immovable property with a mortgage (whether legal or equitable) in favour of the university company which secures a withdrawal of ASPF moneys to finance the purchase of the property or to finance or re-finance the payment of a housing loan taken out for the purchase of the property; “notice period” means the period from 28 December 2006 to 28 December 2007; “Part V Assurance” means a life assurance or an endowment assurance effected under Part V of Statute 18; “relevant person” means any person who, before 28 December 2007, had ASPF moneys, ASPFAIS Investments or Part V Assurances standing to that person’s credit under the ASPF Scheme or a mortgaged property under the ASPF Scheme; “Trustees” means the trustees of the ASPF Scheme; “working day” means any day other than a Saturday, Sunday or public holiday." — First Schedule, paragraph 1(1)
These definitions are critical for clarity and precision in the administration and winding up of the ASPF Scheme. They delineate the scope of assets, membership, and procedural terms, thereby reducing ambiguity and potential disputes. For example, defining "relevant person" ensures that all individuals entitled to benefits or obligations under the scheme are properly identified.
Absence of Penalties for Non-Compliance
The provided text does not specify any penalties for non-compliance with the provisions in this Part of the Act:
"No penalties are mentioned in the provided text of Part 4 MISCELLANEOUS." — Analysis
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The absence of explicit penalties suggests that compliance is primarily enforced through statutory obligations and administrative oversight rather than criminal sanctions. This approach may reflect the transitional nature of the provisions, focusing on orderly transfer and dissolution rather than punitive measures.
Cross-References to Other Legislation
The provisions in this Part extensively reference other statutes to ensure coherence and regulatory alignment:
"(4)(b) the Board of Trustees of the university company may amend Statute 18 for the purposes of alignment with the prevailing policy in respect of the treatment of moneys or investments under the Central Provident Fund Act 1953." — Section 18(4)(b)
Verify Section 18 in source document →
"“CPF Board” means the Central Provident Fund Board established and constituted under the Central Provident Fund Act 1953;" — Section 18(7)
Verify Section 18 in source document →
"“CPF” means the Central Provident Fund established under the Central Provident Fund Act 1953;" — First Schedule, paragraph 1(1)
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"“CPF account” means an account maintained under the Central Provident Fund Act 1953;" — First Schedule, paragraph 1(1)
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"“CPFIS” means the Central Provident Fund Investment Scheme established under the Central Provident Fund Act 1953;" — First Schedule, paragraph 1(1)
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"“CPF member” means a person who is a member of the CPF as defined by section 2(1) of the Central Provident Fund Act 1953;" — First Schedule, paragraph 1(1)
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"subject to the condition that he or she — (i) has sufficient money set aside for the purposes of section 15(6) of the Central Provident Fund Act 1953; or (ii) sets aside an amount of ASPF moneys to be transferred to his or her CPF account or a CPF account opened for him or her in accordance with paragraph 15 (as the case may be) for the purposes of section 15(6) of the Central Provident Fund Act 1953." — First Schedule, paragraph 5(b)(i) and (ii)
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"(4)(a) section 15 of and the Second Schedule to the National University of Singapore Act (Cap. 204, 2002 Revised Edition) in force immediately before 1 April 2006 and Statute 18 remain in force and continue to apply to the ASPF Scheme;" — Section 18(4)(a)
Verify Section 18 in source document →
These cross-references serve several purposes. First, they integrate the ASPF Scheme within the broader framework of Singapore’s social security and provident fund system, particularly the Central Provident Fund Act 1953. This ensures consistency in the treatment of funds, investments, and member accounts. Second, referencing the repealed National University of Singapore Act provisions maintains legal continuity and preserves existing rights and obligations during the transition period.
Conclusion
The provisions in Part 4 of the National University of Singapore (Corporatisation) Act 2005 relating to the ASPF Scheme are carefully crafted to ensure a smooth transition of the scheme from the predecessor university to the corporatised university company and ultimately to the CPF Board. They preserve member rights, maintain legal continuity despite legislative repeal, and provide mechanisms for orderly dissolution and asset transfer. The detailed definitions and ministerial powers provide the necessary flexibility and clarity to manage this complex process effectively. The absence of explicit penalties indicates a focus on compliance through statutory duty and administrative oversight rather than punitive enforcement.
Sections Covered in This Analysis
- Section 18(1) to (7)
- Section 19
- Section 20
- First Schedule, paragraph 1(1) and related paragraphs
Source Documents
For the authoritative text, consult SSO.