so mps got pension or not. if got, better start training your kids to be future mp.
Future and Nominated Members’ eligibility for pension.
2A. —(1) Unless otherwise expressly provided, a future Member shall not be eligible for any pension or gratuity under the provisions of this Act in respect of his reckonable service as a future Member, including any period which may be counted as such service by virtue of section 6.
(2) For the avoidance of doubt —
(a) a future Member who holds any office shall remain eligible for a pension under the provisions of this Act in respect of his reckonable service in that office; and
(b) a person who, on the date immediately before he becomes a future Member, has the minimum period of reckonable service as a Member to be eligible for a pension under section 3 (including any period of reckonable service which may be counted by virtue of section 6), shall remain eligible for a pension under the provisions of this Act in respect of his reckonable service as a Member as of that date.
(3) Any person who on 1st January 1995 is a nominated Member shall not be eligible for a pension under the provisions of this Act in respect of his service as a Member on or after that date.
What defines Future and Nominated Members ?
"future Member" means a person —
(a) who becomes, by election or appointment, a Member at any time after 1st January 1995 without previously having been, before or after that date, a Member or an office-holding Member;
(b) who, having been a Member before 1st January 1995 but not being a Member on that date, becomes, by election or appointment, a Member at any time after that date; or
(c) who, being an elected Member on 1st January 1995, becomes —
(i) a non-constituency Member or nominated Member at any time after 1st January 1995 with or without a break in his service as a Member; or
(ii) an elected Member at any time after 1st January 1995 with a break in his service as a Member after that date,
and for the purposes of paragraph (c), a Member’s service shall be deemed not broken but continuous if, following the dissolution of Parliament or his seat therein becoming vacant under the provisions of the Constitution, he is elected as a Member at the ensuing general election or the ensuing by-election to fill that vacancy;
Pensions in respect of service as Members.
3. —(1) Subject to the provisions of this Act, a person who, after 1st September 1978, ceases at any time to be a Member may be granted a pension under this section if he has not less than 9 years’ reckonable service as a Member (whether continuously or not) and has attained the age of 50 years.
(2) The annual amount of pension payable to a Member shall be —
(a) in respect of every completed year of reckonable service, at the rate of one-thirtieth (1/30) of his annual salary; and
(b) in respect of any remaining uncompleted year of reckonable service, at the rate of one-three-hundred and sixtieth (1/360) part of his annual salary for each completed month of reckonable service.
(2A) The annual pension payable to any Member under subsection (2) shall not exceed two-thirds of his annual salary.
(3) Subject to sections 13 and 15, a pension under this section shall continue for the life of the person to whom it is payable but shall not be payable in respect of any period during which he is again a Member or is a candidate for election to Parliament; at the end of that period the pension shall again be payable and shall be re-computed under subsection (2) with the addition of any further period of reckonable service to the period of his former reckonable service as a Member.
(4) For the purposes of subsections (2) and (2A), “annual salary” means the annual equivalent of the highest monthly rate of salary (excluding any non-pensionable allowances) received by a Member during any period of his service as a Member.
(5) For the purposes of subsection (3), a person who ceases to be a Member in consequence of the dissolution of Parliament shall be treated as a candidate for election from the date of the dissolution if he seeks re-election at the next general election.
Pensions in respect of service as Prime Minister, Deputy Prime Minister, Speaker, Ministers and other office-holders.
4. —(1) Subject to the provisions of this Act, a person may be granted a pension under this section, in addition to any pension that may be granted to him under section 3, in respect of his reckonable service in any office if, after 1st September 1978, he ceases at any time to hold office and has —
(a) not less than 8 years’ reckonable service as an office-holding Member (whether continuously or not); and
(b) attained the age of 50 years.
(2) The annual amount of pension payable to an office-holding Member shall be —
(a) in respect of every completed year of reckonable service in any office, or where he has served in more than one office in each office, at the rate of one-twenty-seventh (1/27) of his annual salary in that office; and
(b) in respect of any remaining uncompleted year of reckonable service in any office, or where he has served in more than one office in each office, at the rate of one-three-hundred and twenty-fourth (1/324) part of his annual salary for each completed month of reckonable service in that office.
(2A) The annual pension payable to any office-holding Member under subsection (2) shall not exceed two-thirds of the highest annual salary of any office held by him.
(3) Subject to sections 13 and 15, a pension granted under this section shall continue for the life of the person to whom it is payable but shall not be payable in respect of any period during which he is again an office-holding Member; at the end of that period the pension shall again be payable and shall be re-computed with the addition of that period to the period of his former reckonable service as an office-holding Member.
(4) For the purposes of subsections (2) and (2A), “annual salary”, in relation to any office, means the annual equivalent of the highest monthly rate of salary (excluding any non-pensionable allowances) received by an office-holding Member during any period of reckonable service as a holder of that office.
(5) Where the monthly rate of salary applicable to any office previously held by an office-holding Member is increased during any continuous period of reckonable service while he is an office-holding Member but holding another office, he shall be deemed to have received such increased rate during his period of reckonable service as a holder of that office.
Pensions for serving office-holders after attaining 55 years of age.
5. —(1) Where an office-holding Member has —
(a) not less than 8 years’ reckonable service as an office-holding Member (whether continuously or not);
(b) attained the age of 55 years; and
(c) not previously been granted a pension under section 4,
he may be granted a pension under that section notwithstanding the fact that he has not ceased to hold office.
(2) Subject to sections 13 and 15, a pension granted under section 4 to an office-holding Member by virtue of this section shall continue for the life of the person to whom it is payable and shall, when he ceases to hold office, be re-computed under subsection (2) of that section with the addition of his further period of reckonable service as an office-holding Member to the period of reckonable service which has been used in computing his pension.
(3) Where a person has been granted a pension under section 4 after ceasing to hold office and —
(a) becomes an office-holding Member again after having attained the age of 55 years; or
(b) becomes an office-holding Member again before attaining the age of 55 years, on his attaining that age,
the pension shall, notwithstanding subsection (3) of that section, continue to be payable to him and shall, at the end of his further period as an office-holding Member, be re-computed with the addition of that further period to the period of his former reckonable service as an office-holding Member.
18/82.
Service in office, if less than 8 years, to be counted as additional service for Member’s pension.
6. —(1) This section shall apply to a Member (other than a future Member) who has served as an office-holding Member for any period which is less than the minimum period of reckonable service specified in section 4 to be eligible for a pension under that section.
(2) The period of service of a Member to whom this section applies shall, for the purposes of determining his eligibility and of computing the amount of the pension payable to him under section 3 (1) and (2), be deemed to be increased by such period as may be determined in accordance with the following provisions:
(a) for every year of reckonable service as Prime Minister, Deputy Prime Minister, Speaker, Senior Minister or Minister there shall be added to his period of service one and one-half years (1½) of reckonable service as a Member;
(b) for every year of reckonable service as Senior Minister of State or Minister of State there shall be added to his period of service one year of reckonable service as a Member;
(c) for every year of reckonable service as a Mayor, Senior Parliamentary Secretary, Parliamentary Secretary or Political Secretary there shall be added to his period of service two-thirds (⅔) of a year of reckonable service as a Member;
(d) for any fraction of a year of reckonable service in any office there shall be added to his period of service a proportionate part of the appropriate period of reckonable service as a Member.
13/95.
Commutation of pensions.
7. —(1) Subject to the provisions of this Act, a person to whom a pension is granted under this Act may, at his option exercisable in accordance with this section, be paid —
(a) in the case of a future Member who becomes an office-holding Member —
(i) a full pension under section 4 without any gratuity; or
(ii) a commuted pension gratuity without any pension,
in respect of his reckonable service as a holder of any office;
(b) in the case of a future Member who remains eligible for a pension under section 2A (2) (b), or a Member (including an office-holding Member) who is not a future Member —
(i) a full pension under section 3 or 4 without any gratuity;
(ii) a reduced pension at the rate of two-thirds (⅔) of the full pension together with a gratuity equal to twelve and one-half (12 ½) times the annual value of one-third (⅓) of the full pension; or
(iii) a commuted pension gratuity without any pension,
in respect of his reckonable service as a Member (other than as a future Member) or as a holder of any office, as the case may be; or
(c) in the case of a person who has been granted a pension under section 4 after ceasing to hold office and who becomes an office-holding Member again —
(i) a full pension under section 4 without any gratuity; or
(ii) a commuted pension gratuity without any pension,
in respect of his further service as an office-holding Member.
(2) The option referred to in subsection (1) shall be exercisable —
(a) separately in respect of reckonable service as a Member and as a holder of any office; and
(b) not later than 30 days after the date when the person becomes eligible for the grant of a pension under this Act, except that if the person has not exercised an option within such time, the President may, if it appears in the circumstances equitable to do so, allow the person to exercise the option at any time prior to the date of payment of a pension or gratuity to him,
13/95.
(2A) Where a person fails to exercise the option in accordance with this section, he shall be deemed to have opted to receive a commuted pension gratuity without any pension in respect of his reckonable service as a Member or as a holder of an office or both, as the case may be.
(3) Such option, once exercised by a person in respect of his reckonable service as a Member or as a holder of any office, as the case may be, shall not be revoked so far as concerns any pension or gratuity so granted to him under this Act in respect of such period of service prior to the exercise of the option.
13/95.
(4) Subject to this section, the commuted pension gratuity referred to in subsection (1) shall be a capital sum ascertained by multiplying the prescribed commutation factor by the amount of such pension that the person concerned is eligible for under this Act.
13/95.
(5) Where any pension granted to a person under this Act is required to be re-computed by adding his further service as a Member or as a holder of any office to any period of reckonable service previously used in computing his pension, the commuted pension gratuity shall be reduced by such amount of pension or gratuity already received by him in respect of the period of reckonable service previously used in computing his pension.
13/95.
(6) Any commuted pension gratuity to be granted to a person shall be computed in accordance with the provisions of this Act in force at the date when the person becomes eligible for the grant of a pension under this Act, and shall be paid in the prescribed manner.
13/95.
(7) This section shall not apply to any person who before 1st January 1995 has been granted and paid a pension or gratuity under the provisions of this Act as in force before that date.
13/95.
(8) Where the person is, on 1st January 1995, an office-holding Member who —
(a) has already been granted a pension in respect of any period of his reckonable service in an office; and
(b) on his ceasing to hold office, will be eligible to have his pension re-computed with the addition of his further period of reckonable service as an office-holding Member,
this section shall remain applicable to such person but only in respect of that further period of reckonable service as an office-holding Member.
13/95.
The above is taken from
http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_retrieve.pl?actno=REVED-219&doctitle=PARLIAMENTARY%20PENSIONS%20ACT%0A&date=latest&method=part&sl=1
