Parliament passes bill to abolish pension scheme for office holders, MPs and President

Parliament passed a bill today to abolish the Parliamentary Pensions Act. 

This comes after a review of ministerial salaries which recommended that the pension scheme be scrapped for office holders and MPs. 

The changes will bring their remuneration in line with the practice of the Central Provident Fund - the basic retirement scheme for Singaporeans. 

Office-holders appointed on and after the 21st of May 2011, when the new government took office, will not receive any pension. 

Those appointed before that date will have their pensions frozen and be eligible only for pension accrued up to the 20th of May 2011. 

The change affects all office holders, from parliamentary secretaries all the way to the Prime Minister.