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bruneilawsby aturio
In force2011 Revised Edition
Contents

5. Objectives and purposes of Sustainability Fund and Trust Sub-Funds

(1)

The objectives of the establishment of the Sustainability Fund and of the Trust Sub-Funds is to ensure the long-term sustainability of the finances of the Government. The Minister shall review the annual budget estimates —

Sustainability Fund

(a)

to maximise the Non-Oil Revenue in any given financial year and to facilitate an increasing trend in that Revenue from year to year; and

(b)

to minimise the Non-Oil Deficit in any given financial year and to facilitate a decreasing trend in that Deficit from year to year.

(2)

The purpose of the Sustainability Fund is to facilitate the collection, accounting for and channelling of an appropriate portion of

Government revenue to the Trust Sub-Funds. Monies in the Sustainability

Fund may be withdrawn and applied solely for the purpose of funding one or more of the Trust Sub-Funds.

(3)

The purpose of the Fiscal Stabilisation Reserve Fund is to provide monies to the annual budget to eliminate or reduce the Oil Revenue

Shortfall. Monies in that Fund may be withdrawn and applied solely for that purpose, provided that all reasonable costs arising from or incidental to the administration of and the investment and management of monies in the Fund shall also be charged on and payable from that Fund.

(4)

The purpose of the Retirement Fund is to fund the following liabilities and pay the following benefits and all the reasonable costs referred to in the last sentence of this subsection —

(a)

all pensions and allowances granted by the Old Age and

Disability Pensions Act (Chapter 18);

(b)

all pensions, gratuities and other allowances granted by the

Pensions Act (Chapter 38);

(c)

all pensions, gratuities and allowances granted by the Royal

Brunei Armed Forces Act (Chapter 149), the Police Regulations

(S 59/58) and the Prisons Rules in Chapter 51;

(d)

contributions by the Government under the Tabung Amanah

Pekerja Act (Chapter 167);

(e)

contributions by the Government to any pension scheme introduced by the Government after 11th March 2008, being the date of commencement of this Act.

Sustainability Fund 6

Monies in the Retirement Fund shall be withdrawn and applied solely for the above-mentioned purposes, provided that all reasonable costs arising from or incidental to the administration of and the investment and management of monies in the Fund shall also be charged on and payable from that Fund.

(5)

The purpose of the Strategic Development Capital Fund is to provide risk capital for strategic local development that contributes to economic growth and diversification across various sectors and that broadens the revenue base of the Government. Subject to section 7(6), monies in that Fund shall be withdrawn and applied solely for those purposes, provided that all reasonable costs arising from or incidental to the administration of and the investment and management of monies in the Fund shall also be charged on and payable from that Fund.

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