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      Summary of Sustainability Fund Act

 

   Sustainability Fund (SF)

The purpose of SF is to facilitate the collection, accounting for and channelling of an appropriate portion of Government revenue to the Trust Sub-Funds. The Sustainability Fund is governed by a Board of Governance and Allocation called the Sustainability Fund Board and advised in respect of allocation to the Trust Sub-Funds by a Fund Allocation Committee.

 

   The Trust Sub-Funds

Each of the Trust Sub-Funds have different purposes as per SF Act; and are governed by their respective Executive Board (consisting of Government officials) to ensure that the purposes for which they were established are achieved. The Executive Board is supported by an Investment Advisory Committee.

 

   Purpose of Fiscal Stabilisation Reserve Fund:

The purpose for its establishment is to provide monies to annual budget to eliminate or reduce Oil Revenue Shortfall (as defined in the Sustainability Fund Act).

 

   Purpose of Retirement Fund:

To fund government liabilities relating to PENSIONS, ALLOWANCES and any other BENEFITS granted under the Old Age and Disability Pensions Act, Pensions Act (Chapter 38), Royal Brunei Armed Forces Act (Chapter 149); the Police Regulations (S 59/58) and the Prisons Rules and government CONTRIBUTIONS made under the Tabung Amanah Pekerja Act and any other contributory pension scheme introduced by the government.

 

   Purpose of Strategic Development Capital Fund:

To provide risk capital for strategic local development that that contributes to economic growth and diversification across various sectors and that broadens the revenue base of the Government.

 

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