NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 35. New standards and interpretations not adopted (continued) As FRS 116 and FRS 117, when effective, will change the existing accounting standards and guidance applied by the Group in accounting for financial instruments, and leases, these standards are expected to be relevant to the Group. For FRS 117, the Group is currently assessing the impact on the financial statements of the Group. 36. Subsequent events Agreement To Transfer ElderShield Policies To The Ministry Of Health (“MOH”) In the press release on 7 January 2019, MOH announced that they have reached an agreement with the ElderShield insurers for the Government to take over the administration of the ElderShield Scheme in 2021. Holders of ElderShield Supplements will not be affected. They will continue to be served by their existing ElderShield Supplement insurers. ElderShield insurers will transfer to the Government the liabilities and corresponding assets backing these liabilities for all policies under the ElderShield Scheme. The date of the transfer will be dependent on when the new legislation will be passed. Income has entered into a binding offer with MOH in December 2018 subject to the passing of the new legislation. 37. Authorisation for issue These financial statements were approved by the Board of Directors at a meeting held on 28 March 2019 and authorised for release on 28 March 2019. 136 HAND IN HAND