No. S 713
Central Provident Fund Act
(Chapter 36)
Central Provident Fund (New Minimum Sum Scheme) (Amendment No. 3) Regulations 2007
In exercise of the powers conferred by section 77(1) of the Central Provident Fund Act, the Minister for Manpower, after consulting with the Central Provident Fund Board, hereby makes the following Regulations:
Citation and commencement
1.  These Regulations may be cited as the Central Provident Fund (New Minimum Sum Scheme) (Amendment No. 3) Regulations 2007 and shall come into operation on 1st January 2008.
Amendment of regulation 3
2.  Regulation 3 of the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31) (referred to in these Regulations as the principal Regulations) is amended —
(a)by deleting the words “age of 62 years” in paragraph (b) of the definition of “applicable age” and substituting the words “relevant age”; and
(b)by deleting the full-stop at the end of the definition of “insurer” and substituting a semi-colon, and by inserting immediately thereafter the following definition:
“ “relevant age”, in relation to a member, means —
(a)in the case of a member who has attained the age of 58 years on 31st December 2007, the age of 62 years;
(b)in the case of a member who has attained the age of 56 years but is below the age of 58 years on 31st December 2007, the age of 63 years;
(c)in the case of a member who has attained the age of 54 years but is below the age of 56 years on 31st December 2007, the age of 64 years; or
(d)in any other case, the age of 65 years.”.
Amendment of regulation 5
3.  Regulation 5 of the principal Regulations is amended —
(a)by deleting paragraphs (1) and (2) and substituting the following paragraphs:
(1)  Except where paragraph (2) requires otherwise, the Board shall, on a member attaining the age of 55 years —
(a)where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than 2 times the minimum sum applicable to him, transfer an amount that is equivalent to the minimum sum from the moneys standing to his credit in the Fund (excluding the amount in the medisave account) to his retirement account as maintenance of the minimum sum; or
(b)where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is 2 times the minimum sum applicable to him or less, transfer any amount in excess of that which he may withdraw under paragraph (3) to his retirement account as maintenance of the minimum sum.
(2)  Where any moneys have been transferred or paid to a member’s special account under section 18(3) of the Act, the Board shall, on the member attaining the age of 55 years —
(a)where the amount of those moneys (including any interest that would have accrued thereto) at that time is more than the minimum sum applicable to him, transfer, out of those moneys (including any interest that would have accrued thereto), an amount that is equivalent to the minimum sum to his retirement account as maintenance of the minimum sum; or
(b)where the amount of those moneys (including any interest that would have accrued thereto) at that time is the minimum sum applicable to him or less, transfer all of those moneys (including any interest that would have accrued thereto) to his retirement account as maintenance of the minimum sum.”;
(b)by deleting the words “a member, falling within paragraph (2),” in paragraph (3) and substituting the words “a member to whom paragraph (1)(b) applies”;
(c)by deleting the words “this regulation” in paragraph (4) and substituting the words “paragraphs (1), (2) and (3)”; and
(d)by inserting, immediately after paragraph (4), the following paragraph:
(5)  The total amount to be transferred under paragraphs (1), (2) and (4) shall not exceed the minimum sum applicable to the member.”.
Amendment of regulation 9
4.  Regulation 9 of the principal Regulations is amended —
(a)by deleting the words “age of 62 years” in paragraphs (2)(a)(ii) (B) and (3)(a)(ii) (B) and substituting in each case the words “relevant age”; and
(b)by deleting the words “or 62 years” in the regulation heading and substituting the words “years or relevant age”.
Amendment of regulation 22
5.  Regulation 22 of the principal Regulations is amended by deleting paragraphs (a) and (b) and substituting the following paragraphs:
(a)to refund to his retirement account any payment from the minimum sum, together with the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the payment had not been made; or
(b)to surrender the approved annuity purchased with the minimum sum and refund all the moneys representing the surrender value of the approved annuity to his retirement account, together with the whole or such part, as the Board may determine, of the interest that would have been payable on the moneys withdrawn to purchase the approved annuity if the withdrawal had not been made.”.
[G.N. Nos. S 259/2007; S 505/2007]

Made this 21st day of December 2007.

LEO YIP
Permanent Secretary,
Ministry of Manpower,
Singapore.
[MMS 7/68 V52; AG/LEG/SL/36/2005/27 Vol. 1]
(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).