Central Provident Fund (Revised Retirement Sum Scheme) (Amendment No. 2) Regulations 2021

Status:

Published in Subsidiary Legislation Supplement
on 05 Nov 2021

No. S 845

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Revised Retirement Sum Scheme)
(Amendment No. 2) Regulations 2021

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, makes the following Regulations:

Citation and commencement

1. These Regulations are the Central Provident Fund (Revised Retirement Sum Scheme) (Amendment No. 2) Regulations 2021 and come into operation on 6 November 2021.

Amendment of regulation 16

2. Regulation 16 of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations (Rg 2) is amended by deleting paragraph (4) and substituting the following paragraph:

“(4) A relevant member may, if he desires to pay additional premiums to increase his monthly income under the Scheme in accordance with the Central Provident Fund (Lifelong Income Scheme) Regulations 2009, apply to the Board to withdraw the whole or any part of the amount referred to in section 15(6C)(a) of the Act which is retained in his retirement account to pay the additional premiums.”.

Amendment of regulation 18A

3. Regulation 18A of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations is amended by deleting paragraph (2) and substituting the following paragraph:

“(2) Where the Board approves a relevant member’s application to pay additional premiums to increase his monthly income under the Scheme, the Board must, on the application of the member under regulation 16(4), deduct the payment for the additional premiums from —

(a)	the whole or any part of the amount referred to in section 15(6C)(a) of the Act and any top‑up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Retirement Sum Topping‑Up Scheme) Regulations; and
(b)	where the additional premiums exceed the amount mentioned in sub‑paragraph (a), any interest accrued on that amount.”.

[G.N. Nos. S 504/2007; S 702/2009; S 394/2009; S 339/2010; S 261/2012; S 706/2012; S 477/2013; S 849/2013; S 381/2014; S 441/2014; S 33/2015; S 850/2015; S 190/2016; S 733/2016; S 342/2017; S 786/2017; S 592/2018; S 366/2019; S 197/2020; S 215/2021]

Made on 5 November 2021.

AUBECK KAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[Plg&Pol/CPFPol/Legis/CPFSL/2021; AG/LEGIS/SL/36/2020/11 Vol. 1]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).

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