Central Provident Fund (Minimum Sum Topping-Up Scheme) (Amendment) Regulations 2007

No. S 513

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Topping-up Scheme) (Amendment) 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 (Minimum Sum Topping-Up Scheme) (Amendment) Regulations 2007 and shall come into operation on 1st October 2007.

Amendment of regulation 3

2. Regulation 3 of the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3) (referred to in these Regulations as the principal Regulations) is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) In these Regulations, unless the context otherwise requires —

“payment” means payment of moneys other than moneys standing to the credit of the payer in the Fund, and “pay” shall be construed accordingly;

“prevailing minimum sum” means such sum as may for the time being be specified by the Minister by notification in the Gazette under section 18B(3)(b) of the Act.”.

Amendment of regulation 4

3. Regulation 4 of the principal Regulations is amended —

(a)	by deleting the words “parent or spouse” in paragraph (1) and substituting the words “parent, grandparent, spouse or sibling”;
(b)	by deleting paragraph (4); and
(c)	by deleting the words “parent’s or spouse’s” in the regulation heading and substituting the words “parent’s, grandparent’s, spouse’s or sibling’s”.

Deletion and substitution of regulation 5

4. Regulation 5 of the principal Regulations is deleted and the following regulation substituted therefor:

“Payment of moneys into parent’s, grandparent’s, spouse’s or sibling’s retirement account, and voluntary maintenance of sum in retirement account

5.—(1) Any person, whether a member of the Fund or otherwise, who wishes —

(a)	to pay money into his parent’s, grandparent’s, spouse’s or sibling’s retirement account under section 18(1)(b) of the Act; or
(b)	to voluntarily maintain in a retirement account, under section 18(1)(c) of the Act, a minimum sum or any other sum not exceeding the prevailing minimum sum,

shall make an application to the Board in such form and supported by such evidence as the Board may require.

(2) The Board may grant an application made under paragraph (1) subject to such terms and conditions as the Board may impose.”.

Amendment of regulation 6

5. Regulation 6 of the principal Regulations is amended by deleting the words “parent’s or spouse’s” and substituting the words “parent’s, grandparent’s, spouse’s or sibling’s”.

Deletion and substitution of regulation 7

6. Regulation 7 of the principal Regulations is deleted and the following regulation substituted therefor:

“Amount of moneys by which retirement account can be topped-up

7.—(1) For the purposes of these Regulations, the maximum amount by which the retirement account of a person can be topped-up under section 18 (1)(a), (b) or (c) of the Act —

(a)	shall be the prevailing minimum sum less the aggregate amount; and
(b)	shall exclude any portion of the minimum sum applicable to the person which is covered by a charge on or pledge of an immovable property under section 15 (9), (9A), (10) or (10A), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act.

(2) No amount shall be transferred or paid to a person’s retirement account under these Regulations if the transfer or payment will result in the total amount of moneys deposited by him with an approved bank or in his retirement account, or used by him to purchase an approved annuity from an insurer, exceeding the maximum amount referred to in paragraph (1).

(3) In this regulation, “aggregate amount”, in relation to a person whose retirement account is being topped-up, means the aggregate of the following amounts on the date the application for the transfer or payment of moneys to his retirement account is processed:

(a)	the total amount standing to his credit in his ordinary and special accounts;
(b)	the total amount that has been credited into his retirement account (excluding any interest since the creation of the retirement account), notwithstanding that all or any of such amount has been withdrawn since the creation of the retirement account; and
(c)	the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9).”.

Deletion of regulation 9

7. Regulation 9 of the principal Regulations is deleted.

Deletion and substitution of regulation 10 and new regulations 10A and 10B

8. Regulation 10 of the principal Regulations is deleted and the following regulations substituted therefor:

“Frequency of transfer or payment of moneys to retirement account

10. No transfer or payment of moneys shall be made by a person under these Regulations to the same retirement account more than once in a year, unless otherwise permitted by the Board and subject to such terms and conditions as the Board may impose.

Use of moneys transferred or paid to retirement account

10A.—(1) Any moneys transferred or paid to a person’s retirement account under section 18 (1)(a), (b) or (c) of the Act (including any accrued interest) —

(a)	may be deposited with an approved bank or used to purchase an approved annuity from an insurer; but
(b)	shall not be withdrawn under section 15 (9), (9A), (10) or (10A), 21, 21A or 21B of the Act.

(2) Where the minimum sum applicable to a person comprises —

(a)	an amount in cash; and
(b)	an amount covered by a charge on or pledge of an immovable property under section 15 (9), (9A), (10) or (10A), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act,

for the purposes of computing the amount that may be covered by the charge or pledge, the amount in cash shall exclude any moneys transferred or paid to the person’s retirement account under section 18 (1)(a), (b) or (c) of the Act (including any accrued interest).

Payment from moneys transferred or paid to retirement account or deposited with approved bank

10B. Where any moneys have been transferred or paid to the retirement account of a person under section 18 (1)(a), (b) or (c) of the Act, or any such moneys have been deposited with an approved bank under regulation 10A(1)(a), those moneys (including any accrued interest) may be withdrawn by him in accordance with such of the following regulations as may be applicable to him:

(a)	the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16);
(b)	the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2);
(c)	the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31).”.

Amendment of regulation 11

9. Regulation 11 of the principal Regulations is amended by deleting the word “Upon” and substituting the words “Subject to section 19 (3) and (4) of the Act, upon”.

Made this 27th day of September 2007.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V51; AG/LEG/SL/36/2005/28 Vol. 1]

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

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