Central Provident Fund (Investment Schemes) (Amendment) Regulations 2010

Status:

Published in Subsidiary Legislation Supplement
on 01 Jul 2010

No. S 335

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment) Regulations 2010

In exercise of the powers conferred by section 77(1)(n) 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 (Investment Schemes) (Amendment) Regulations 2010 and shall come into operation on 1st July 2010.

Amendment of regulation 28

2. Regulation 28 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) is amended —

(a)

by deleting the words “Subject to paragraph (5), on or after 8th May 2009,” in paragraph (4) and substituting the words “Subject to paragraphs (5) and (6), on or after 8th May 2009 but before 8th July 2010,”;

(b)

by inserting, immediately after paragraph (5), the following paragraphs:

“(5A) Subject to paragraphs (5B) and (6), on or after 8th July 2010, a member shall not be entitled to make any withdrawal of CPF contributions from his special account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $40,000 standing to his credit in his special account.

(5B) Paragraph (5A) shall not apply to a withdrawal of CPF contributions from a member’s special account under this Part, or under this Part and regulation 39 collectively, if the application for the withdrawal is made before 1st July 2010.”; and

(c)

by deleting paragraph (6) and substituting the following paragraph:

“(6) Paragraphs (4) and (5A) shall not apply to a withdrawal of CPF contributions from a member’s special account for the purchase of units in a unit trust scheme under regulation 32, or under regulations 32 and 39 collectively, if —

(a)

the member sells the units in a unit trust scheme which he had previously purchased under regulation 32 (referred to in this paragraph as unit trust scheme A) and concurrently applies to purchase units in one or more other unit trust schemes (referred to in this paragraph as unit trust scheme B);

(b)

the proceeds of the sale of the units in unit trust scheme A are transferred to the special account of the member; and

(c)

the total of the purchase price and any fees and expenses incurred in the purchase of the units in unit trust scheme B does not exceed the lower of the following amounts:

(i)	the amount of the proceeds of the sale of units in unit trust scheme A; or
(ii)	the amount standing to the credit of the member in his special account after the making of the refund of such proceeds.”.

[G.N. Nos. S 723/2006; S 514/2007; S 704/2007; S 145/2008; S 511/2008; S 85/2009; S 179/2009]

Made this 18th day of June 2010.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 2.4.3/80 Vol. 5; AG/LLRD/SL/36/2010/18 Vol. 1]

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

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