Central Provident Fund (Minimum Sum Plus Scheme) (Amendment) Regulations 2004

Status:

Published in Subsidiary Legislation Supplement
on 30 Jun 2004

No. S 391

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Plus Scheme) (Amendment) Regulations 2004

In exercise of the powers conferred by section 77(1)(o) of the Central Provident Fund Act, Dr Ng Eng Hen, Minister of State, Ministry of Education, charged with the responsibility of 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 Plus Scheme) (Amendment) Regulations 2004 and shall come into operation on 1st July 2004.

Deletion and substitution of regulations 7 and 8

2. Regulations 7 and 8 of the Central Provident Fund (Minimum Sum Plus Scheme) Regulations (Rg 27) are deleted and the following regulations substituted therefor:

“Withdrawal from approved bank

7. A member who has deposited the additional sum in any account with an approved bank and who attains the retirement age of 60 or 62 years, as the case may be, is entitled to withdraw from the additional sum deposited in each account with the approved bank (until the additional sum is exhausted or the member’s death, whichever is the earlier) —

(a)

if the member has attained the age of 55 years before 1st July 2004, the higher of —

(i)

the sum calculated in accordance with the following formula:

additional sum deposited in
account with approved bank
______________________________

x $230; or

$30,000

(ii)

the subsistence amount; or

(b)

if the member has attained the age of 55 years on or after 1st July 2004, a monthly payout as determined by the Board.

Withdrawal from approved annuity

8. A member who has purchased any approved annuity with the additional sum and who attains the retirement age of 60 or 62 years, as the case may be, is entitled to be paid from each approved annuity (until the moneys payable under the annuity is exhausted or the member’s death, whichever is the earlier) —

(a)	if the member has attained the age of 55 years before 1st July 2004, a minimum monthly sum not below the subsistence amount; or
(b)	if the member has attained the age of 55 years on or after 1st July 2004, a monthly payout as specified in the annuity.”.

Amendment of Schedule

3. The Schedule to the Central Provident Fund (Minimum Sum Plus Scheme) Regulations is amended by inserting, immediately after the words “1st July 2003” in the first column of item (d), the words “but before 1st July 2004”.

Made this 30th day of June 2004.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85 Vol. 16; AG/LEG/SL/36/2002/3 Vol. 6]

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

Search within Legislation