Central Provident Fund (Minimum Sum Scheme) Regulations

Central Provident Fund Act

(CHAPTER 36, Section 77(1)(n))

Rg 16

G.N. No. S 11/1988

REVISED EDITION 2006

(30th November 2006)

[1st January 1987]

PART I

PRELIMINARY

Citation

1. These Regulations may be cited as the Central Provident Fund (Minimum Sum Scheme) Regulations.

Application

2.—(1) These Regulations shall apply to all members of the Fund who have attained the age of 55 years on or after 1st January 1987 but before 1st July 1995.

(2) Notwithstanding paragraph (1), regulations 4(2) and 12(2) and (3) shall apply to a married couple only if each spouse is a member of the Fund and has attained the age of 55 years on or after 1st January 1987 but before 1st July 1995.

(3) Notwithstanding paragraphs (1) and (2), a member of the Fund to whom section 15(2A), (7B) or (8A) of the Act applies, and who has complied with that provision, need not comply with these Regulations.

Definitions

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

“approved annuity” means an annuity purchased by a member from an insurer with the minimum sum which he is required to set aside under section 15(6) of the Act, and which has been approved by the Board;

“approved bank” means any bank approved by the Board to be a bank for the purposes of regulation 9;

“bank” has the same meaning as in the Banking Act (Cap. 19);

“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;

“minimum sum” means the sum which a member is required to set aside under section 15(6) of the Act as calculated in accordance with regulation 4;

“monthly income” means the income which a member is entitled to withdraw monthly from the minimum sum deposited by the member with an approved bank or in his retirement account or is entitled to be paid monthly under an approved annuity after the member has attained the age of 60 years.

(2) The amount which a member shall be entitled to withdraw each month under section 15(7) of the Act, and the amount prescribed by the Minister for the purposes of section 15(8)(e) of the Act, shall be as specified in regulation 14(1).

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