Central Provident Fund (New Minimum Sum Scheme) Regulations

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4 Minimum sum required of individual

5 Withdrawal at age of 55 years and maintenance of minimum sum by individual

6 Exemption from depositing of minimum sum

7 Maintenance of one and a half times the minimum sum by married couple

8 Topping-up of shortfall in minimum sum during subsequent withdrawals

9 Payment from minimum sum in retirement account or in approved bank at age of 60 or 62 years and thereafter

10 Payment from minimum sum where member has pension, annuity or other benefit or approved annuity

11 Computation of balance in minimum sum

12 Assessing value of immovable property

13 Restriction on mortgage of property

14 Approved bank or approved annuity

15 Use of minimum sum

16 Depositing minimum sum with approved bank

17 Purchase of approved annuity with minimum sum

18 Termination of account with approved bank or surrender of approved annuity

20 Notional date of birth

21 Procedure for withdrawal of minimum sum

22 Breach of Regulations

Central Provident Fund Act

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

Central Provident Fund (New Minimum Sum Scheme) Regulations

Rg 31

G.N. No. S 386/2004

REVISED EDITION 2005

(31st March 2005)

[1st July 2004]

PART I

PRELIMINARY

Citation

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

Application

2. Unless otherwise provided, these Regulations shall apply to all members of the Fund who have attained or will attain the age of 55 years on or after 1st July 2004.

Definitions

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

“applicable age”, in relation to a member, means —

(a)	in the case of a member who is exempted under regulation 3(e), (o) to (s), (w), (x) or (z) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1), the age of 60 years; or
(b)	in any other case, the age of 62 years;

“approved annuity” means an annuity for life, purchased from an insurer, which is approved by the Board;

“approved bank” means any bank approved by the Board;

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

“basic monthly income” means the monthly amount payable to a member under regulation 9(1), (2) or (3), as the case may be, from the amount he has set aside as minimum sum;

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

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