Central Provident Fund (Minimum Sum Topping-Up Scheme) (Amendment) Regulations 2005

No. S 285

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Topping-up Scheme) (Amendment) Regulations 2005

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 2005 and shall come into operation on 1st July 2005.

Amendment of regulation 2

2. Regulation 2 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 (3) and substituting the following paragraph:

“(3) A reference in these Regulations to the relevant amount of any member shall be —

(a)	in the case of a member who is below 55 years of age, the total amount in cash standing to his credit in his ordinary and special accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9); and
(b)	in the case of a member who has attained 55 years of age, the total amount in cash standing to his credit in his ordinary, special and retirement accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations.”.

Amendment of regulation 3

3. Regulation 3 of the principal Regulations is amended by deleting paragraph (3) and substituting the following paragraph:

“(3) The Board shall not grant any application made by a member under this regulation if —

(a)	in the case of a member who is below 55 years of age on the date his application is processed, the relevant amount of the member on that date is less than or equal to 1.5 times the prevailing minimum sum in force; and
(b)	in the case of a member who has attained 55 years of age on the date his application is processed, the relevant amount of the member on that date is less than or equal to the minimum sum applicable to him.”.

Deletion of regulations 5 to 8 and substitution of regulations 5 and 6

4. Regulations 5 to 8 of the principal Regulations are deleted and the following regulations substituting therefor:

“Amount of moneys that may be transferred from member’s ordinary account

5. Where the Board grants a member’s application to transfer moneys out of his ordinary account to top-up his parent’s or spouse’s retirement account, the amount that may be transferred out of his ordinary account for this purpose shall not exceed —

(a)

in the case of a member who is below 55 years of age on the date his application is processed —

(i)	an amount equal to the relevant amount of the member on that date less 1.5 times the prevailing minimum sum in force; or
(ii)	the amount standing to his credit in his ordinary account on that date,

whichever is the lower; and

(b)

in the case of a member who has attained 55 years of age on the date his application is processed —

(i)	an amount equal to the relevant amount of the member on that date less the minimum sum applicable to him; or
(ii)	the amount standing to his credit in his ordinary account on that date,

whichever is the lower.

Amount of moneys by which retirement account of member or his parent, grandparent or spouse can be topped-up

6.—(1) For the purposes of these Regulations, the maximum amount by which a recipient’s retirement account can be topped-up shall be —

(a)	where the recipient was born before 1st January 1932, $30,000 less the aggregate amount; and
(b)	where the recipient was born on or after 1st January 1932, the minimum sum applicable to him less the aggregate amount.

(2) 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 of the member for the transfer or payment to the recipient is processed:

(a)	the total amount standing to the credit of the recipient in his ordinary and special accounts;
(b)	the total amount that has been credited into the recipient’s 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 the recipient under the Central Provident Fund (Investment Schemes) Regulations (Rg 9).”.

Amendment of regulation 10

5. Regulation 10 of the principal Regulations is amended by inserting, immediately after the words “once in a year”, the words “unless otherwise permitted by the Board and subject to such terms and conditions as the Board may impose”.

New regulation 12

6. The principal Regulations are amended by inserting, immediately after regulation 11, the following regulation:

“Redemption of charge or pledge of immovable property

12. Where —

(a)	any part of the minimum sum applicable to a member is secured by a charge or pledge against any immovable property; and
(b)	any transfer or payment of moneys into the retirement account of the member under these Regulations will result in the amount in cash and charge or pledge set aside by the member as the minimum sum exceeding the minimum sum applicable to the member,

the charge or pledge shall be redeemed to the extent by which the minimum sum applicable to the member is so exceeded.”.

[G.N. Nos. S 349/98; S297/99; S 315/2000; S 590/2000; S 165/2001; S 316/2002; S 388/2004]

Made this 20th day of April 2005.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85 T1/04; AG/LEG/SL/36/2002/1 Vol. 1]

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

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