Central Provident Fund (Minimum Sum Topping-Up Scheme) (Amendment) Regulations 2000

No. S 315

Central Provident Fund Act

(Chapter 36)

Central Provident Fund
(Minimum Sum Topping-up Scheme)
(Amendment) Regulations 2000

In exercise of the powers conferred by section 77(1) of the Central Provident Fund Act, the Minister for Manpower, after consultation 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 2000 and shall come into operation on 1st July 2000.

Amendment of regulation 3

2. Regulation 3(3) of the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3) (referred to in these Regulations as the principal Regulations) is amended —

(a)	by deleting “$120,000” and substituting “$130,000”; and
(b)	by deleting “$40,000” and substituting “$50,000”.

Amendment of regulation 5

3. Regulation 5 of the principal Regulations is amended —

(a)	by deleting “$120,000” in the 4th line and substituting “$130,000”; and
(b)	by deleting “$40,000” in paragraph (a) and substituting “$50,000”.

Amendment of regulation 6

4. Regulation 6 (b) of the principal Regulations is amended by deleting “$60,000” and substituting “$65,000”.

New regulation 8A

5. The principal Regulations are amended by inserting, immediately after regulation 8, the following regulation:

“Topping-up of parent’s retirement account upon sale of immovable property by member

8A.—(1) Where a member —

(a)	sells or intends to sell to his parent his estate or interest in an immovable property which that parent occupies, co-owns or co-purchased with the member; and
(b)	obtains before such sale or the completion thereof the approval of the Board to top-up that parent’s account,

the member may deduct from the sale price an amount allowed under these Regulations for the topping-up.

(2) A deduction under paragraph (1) shall be subject to such terms and conditions as the Board may impose.

(3) In this regulation —

“Housing Authority” has the same meaning as in section 28 of the Act;

“immovable property” means an immovable property purchased by a member from a Housing Authority or lessee of a Housing Authority using moneys withdrawn from the account of the member in the Fund.”.

[G.N. Nos. S 349/98; S 297/99]

Made this 30th day of June 2000.

TAN CHIN NAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MM S 5.2R/85 V2; AG/LEG/SL/36/97/7 Vol. 1]

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

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