Central Provident Fund (New Minimum Sum Scheme) (Amendment) Regulations 2008

Status:

Published in Subsidiary Legislation Supplement
on 27 Jun 2008

No. S 327

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (New Minimum Sum Scheme) (Amendment) Regulations 2008

In exercise of the powers conferred by section 77(1)(o) of the Central Provident Fund Act, Mr Gan Kim Yong, Senior Minister of State, 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 (New Minimum Sum Scheme) (Amendment) Regulations 2008 and shall come into operation on 1st July 2008.

Amendment of regulation 3

2. Regulation 3 of the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31) is amended by inserting, immediately after the definition of “insurer”, the following definition:

“ “interest rate” means the rate per annum for the retirement account that the Board may from time to time declare by notification published in the Gazette under section 6(4) of the Act;”.

Deletion and substitution of Second and Third Schedules

3. The Second and Third Schedules to the Central Provident Fund (New Minimum Sum Scheme) Regulations are deleted and the following Schedules substituted therefor:

“SECOND SCHEDULE

Regulation 9(1), (2) and (3)

Monthly amount payable to a member with less than 100% of the minimum sum applicable to him in cash:

(a)	On or after 1st July 2004 but before 1st July 2005

(b)	On or after 1st July 2005 but before 1st July 2008

(c)	On or after 1st July 2008

In the above table —

is the percentage of the minimum sum applicable to a member set aside by him in cash in the retirement account;

is the amount determined under the second column of the Third Schedule, which amount is derived on the basis of —

(a)	the minimum sum applicable to a member being set aside, in full, in cash in the retirement account;

(b)	the interest rate for the retirement account applicable on 1st July of a year for a member who attains the age of 55 years between 1st July of that year and 30th June of the following year (both dates inclusive); and

(c)	distributing the monthly payouts over 240 months, wherever possible.

THIRD SCHEDULE

Regulations 6(1), 9(1), (2) and (3) and 10 and Second Schedule

Monthly amount payable to a member with 100% of the minimum sum applicable to him in cash:

First column

Second column

Date on which a member attains the age of 55 years

Basic monthly income payable

(a)	On or after 1st July 2004 but before 1st July 2005

$668

(b)	On or after 1st July 2005 but before 1st July 2006

$711

(c)	On or after 1st July 2006 but before 1st July 2007

$750

(d)	On or after 1st July 2007 but before 1st July 2008

$790

(e)	On or after 1st July 2008 but before 1st July 2009

$910.”.

[G.N. Nos. S 259/2007; S 505/2007; S 713/2007]

Made this 26th day of June 2008.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85 V33; AG/LEG/SL/36/2005/27 Vol. 1]

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

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