Central Provident Fund (Minimum Sum Topping-Up Scheme) (Amendment) Regulations 2010

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Published in Subsidiary Legislation Supplement
on 01 Jul 2010

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No. S 340

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Topping-up Scheme) (Amendment) Regulations 2010

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 2010 and shall come into operation on 1st July 2010.

Amendment of regulation 10B

2. Regulation 10B of the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3) is amended —

(a)

by deleting the words “paragraph (3)” in paragraph (2) and substituting the words “paragraphs (3) and (4)”;

(b)

by inserting, immediately after the words “each month” in paragraph (3), the words “, beginning on the date on which he attained the age of 60 years,”; and

(c)

by inserting, immediately after paragraph (3), the following paragraphs:

“(4) A person referred to in paragraph (2) may be paid an additional amount each month, beginning on the date on which he attained the age of 60 years, if —

(a)

he has applied to the Board, in such manner as the Board may require, for the payment of the additional amount; and

(b)

at the time of that application —

(i)	the moneys which stand to his credit in his retirement account or which have been deposited with an approved bank under regulation 10A(1)(a), including any accrued interest, are sufficient to entitle him to make withdrawals under paragraph (3), beginning on the date on which he attained the age of 60 years and at every monthly interval thereafter, for a period exceeding 20 years; and
(ii)	he satisfies such terms and conditions as the Board may impose.

(5) The Board shall determine —

(a)	whether any additional amount is payable under paragraph (4); and
(b)	if so, the additional amount that is payable.

(6) The Board shall base its determination under paragraph (5) on the assumption that the balance of the moneys which stand to the person’s credit in his retirement account or which have been deposited with an approved bank, including any accrued interest, is to be disbursed, through withdrawals made under paragraph (3) and any payment under paragraph (4), over the period beginning on the date on which the person attained the age of 60 years and ending on the later of —

(a)	the expiry of 20 years after the date on which the person attained the age of 60 years; or
(b)	the expiry of 5 years after the date of the application under paragraph (4)(a).

(7) The Board shall, as soon as practicable after making its determination under paragraph (5), notify the person of the determination.”.

[G.N. Nos. S 513/2007; S 510/2008; S 105/2009; S 395/2009]

Made this 28th day of June 2010.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85V33; AG/LLRD/SL/36/2010/16 Vol. 1]

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