Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2010

Status:

Published in Subsidiary Legislation Supplement
on 01 Jul 2010

No. S 341

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum 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 Scheme) (Amendment) Regulations 2010 and shall come into operation on 1st July 2010.

New regulation 13B

2. The Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16) are amended by inserting, immediately after regulation 13A, the following regulation:

“Additional payment from amount deposited with approved bank or in retirement account

13B.—(1) A member who is entitled to receive payment under regulation 12(1) or (3), 12A or 13 may be paid an additional amount, beginning on the date on which he attains the age of 60 years and at every monthly interval thereafter, from any amount of his minimum sum that is deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act and any interest accruing thereon, 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)	he has attained the age of 55 years;
(ii)	the amount deposited with the approved bank or in his retirement account and any interest accruing thereon is sufficient to entitle him to receive payment under regulation 12(1) or (3), 12A or 13, as the case may be, beginning on the date on which he attains the age of 60 years and at every monthly interval thereafter, for a period exceeding 20 years; and
(iii)	he satisfies such terms and conditions as the Board may impose.

(2) The Board shall determine —

(a)	whether any additional amount is payable under paragraph (1); and
(b)	if so, the additional amount that is payable.

(3) The Board shall base its determination under paragraph (2) on the assumption that the balance of the amount deposited with the approved bank or in the member’s retirement account, and any interest accruing thereon, is to be disbursed, through payment under regulation 12(1) or (3), 12A or 13, as the case may be, and any payment under paragraph (1), over the period beginning on the date on which the member attains the age of 60 years and ending on the later of —

(a)	the expiry of 20 years after the date on which the member attains the age of 60 years; or
(b)	the expiry of 5 years after the date of the application under paragraph (1)(a).

(4) The Board shall, as soon as practicable after making its determination under paragraph (2), notify the member of the determination.”.

[G.N. Nos. S 503/2007; S 707/2007; S 396/2009]

Made this 28th day of June 2010.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85V33; AG/LLRD/SL/36/2010/15 Vol. 1]

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

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