Central Provident Fund (Retirement Sum Scheme) (Amendment) Regulations 2017

Status:

Published in Subsidiary Legislation Supplement
on 30 Jun 2017

No. S 343

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Retirement Sum Scheme)
(Amendment) Regulations 2017

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, makes the following Regulations:

Citation and commencement

1. These Regulations are the Central Provident Fund (Retirement Sum Scheme) (Amendment) Regulations 2017 and come into operation on 1 July 2017.

Deletion and substitution of regulation 13B

2. Regulation 13B of the Central Provident Fund (Retirement Sum Scheme) Regulations (Rg 16) is deleted and the following regulation substituted therefor:

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

13B.—(1) A member who is entitled to receive payment under regulation 12(1) or (3), 12A or 13 may apply to the Board, in such manner as the Board may require, to be paid an additional amount from the member’s balance —

(a)	on the date on which the member attains the age of 60 years or the date the Board approves the application, whichever is later; and
(b)	at every monthly interval after that date.

(2) If the Board approves a member’s application under paragraph (1), the Board may —

(a)	impose terms and conditions; and
(b)	subject to regulation 13D, pay the member, in accordance with paragraph (1)(a) and (b), such amounts as the Board may determine.

(3) The Board may, on or after a member who is entitled to receive payment under regulation 12(1) or (3), 12A or 13 attains the age of 60 years and without any application by the member under paragraph (1), pay the member at monthly intervals such additional amounts from the member’s balance as the Board may determine.”.

Amendment of regulation 13E

3. Regulation 13E(1) of the Central Provident Fund (Retirement Sum Scheme) Regulations is amended by deleting the words “regulation 13B” in sub-paragraph (a) and substituting the words “regulation 13B(1) or (3)”.

[G.N. Nos. S 503/2007; S 707/2007; S 396/2009; S 341/2010; S 263/2012; S 708/2012; S 481/2013; S 850/2013; S 443/2014; S 34/2015; S 851/2015; S 192/2016; S 735/2016]

Made on 29 June 2017.

AUBECK KAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7 /68 V61; AG/LEGIS/SL/36/2015/29 Vol. 4]

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

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