Central Provident Fund (Retirement Sum Topping-Up Scheme) (Amendment) Regulations 2017

Status:

Published in Subsidiary Legislation Supplement
on 30 Jun 2017

No. S 344

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Retirement Sum Topping-Up 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 Topping‑Up Scheme) (Amendment) Regulations 2017 and come into operation on 1 July 2017.

Amendment of regulation 10C

2. Regulation 10C(1) of the Central Provident Fund (Retirement Sum Topping‑Up Scheme) (Rg 3) (called in these Regulations the principal Regulations) is amended by deleting “10D,”.

Deletion and substitution of regulation 10D

3. Regulation 10D of the principal Regulations is deleted and the following regulation substituted therefor:

“Additional payment from amount deposited with approved bank or retained in retirement account, where member attained age of 55 years before 1 January 1987

10D.—(1) A member who is entitled to receive payment under regulation 10C(1) or (3) 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)

if the member is entitled to receive payment under regulation 10C(1), on the later of the following:

(i)	the date on which the member attains the age of 60 years;
(ii)	the date the Board approves the application;

(b)

if the member is entitled to receive payment under regulation 10C(3), on the later of the following:

(i)	the date on which the member becomes a relevant member;
(ii)	the date the Board approves the application; and

(c)

at every monthly interval after the date under sub‑paragraph (a) or (b), as the case may be.

(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 10F, pay the member, in accordance with paragraph (1)(a) or (b) (as the case may be) and (c), such amounts as the Board may determine.

(3) The Board may, on or after a member who is entitled to receive payment under regulation 10C(1) attains the age of 60 years or who is entitled to receive payment under regulation 10C(3) becomes a relevant member, 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 10E

4. Regulation 10E of the principal Regulations is amended by inserting, immediately after the words “regulations 10C(1)” in paragraph (1) and in the regulation heading, the words “or (3)”.

Amendment of regulation 10G

5. Regulation 10G of the principal Regulations is amended —

(a)	by inserting, immediately after the words “regulation 10D(1)” in paragraph (1)(c), the words “or (3)”; and
(b)	by deleting the words “moneys standing to member’s credit” in the regulation heading and substituting the words “amount retained”.

[G.N. Nos. S 513/2007; S 510/2008; S 105/2009; S 395/2009; S 340/2010; S 723/2011; S 44/2012; S 262/2012; S 537/2012; S 705/2012; S 478/2013; S 851/2013; S 442/2014; S 31/2015; S 853/2015; S 734/2016]

Made on 29 June 2017.

AUBECK KAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7 /68 V61; AG/LEGIS/SL/36/2015/30 Vol. 2]

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

Search within Legislation