Central Provident Fund (New Minimum Sum Scheme) Regulations 2004

No. S 386

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (New Minimum Sum Scheme) Regulations 2004

In exercise of the powers conferred by section 77(1)(o) of the Central Provident Fund Act, Dr Ng Eng Hen, Minister of State, Ministry of Education, charged with the responsibility of the Minister for Manpower, after consulting with the Central Provident Fund Board, hereby makes the following Regulations:

PART I

PRELIMINARY

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (New Minimum Sum Scheme) Regulations 2004 and shall come into operation on 1st July 2004.

Application

2. Unless otherwise provided, these Regulations shall apply to all members of the Fund who have attained or will attain the age of 55 years on or after 1st July 2004.

Definitions

3. In these Regulations, unless the context otherwise requires —

“applicable age”, in relation to a member, means —

(a)	in the case of a member who is exempted under regulation 3(e), (o) to (s), (w), (x) or (z) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1), the age of 60 years; or
(b)	in any other case, the age of 62 years;

“approved annuity” means an annuity for life, purchased from an insurer, which is approved by the Board;

“approved bank” means any bank approved by the Board;

“bank” has the same meaning as in the Banking Act (Cap. 19);

“basic monthly income” means the monthly amount payable to a member under regulation 9(1), (2) or (3), as the case may be, from the amount he has set aside as minimum sum;

“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore.

Made this 30th day of June 2004.

YONG YING-I

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85 Vol. 16; AG/LEG/SL/36/2002/3 Vol. 6]

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

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