Central Provident Fund (Revised Minimum Sum Scheme) (Amendment) Regulations 2004

No. S 387

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Revised Minimum Sum Scheme) (Amendment) 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:

Citation and commencement

1.—(1) These Regulations may be cited as the Central Provident Fund (Revised Minimum Sum Scheme) (Amendment) Regulations 2004 and shall, with the exception of regulations 4, 10 and 11, come into operation on 1st July 2004.

(2) Regulations 4(a), 10(a) and 11(a) shall be deemed to have come into operation on 4th August 1995.

(3) Regulations 4(b), 10(b) and (c) and 11(b) shall be deemed to have come into operation on 28th December 2000.

(4) Regulations 4(c), 10(d) and 11(c) shall be deemed to have come into operation on 1st January 2003.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2) (referred to in these Regulations as the principal Regulations) is amended by inserting, immediately after the words “1st July 1995” in paragraphs (1) and (3), the words “but before 1st July 2004”.

Amendment of regulation 3

3. Regulation 3 of the principal Regulations is amended —

(a)	by deleting the semi-colon at the end of the definition of “insurer” and substituting a full-stop; and
(b)	by deleting the definition of “retirement account”.

Amendment of regulation 4

4. Regulation 4 of the principal Regulations is amended —

(a)	by deleting the words “or 21” in paragraph (b) and substituting the words “, 21 or 21A”;
(b)	by deleting the words “section 15(9) or (10)” in paragraph (b) and substituting the words “section 15(9), (9A), (10) or (10A)”; and
(c)	by deleting the words “or 21A” in paragraph (b) and substituting the words “, 21A or 21B”.

Amendment of regulation 6

5. Regulation 6(3) of the principal Regulations is amended by deleting the formula “230M/30,000 x (1.03) x (1.03)” in sub-paragraph (b)(i) and substituting the following formula:

“

”.

Amendment of regulation 7

6. Regulation 7 of the principal Regulations is amended —

(a)	by deleting the words “an amount equivalent to the minimum sum applicable to the surviving spouse may be transferred by the Board to the retirement account of the surviving spouse” in paragraph (1)(c) and substituting the words “the amount in cash standing to the credit of the deceased person in the retirement account of the deceased person may be transferred by the Board to the retirement account of the surviving person”;
(b)	by inserting, immediately after the words “1st July 1995” in paragraph (2)(a), the words “but both have attained the age of 55 years before 1st July 2004”; and
(c)	by inserting, immediately after the words “1st July 1995” in paragraph (2)(b), the words “and the member has attained or will attain the age of 55 years before 1st July 2004”.

Amendment of regulation 9

7. Regulation 9 of the principal Regulations is amended —

(a)

by inserting, immediately after the words “1st January 1999” in paragraphs (1)(b) and (2)(b), the words “but before 1st July 2004”; and

(b)

by deleting paragraph (3) and substituting the following paragraph:

“(3) Where a member and his spouse have jointly set aside one and a half times the minimum sum in accordance with regulation 7 and one of the couple dies or the couple divorces, the amount that the surviving or divorced member or spouse may be paid from the amount maintained by the member or spouse as minimum sum shall, subject to a minimum of the subsistence amount set out in the Fourth Schedule, be computed in accordance with the formula 230 (M-S)/30,000.”.

Amendment of regulation 10

8. Regulation 10 of the principal Regulations is amended —

(a)

by inserting, immediately after the words “1st January 1999” in paragraph (1)(b), the words “but before 1st July 2004”; and

(b)

by deleting paragraph (2) and substituting the following paragraph:

“(2) Where the member has used the minimum sum for the purchase of an approved annuity and has any amount maintained as the minimum sum at any time after he attains the age of 55 years, the payment from such minimum sum, excluding that used for the purchase of the annuity, shall, subject to a minimum payment of $100, be computed in accordance with the formula 230R/30,000.”.

Amendment of regulation 10A

9. Regulation 10A of the principal Regulations is amended —

(a)

by deleting paragraphs (a) and (b) and substituting the following paragraph:

“(a)	the specified monthly payment for a member shall be computed in accordance with the formula 230C/30,000; and”; and

(b)

by re-lettering paragraph (c) as paragraph (b).

Amendment of regulation 12

10. Regulation 12 of the principal Regulations is amended —

(a)	by deleting the words “or 21” and substituting the words “, 21 or 21A”;
(b)	by inserting, immediately after the words “section 15(9)”, the words “or (9A)”;
(c)	by inserting, immediately after the words “section 15(10)”, the words “or (10A)”; and
(d)	by deleting the words “or 21A” and substituting the words “, 21A or 21B”.

Amendment of regulation 13

11. Regulation 13 of the principal Regulations is amended —

(a)	by deleting the words “or 21” and substituting the words “, 21 or 21A”;
(b)	by deleting the words “section 15(9) or (10)” and substituting the words “section 15(9), (9A), (10) or (10A)”; and
(c)	by deleting the words “or 21A” and substituting the words “, 21A or 21B”.

Amendment of regulation 14

12. Regulation 14(1) of the principal Regulations is amended by deleting the words “section 15(6)” and substituting the words “section 15(6)(a)”.

Deletion and substitution of regulation 15

13. Regulation 15 of the principal Regulations is deleted and the following regulation substituted therefor:

“Use of minimum sum

15.—(1) A member shall, if he desires to deposit in an approved bank the amount maintained by him as the minimum sum, use the whole amount maintained by him as the minimum sum at that time for such deposit.

(2) A member shall, if he desires to purchase an approved annuity with the amount maintained by him as the minimum sum, use the whole or part of the amount maintained by him as the minimum sum at that time for such purchase.”.

Amendment of regulation 17

14. Regulation 17 of the principal Regulations is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) Where a member elects to use the amount deposited as the minimum sum to purchase an approved annuity from an insurer, the Board shall, at the request of the member, forward to the insurer in payment for such purchase —

(a)	the whole or part of the amount maintained as the minimum sum and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3); and
(b)	where the purchase price of the approved annuity exceeds the amount referred to in paragraph (a), any interest accrued on such amount.”.

Amendment of Second Schedule

15. The Second Schedule to the principal Regulations is amended —

(a)	by inserting, immediately after the words “1st July 1995” in the 4th line, the words “but before 1st July 2004”; and
(b)	by inserting, immediately after the words “1st July 2003” in the first column of item (i), the words “but before 1st July 2004”.

Amendment of Fourth Schedule

16. The Fourth Schedule to the principal Regulations is amended by inserting, immediately after the words “1st July 2003” in the first column of item (k), the words “but before 1st July 2004”.

[G.N. Nos. S 348/98; S 651/98; S 298/99; S 315/2002; S 573/2003; S 654/2003]

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/36/2002/1 Vol. 1]

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

Search within Legislation