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No. S 389

Central Provident Fund Act

(Chapter 36)

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

Amendment of regulation 3

2. Regulation 3(1) of the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16) is amended —

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

Deletion and substitution of regulation 11

3. Regulation 11 of the Central Provident Fund (Minimum Sum Scheme) Regulations is deleted and the following regulation substituted therefor:

“Payment of minimum sum to insurer

11. Where a member elects to use 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
(b)	where the purchase price of the approved annuity exceeds the amount referred to in paragraph (a), any interest accrued on such amount.”.

[G.N. Nos. S 350/98; S299/99; S 574/2003]

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/36/2002/2 Vol. 4]

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