Central Provident Fund (Lifelong Income Scheme) Regulations 2009

No. S 393

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Lifelong Income Scheme) Regulations 2009

In exercise of the powers conferred by section 27Q of the Central Provident Fund Act, the Minister for Manpower hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 and shall come into operation on 1st September 2009.

Definitions

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

“annuity plan”, “premium”, “relevant age”, “relevant member” and “Scheme” have the same meanings as in section 27J of the Act;

“Lease Buyback Scheme” has the same meaning as in section 15(16) of the Act;

“order of court” and “spouse” have the same meanings as in section 27A of the Act.

Notional date of birth

3. For the purposes of these Regulations, where the date of birth of a relevant member cannot be ascertained or is doubtful, his date of birth shall be deemed to be 1st January of the year in which he was born.

Age prescribed under section 27K(2)(b ) of Act

4. For the purposes of section 27K(2)( b) of the Act, the age prescribed shall be 55 years.

Amount prescribed under section 27K(2)(d) of Act

5. For the purposes of section 27K(2)( d) of the Act, the amount prescribed shall be $40,000.

Annuity plans and designation of relevant age

6.—(1) The types of annuity plans available under the Scheme, and the class or classes of relevant members eligible for each type of annuity plan, are as set out in the Schedule.

(2) Subject to paragraphs (4) and (5), a relevant member may designate his relevant age by applying, in accordance with paragraph (3), for any annuity plan for which he is eligible.

(3) An application under paragraph (2) shall be —

(a)	made in such form and supported by such evidence as the Board may require; and
(b)	made by a relevant member within such period beginning on the date the Scheme applies to him as the Board may specify by notice in writing to him.

(4) If a relevant member fails to apply, in accordance with paragraph (3), for any annuity plan for which he is eligible —

(a)	his relevant age shall be 80 years; and
(b)	the annuity plan issued to him shall be the LIFE Balanced Plan referred to in item 1 of the Schedule.

(5) Unless otherwise permitted by the Board, a relevant member shall not be entitled to change the following:

(a)	his designation of his relevant age; and
(b)	any annuity plan that has been issued to him.

(6) Subject to paragraph (7) and to such terms and conditions as the Board may impose, a relevant member may apply to the Board for one or more additional annuity plans to be issued to him.

(7) Unless otherwise permitted by the Board, the annuity plan and every additional annuity plan issued to a relevant member shall be of the same type.

Cash grant by Government

7. Where under section 14 of the Act —

(a)	any cash grant has been made by the Government to a relevant member for the payment of a premium; and
(b)	the Board has credited that cash grant into such account in the Fund of the relevant member as the Minister may direct,

the Board shall be entitled to deduct the whole or any part of the premium payable by the relevant member from the amount of that cash grant and any interest thereon standing to the credit of the relevant member in that account.

Monthly income

8.—(1) Subject to section 27K(7) of the Act and regulation 11, the payment of a monthly income to a relevant member under section 27K(6) of the Act shall —

(a)

commence in the later of —

(i)	the month in which he attains the relevant age; or
(ii)	the month following the month in which he becomes a relevant member; and

(b)

cease upon his death, or upon the Board being notified (in such manner as the Board may require) of his death, as the Board may determine.

(2) The Board shall, as soon as practicable, notify a relevant member of the amount of monthly income determined under section 27K(6) of the Act to be payable to him.

(3) Subject to paragraph (4), the Board shall pay the monthly income due to a relevant member under section 27K(6) of the Act —

(a)	into his account with a bank by inter-bank GIRO, in any case where he has applied for the monthly income to be paid in that manner;
(b)	into his account with a bank by telegraphic transfer, in any case where he has applied, and the Board has approved his application, for the monthly income to be paid in that manner;
(c)	by issuing a bank draft, a cheque or any other physical payment instrument to him, in any case where he has applied, and the Board has approved his application, for the monthly income to be paid in that manner; or
(d)	into his ordinary account, in any other case.

(4) Notwithstanding paragraph (3)(a), (b) and (c), the Board shall make a payment of the monthly income due to a relevant member under section 27K(6) of the Act into his ordinary account, if —

(a)	in a case referred to in paragraph (3)(a), the inter-bank GIRO transaction relating to that payment is unsuccessful;
(b)	in a case referred to in paragraph (3)(b), the telegraphic transfer relating to that payment is unsuccessful; or
(c)	in a case referred to in paragraph (3)(c), the bank draft, cheque or other physical payment instrument relating to that payment has been returned to the Board or has expired.

(5) Where paragraph (4) applies, the monthly income shall be paid into the ordinary account as soon as practicable after the Board is notified of the unsuccessful inter-bank GIRO transaction or telegraphic transfer, or after the bank draft, cheque or other physical payment instrument has been returned to the Board or has expired (whichever is the earlier), as the case may be.

Withdrawal of amount paid under section 27L(5)(a) of Act

9. Any amount paid into a relevant member’s account in the Fund under section 27L(5)(a) of the Act may be withdrawn in accordance with the provisions of the Act relating to the transfer or withdrawal of moneys standing to the credit of the relevant member in the Fund.

Potential refund on death of relevant member

10.—(1) Subject to paragraph (2), on the death of a relevant member, the Board shall —

(a)

refund the positive difference, if any, between —

(i)	the amount of the premium paid by him for an annuity plan; and
(ii)	the aggregate amount of the monthly income paid pursuant to the annuity plan; and

(b)

pay the amount to be refunded, if any, into his account in the Fund.

(2) No refund shall be made under paragraph (1), if the premium was paid for a LIFE Income Plan referred to in item 3 of the Schedule.

Evidence that relevant member is alive

11.—(1) For the purposes of section 27K(7) of the Act, the Board may, from time to time, by written notice to a relevant member, require him to satisfy the Board that he is alive.

(2) Where the Board has issued a written notice under paragraph (1) to a relevant member —

(a)

he shall respond to the Board in such form and manner, and within such period, as the Board may specify in the written notice; and

(b)

if he fails to comply with sub-paragraph (a), the Board —

(i)	may decide that he has failed to satisfy the Board that he is alive; and
(ii)	subject to paragraph (3), shall not be required to pay any monthly income to him after the expiry of the period referred to in sub-paragraph (a).

(3) Where, pursuant to section 27K(7) of the Act, the Board has ceased to pay a relevant member his monthly income, the Board shall resume payment of the monthly income to the relevant member upon his application to the Board in such form, and supported by such evidence, as the Board may require.

Application by spouse under section 27P(1)(b) of Act

12.—(1) For the purposes of section 27P(1) of the Act, where, under an order of court, the spouse of a relevant member has been awarded any amount to be paid to the relevant member under section 27K(6) or 27L(5) of the Act, an application by the spouse under section 27P(1)(b) of the Act for the Board to pay that amount to the spouse shall be made to the Board in such form as the Board may require.

(2) The spouse of the relevant member shall furnish, within such time as the Board may specify, such information and documents in support of the application as the Board may require.

Service of documents under section 27P of Act

13.—(1) Every application to the Board under regulation 12(1) shall be served on the Board —

(a)

by leaving the application with any officer or employee of the Board at the office of the Board’s Retirement Schemes Department, Applications Section at 79 Robinson Road, Central Provident Fund Building, Singapore 068897 —

(i)	between 8.30 a.m. and 12 noon on any working day which is the eve of New Year’s Day, Chinese New Year or Christmas Day; and
(ii)	between 8.30 a.m. and 5 p.m. on any other working day; or

(b)

in such other manner as may be agreed, prior to the service of the application, between the Board and the applicant.

(2) For the purposes of section 27P(4)(a) of the Act, an order of court shall be served on the Board —

(a)

by leaving a sealed copy of the order of court with any officer or employee of the Board at the office of the Board’s Retirement Schemes Department, Applications Section at 79 Robinson Road, Central Provident Fund Building, Singapore 068897 —

(i)	between 8.30 a.m. and 12 noon on any working day which is the eve of New Year’s Day, Chinese New Year or Christmas Day; and
(ii)	between 8.30 a.m. and 5 p.m. on any other working day; or

(b)

in such other manner as may be agreed, prior to the service of the order of court, between the Board and the person on whose behalf the order of court is to be served.

Made this 29th day of August 2009.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 3/08 v1; AG/LEG/SL/36/2005/48 Vol. 1]

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

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