Central Provident Fund (Minimum Sum Topping-Up Scheme) (Amendment No. 2) Regulations 2009

No. S 395

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Topping-up Scheme) (Amendment No. 2) Regulations 2009

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, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Minimum Sum Topping-Up Scheme) (Amendment No. 2) Regulations 2009 and shall come into operation on 1st September 2009.

Amendment of regulation 7

2. Regulation 7 of the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by deleting sub-paragraph (a) of paragraph (1) and substituting the following sub-paragraph:

“(a)

shall be the prevailing minimum sum less —

(i)

the applicable amount, in any case where —

(A)	the retirement account is topped-up under section 18(1)( c) of the Act; and
(B)	the person complies with such terms and conditions as the Board may impose; or

(ii)

the applicable aggregate amount, in any other case; and”; and

(b)

by deleting paragraphs (2) and (3) and substituting the following paragraphs:

“(2) No amount shall be transferred or paid to a person’s retirement account under these Regulations, if the transfer or payment will result in the aggregate of the following amounts exceeding the maximum amount referred to in paragraph (1):

(a)	any amount standing to his credit in his retirement account;
(b)	any amount which he has deposited with an approved bank;
(c)	any amount which he has used to purchase an approved annuity from an insurer; and
(d)	any amount which he has used for the payment of the premium referred to in section 27L(1) of the Act.

(3) In this regulation —

“applicable aggregate amount”, in relation to a person whose retirement account is being topped-up, means the aggregate of the following amounts on the date the application for the transfer or payment of moneys to his retirement account is processed:

(a)	the total amount standing to his credit in his ordinary and special accounts;
(b)	the total amount that has been credited into his retirement account (excluding any interest since the creation of the retirement account), notwithstanding that all or any of such amount has been withdrawn since the creation of the retirement account; and
(c)	the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9);

“applicable amount”, in relation to a person whose retirement account is being topped-up, means the total amount that has been credited into his retirement account (excluding any interest since the creation of the retirement account), notwithstanding that all or any of such amount has been withdrawn since the creation of the retirement account.”.

Amendment of regulation 10A

3. Regulation 10A(1) of the principal Regulations is amended by deleting sub-paragraphs (a) and (b) and substituting the following sub-paragraphs:

“(a)

may be —

(i)	deposited with an approved bank;
(ii)	used to purchase an approved annuity from an insurer; or
(iii)	used for the payment of the premium referred to in section 27L(1) of the Act; but

(b)

shall not be withdrawn under section 15(9), (9A), (10) or (10A), 21, 21A or 21B of the Act, unless —

(i)	those moneys were paid under section 18(1)(c) of the Act; and
(ii)	the person complies with such terms and conditions as the Board may impose.”.

Deletion and substitution of regulation 10B

4. Regulation 10B of the principal Regulations is deleted and the following regulation substituted therefor:

“Payment from moneys transferred or paid to retirement account or deposited with approved bank

10B.—(1) Where any person has attained the age of 55 years on or after 1st January 1987, any moneys transferred or paid to his retirement account under section 18(1)(a), (b) or (c) of the Act which stand to his credit in his retirement account or which have been deposited with an approved bank under regulation 10A(1)( a), including any accrued interest, may be withdrawn by him in accordance with such of the following regulations as may be applicable to him:

(a)	the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16);
(b)	the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2);
(c)	the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31).

(2) Where any person has attained the age of 55 years before 1st January 1987, any moneys transferred or paid to his retirement account under section 18(1)(a), (b) or (c) of the Act which stand to his credit in his retirement account or which have been deposited with an approved bank under regulation 10A(1)(a), including any accrued interest, may be withdrawn by him in accordance with paragraph (3).

(3) The amount which a person referred to in paragraph (2) shall be entitled to withdraw each month shall be —

(a)	$230 from 1st January 1987 to 31st March 1994;
(b)	$237 from 1st April 1994 to 31st March 1995;
(c)	$243 from 1st April 1995 to 31st March 1996;
(d)	$251 from 1st April 1996 to 31st March 1997;
(e)	$260 from 1st April 1997 to 31st March 1998;
(f)	$266 from 1st April 1998 to 31st March 1999;
(g)	$272 from 1st April 1999 to 30th June 2000;
(h)	$282 from 1st July 2000 to 30th June 2001;
(i)	$287 from 1st July 2001 to 30th June 2002;
(j)	$291 from 1st July 2002 to 30th June 2003; and
(k)	$297 from 1st July 2003.”.

[G.N. Nos. S 513/2007; S 510/2008; S 105/2009]

Made this 29th day of August 2009.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85v33; AG/LEG/SL/36/2005/28 Vol. 1]

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

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