Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2007

Status:

Published in Subsidiary Legislation Supplement
on 28 Sep 2009

No. S 503

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2007

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 Scheme) (Amendment) Regulations 2007 and shall come into operation on 1st October 2007.

Amendment of regulation 7

2. Regulation 7 of the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by inserting, immediately after paragraph (2), the following paragraph:

“(2A) Where —

(a)	a member is the spouse of any relevant person;
(b)	pursuant to an order of court, the relevant person has transferred (other than by way of sale) the relevant person’s estate or interest in an immovable property to the member; and
(c)	a charge has been created over the immovable property under section 27C(1) (v), 27E (1) (iv) or 27F (1) (iv) of the Act, or the member has given a pledge in relation to the immovable property under section 27D(1) (v) of the Act,

the value of the charge or pledge for the purposes of section 15(6) of the Act shall be —

(i)	subject to sub-paragraph (ii), the minimum sum applicable to the member; or
(ii)	where the member has attained the age of 55 years, the sum of the minimum sum applicable to the member and the interest that would have accrued thereto, less the amount the member is entitled to withdraw under regulation 12.”;

(b)

by deleting the words “21A or 21B” in paragraph (3) and substituting the words “21A, 21B, 27C (1) (v), 27D (1) (v), 27E (1) (iv) or 27F (1) (iv)”; and

(c)

by inserting, immediately after paragraph (4), the following paragraph:

“(5) In paragraph (2A) —

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

“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years.”.

Amendment of regulation 8

3. The principal Regulations are amended by renumbering regulation 8 as paragraph (1) of that regulation, and by inserting immediately thereafter the following paragraphs:

“(2) Where —

(a)	a member is the spouse of any relevant person;
(b)	pursuant to an order of court, the relevant person has transferred (other than by way of sale) the relevant person’s estate or interest in an immovable property to the member; and
(c)	a charge has been created over the immovable property under section 27C(1) (v), 27E (1) (iv) or 27F (1) (iv) of the Act, or the member has given a pledge in relation to the immovable property under section 27D(1) (v) of the Act,

the member shall not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board, so long as the charge or pledge subsists to secure the payment of the minimum sum into the member’s retirement account.

(3) In paragraph (2) —

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

“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years.”.

Amendment of regulation 13

4. Regulation 13 of the principal Regulations is amended —

(a)

by renumbering that regulation as paragraph (1) of that regulation, and by inserting immediately thereafter the following paragraph:

“(2) Where, at any time after a member attains the age of 55 years, the member has used any portion of the minimum sum to purchase an approved annuity and has any portion of the minimum sum remaining, the amount which the member may withdraw each month from the remaining portion of the minimum sum shall, subject to a minimum of $100, be the amount calculated using the formula 230R/30,000, where R is the amount of the remaining portion of the minimum sum.”; and

(b)

by deleting the regulation heading and substituting the following regulation heading:

“Withdrawal from minimum sum where member has pension, annuity or other benefit or approved annuity”.

Miscellaneous amendment

5. The principal Regulations are amended by deleting the words “SECTION 77 (1)(n)” below the words “CENTRAL PROVIDENT FUND ACT” on page 1 and substituting the words “SECTION 77 (1)”.

Made this 27th day of September 2007.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[[MMS 7/68 V51; AG/LEG/SL/36/2005/16 Vol. 1] ]

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

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