No. S 505
Central Provident Fund Act
(Chapter 36)
Central Provident Fund (New Minimum Sum Scheme) (Amendment No. 2) Regulations 2007
In exercise of the powers conferred by section 77(1)(o) 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 (New Minimum Sum Scheme) (Amendment No. 2) Regulations 2007 and shall come into operation on 1st October 2007.
Deletion and substitution of regulation 4
2.  Regulation 4 of the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31) (referred to in these Regulations as the principal Regulations) is deleted and the following regulation substituted therefor:
“Minimum sum required of member
4.—(1)  The minimum sum applicable to a member shall —
(a)be the appropriate amount set out in the second column of the First Schedule; and
(b)comprise —
(i)an amount in cash; and
(ii)an amount (not exceeding 50% of the minimum sum applicable to the member) covered by a charge on or pledge of an immovable property —
(A)under section 15 (9), (9A), (10) or (10A), 21, 21A or 21B of the Act; or
(B)where the member is the spouse of any relevant person, under section 15 (9), (9A), (10) or (10A), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act.
(2)  In this regulation —
“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years, who has transferred (other than by way of sale) his estate or interest in an immovable property to his spouse pursuant to an order of court (as defined in section 27A of the Act);
“spouse” includes a former spouse.”.
Amendment of regulation 10
3.  The principal Regulations are amended by renumbering regulation 10 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 shall be paid each month from the remaining portion of the minimum sum shall, subject to a minimum of $100, be the amount computed in accordance with the formula set out in the second or third column of the Second Schedule, or the amount set out in the second column of the Third Schedule, as the case may be.”.
Amendment of regulation 12
4.  The principal Regulations are amended by renumbering regulation 12 as paragraph (1) of that regulation, and by inserting immediately thereafter the following paragraphs:
“(2)  Where a member is the spouse of any relevant person —
(a)the Board may appoint a Government valuer or licensed valuer to value any immovable property in respect of which the relevant person has transferred (other than by way of sale) his estate or interest to the member, and in respect of which a charge has been created or constituted under section 27C(1) (v), 27E (1) (iv) or 27F (1) (iv) of the Act or a pledge has been given under section 27D(1) (v) of the Act; and
(b)the expenses of such valuation shall be borne by the member.
(3)  In this regulation —
“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years, who has transferred (other than by way of sale) his estate or interest in an immovable property to his spouse pursuant to an order of court (as defined in section 27A of the Act);
“spouse” includes a former spouse.”.
Amendment of regulation 13
5.  The principal Regulations are amended by renumbering regulation 13 as paragraph (1) of that regulation, and by inserting immediately thereafter the following paragraphs:
“(2)  Where a member is the spouse of any relevant person, and a charge or pledge under section 27C(1) (v), 27D (1) (v), 27E (1) (iv) or 27F (1) (iv) of the Act subsists over any immovable property, in respect of which the relevant person has transferred (other than by way of sale) his estate or interest to the member, to secure the payment of the minimum sum into the member’s retirement account, the member shall not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board.
(3)  In this paragraph and paragraph (2) —
“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years, who has transferred (other than by way of sale) his estate or interest in an immovable property to his spouse pursuant to an order of court (as defined in section 27A of the Act);
“spouse” includes a former spouse.”.
[G.N. No. S 259/2007]

Made this 27th day of September 2007.

LEO YIP
Permanent Secretary,
Ministry of Manpower,
Singapore.
[MMS 7/68 V51; AG/LEG/SL/36/2005/27 Vol. 1]
(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).
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