Central Provident Fund (Topping-Up of Special Account) (Amendment) Regulations 2012

No. S 538

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Topping-Up of Special Account) (Amendment)
Regulations 2012

In exercise of the powers conferred by section 77(1) of the Central Provident Fund Act, Mr Tan Chuan-Jin, Senior Minister of State, 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 (Topping-Up of Special Account) (Amendment) Regulations 2012 and shall come into operation on 1st November 2012.

Amendment of regulation 3

2. Regulation 3(2) of the Central Provident Fund (Topping-Up of Special Account) Regulations (Rg 37) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by deleting the word “and” at the end of sub‑paragraph (a)(iii); and

(b)

by deleting sub-paragraph (b) and substituting the following sub‑paragraphs:

“(b)

a reference to the relevant amount of any member shall be —

(i)

in the case of a member who is below 55 years of age, the total amount in cash standing to his credit in his ordinary and special accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9); and

(ii)

in the case of a member who has attained 55 years of age, the aggregate of the following:

(A)	the total amount in cash standing to his credit in his ordinary and special accounts;
(B)	the total amount that has been credited into his retirement account, excluding the relevant aggregate; and
(C)	the total amount that has been withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations; and

(c)

for the purposes of sub-paragraph (b)(ii)(B), the relevant aggregate, in relation to a member who has attained 55 years of age, means the aggregate of the following amounts (notwithstanding that all or any such amounts have been withdrawn since the creation of the member’s retirement account):

(i)

any interest paid into the member’s retirement account on the amount standing to the credit of the member in that account since the creation of that account;

(ii)

any additional interest paid into the member’s retirement account on the whole or any part of the amount standing to the credit of the member in his ordinary account since the creation of his retirement account;

(iii)

any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account; and

(iv)

where the member is a relevant member (within the meaning of section 27J of the Act), any monthly income due to him under section 27K(6) of the Act which is paid into his retirement account if, and only if —

(A)	by a memorandum executed in accordance with section 25(1) of the Act, the member has nominated any person to receive that person’s portion of the amount payable on the member’s death out of the Fund in accordance with section 25(1)(a)(iii) of the Act;
(B)	to the best of the Board’s knowledge, that nomination has not been revoked; and
(C)	the member has applied to the Board under the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (G.N. No. S 393/2009) for the monthly income to be paid into his retirement account.”.

Amendment of regulation 4

3. Regulation 4 of the principal Regulations is amended —

(a)	by deleting the words “his parent, grandparent, spouse or sibling” in paragraph (1) and substituting the words “a relevant individual”; and
(b)	by deleting the words “parent’s, grandparent’s, spouse’s or sibling’s” in the regulation heading and substituting the words “relevant individual’s”.

Amendment of regulation 6

4. Regulation 6 of the principal Regulations is amended by deleting the words “his parent’s, grandparent’s, spouse’s or sibling’s” and substituting the words “a relevant individual’s”.

Amendment of regulation 7

5. Regulation 7 of the principal Regulations is amended —

(a)	by deleting the words “ordinary and special accounts” in sub‑paragraph (a) and substituting the words “special account”; and
(b)	by inserting, immediately after the word “under” in sub‑paragraph (b), the words “Part III of”.

Deletion of regulation 8

6. Regulation 8 of the principal Regulations is deleted.

[G.N. Nos. S 515/2008; S 106/2009; S 373/2009; S 729/2011]

Made this 30th day of October 2012.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V56; AG/LLRD/SL/36/2010/41 Vol. 1]

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

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