Central Provident Fund (Investment Schemes) (Amendment) Regulations 2018

Status:

Published in Subsidiary Legislation Supplement
on 28 Sep 2018

No. S 595

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Investment Schemes) (Amendment)
Regulations 2018

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, makes the following Regulations:

Citation and commencement

1. These Regulations are the Central Provident Fund (Investment Schemes) (Amendment) Regulations 2018 and come into operation on 1 October 2018.

Amendment of regulation 16

2. Regulation 16 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) is amended by deleting paragraph (6) and substituting the following paragraph:

“(6) When the Board approves an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation for the purposes of section 15(8)(e) of the Act, the following apply:

(a)	the insurance policy or investment‑linked insurance policy is withdrawn from the investment scheme introduced under this regulation, and is to be dealt with in accordance with the applicable regulations;
(b)	the approved insurer ceases to be liable under paragraph (5) to transfer the moneys payable to the member under that insurance policy or investment‑linked insurance policy to the CPF Investment Account of the member;
(c)	subject to the applicable regulations, the member ceases to be obliged to repay to the Fund any proceeds or benefits of that insurance policy or investment‑linked insurance policy.”.

Amendment of regulation 31

3. Regulation 31 of the Central Provident Fund (Investment Schemes) Regulations is amended by deleting paragraph (4) and substituting the following paragraph:

“(4) When the Board approves an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation for the purposes of section 15(8)(e) of the Act, the following apply:

(a)	the insurance policy or investment‑linked insurance policy is withdrawn from the investment scheme introduced under this regulation, and is to be dealt with in accordance with the applicable regulations;
(b)	the approved insurer ceases to be liable under paragraph (3) to transfer the moneys payable to the member under that insurance policy or investment‑linked insurance policy to the special account of the member;
(c)	subject to the applicable regulations, the member ceases to be obliged to repay to the Fund any proceeds or benefits of that insurance policy or investment‑linked insurance policy.”.

[G.N. Nos. S 723/2006; S 514/2007; S 704/2007; S 145/2008; S 511/2008; S 85/2009; S 179/2009; S 335/2010; S 819/2010; S 44/2011; S 857/2014; S 744/2015; S 652/2016]

Made on 26 September 2018.

AUBECK KAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[Plg&Pol/CPFPol/Legis/CPFSL/2018; AG/LEGIS/SL/36/2015/3 Vol. 1]

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

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