No. S 619
Central Provident Fund Act
(Chapter 36)
Central Provident Fund (New Minimum Sum Scheme) (Amendment No. 3) Regulations 2008
In exercise of the powers conferred by section 77(1)(o) of the Central Provident Fund Act, Mr Gan Kim Yong, 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 (New Minimum Sum Scheme) (Amendment No. 3) Regulations 2008 and shall come into operation on 1st January 2009.
Amendment of regulation 5
2.  Regulation 5 of the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31) (referred to in these Regulations as the principal Regulations) is amended —
(a)by deleting paragraph (1) and substituting the following paragraph:
“(1)  Except where paragraph (2) requires otherwise, on a member attaining the age of 55 years, the Board shall transfer, from the moneys standing to his credit in the Fund (excluding the amount in his medisave account) to his retirement account towards the maintenance of the minimum sum —
(a)where the member attains that age before 1st January 2009 —
(i)if the relevant amount at the time of the transfer exceeds 2 times the minimum sum applicable to him, an amount equivalent to the minimum sum applicable to him;
(ii)if the relevant amount at the time of the transfer does not exceed 2 times the minimum sum applicable to him but exceeds $10,000, any amount in excess of 50% of the relevant amount;
(iii)if the relevant amount at the time of the transfer does not exceed $10,000 but exceeds $5,000, any amount in excess of $5,000; or
(iv)if the relevant amount at the time of the transfer does not exceed $5,000, $0;
(b)where the member attains that age on or after 1st January 2009 but before 1st January 2013 —
(i)if the relevant amount at the time of the transfer exceeds the applicable first amount, an amount equivalent to the minimum sum applicable to him;
(ii)if the relevant amount at the time of the transfer does not exceed the applicable first amount but exceeds the applicable second amount, any amount in excess of the applicable percentage of the relevant amount;
(iii)if the relevant amount at the time of the transfer does not exceed the applicable second amount but exceeds $5,000, any amount in excess of $5,000; or
(iv)if the relevant amount at the time of the transfer does not exceed $5,000, $0; or
(c)where the member attains that age on or after 1st January 2013 —
(i)if the relevant amount at the time of the transfer exceeds the minimum sum applicable to him by $5,000 or more, an amount equivalent to the minimum sum applicable to him;
(ii)if the relevant amount at the time of the transfer does not exceed the minimum sum applicable to him by $5,000 or more but exceeds $5,000, any amount in excess of $5,000; or
(iii)if the relevant amount at the time of the transfer does not exceed $5,000, $0.”;
(b)by deleting paragraphs (3) and (4) and substituting the following paragraphs:
“(3)  A member may withdraw any moneys standing to his credit in the Fund (excluding the amount to be retained in his medisave account) that will not be transferred to his retirement account under paragraphs (1) and (2).
(4)  Notwithstanding paragraphs (1) and (2), a member may transfer the whole or part of the relevant amount to his retirement account to meet any shortfall in the minimum sum applicable to him, but such transfer shall be subject to such terms and conditions as the Board may impose.”; and
(c)by inserting, immediately after paragraph (5), the following paragraph:
“(6)  In this regulation —
“applicable first amount”, in relation to a member who attains the age of 55 years on or after 1st January 2009 but before 1st January 2013, means the amount of money calculated in accordance with the formula M/(1 – W), where —
(a)M is the minimum sum applicable to him; and
(b)W is —
(i)0.4, if he attains that age on or after 1st January 2009 but before 1st January 2010;
(ii)0.3, if he attains that age on or after 1st January 2010 but before 1st January 2011;
(iii)0.2, if he attains that age on or after 1st January 2011 but before 1st January 2012; or
(iv)0.1, if he attains that age on or after 1st January 2012 but before 1st January 2013;
“applicable percentage”, in relation to a member who attains the age of 55 years on or after 1st January 2009 but before 1st January 2013, means —
(a)40%, if he attains that age on or after 1st January 2009 but before 1st January 2010;
(b)30%, if he attains that age on or after 1st January 2010 but before 1st January 2011;
(c)20%, if he attains that age on or after 1st January 2011 but before 1st January 2012; or
(d)10%, if he attains that age on or after 1st January 2012 but before 1st January 2013;
“applicable second amount”, in relation to a member who attains the age of 55 years on or after 1st January 2009 but before 1st January 2013, means the amount of money (in Singapore dollars) calculated in accordance with the formula 5,000/W, where W is —
(a)0.4, if he attains that age on or after 1st January 2009 but before 1st January 2010;
(b)0.3, if he attains that age on or after 1st January 2010 but before 1st January 2011;
(c)0.2, if he attains that age on or after 1st January 2011 but before 1st January 2012; or
(d)0.1, if he attains that age on or after 1st January 2012 but before 1st January 2013;
“relevant amount”, in relation to a member, means the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in his medisave account).”.
Amendment of regulation 8
3.  Regulation 8 of the principal Regulations is amended —
(a)by deleting paragraph (1) and substituting the following paragraph:
“(1)  A member who attains the age of 55 years before 1st January 2013 and who does not have sufficient funds to maintain the minimum sum applicable to him in his retirement account shall, at the time of any withdrawal after he attains the age of 55 years, transfer to his retirement account to meet the shortfall in the minimum sum, except where the amount to be transferred does not exceed $100 —
(a)if he attains that age before 1st January 2009, 50% of the relevant amount;
(b)if he attains the age of 55 years on or after 1st January 2009 but before 1st January 2010, 60% of the relevant amount;
(c)if he attains the age of 55 years on or after 1st January 2010 but before 1st January 2011, 70% of the relevant amount;
(d)if he attains the age of 55 years on or after 1st January 2011 but before 1st January 2012, 80% of the relevant amount; or
(e)if he attains the age of 55 years on or after 1st January 2012 but before 1st January 2013, 90% of the relevant amount.”; and
(b)by inserting, immediately after paragraph (2), the following paragraphs:
“(3)  A member who attains the age of 55 years on or after 1st January 2013 and who does not have sufficient funds to maintain the minimum sum applicable to him in his retirement account shall, if he applies to make any withdrawal after he attains that age, instead transfer to his retirement account all of the relevant amount to meet the shortfall in the minimum sum, except where the relevant amount does not exceed $100.
(4)  In this regulation, “relevant amount”, in relation to a member, means the amount of moneys standing to his credit in the Fund, excluding —
(a)the amount to be retained in his medisave account; and
(b)the amount standing to his credit in his retirement account.”.
Amendment of First Schedule
4.  The First Schedule to the principal Regulations is deleted and the following Schedule substituted therefor:
“FIRST SCHEDULE
Regulation 4(1)(a)
Minimum Sum Applicable
In this Schedule, “Rn” means the inflation rate, as determined by the Department of Statistics, for the calendar year n.
First column
 
Second column
Date on which member attains the age of 55 years
 
Formula for minimum sum
(a) On or after 1st July 2004 but before 1st July 2005
 
$84,000 x (1 + R 2003)
(b) On or after 1st July 2005 but before 1st July 2006
 
$88,000 x (1 + R 2004) x (1 + R2003)
(c) On or after 1st July 2006 but before 1st July 2007
 
$92,000 x (1 + R 2005) x (1 + R2004) x (1 + R2003)
(d) On or after 1st July 2007 but before 1st July 2008
 
$96,000 x (1 + R 2006) x (1 + R2005) x (1 + R2004) x (1 + R2003)
(e) On or after 1st July 2008 but before 1st July 2009
 
$100,000 x (1 + R 2007) x (1 + R2006) x (1 + R2005) x (1 + R2004) x (1 + R2003)
(f) On or after 1st July 2009 but before 1st July 2010
 
$104,000 x (1 + R 2008) x (1 + R2007) x (1 + R2006) x (1 + R2005) x (1 + R2004) x (1 + R2003)
(g) On or after 1st July 2010 but before 1st July 2011
 
$108,000 x (1 + R 2009) x (1 + R2008) x (1 + R2007) x (1 + R2006) x (1 + R2005) x (1 + R2004) x (1 + R2003)
(h) On or after 1st July 2011 but before 1st July 2012
 
$112,000 x (1 + R 2010) x (1 + R2009) x (1 + R2008) x (1 + R2007) x (1 + R2006) x (1 + R2005) x (1 + R2004) x (1 + R2003)
(i) On or after 1st July 2012 but before 1st July 2013
 
$116,000 x (1 + R 2011) x (1 + R2010) x (1 + R2009) x (1 + R2008) x (1 + R2007) x (1 + R2006) x (1 + R2005) x (1 + R2004) x (1 + R2003)
(j) On or after 1st July 2013
 
$120,000 x (1 + R 2012) x (1 + R2011) x (1 + R2010) x (1 + R2009) x (1 + R2008) x (1 + R2007) x (1 + R2006) x (1 + R2005) x (1 + R2004) x (1 + R2003).”.
[G.N. Nos. S 259/2007; S 505/2007; S 713/2007; S 327/2008; S 514/2008]

Made this 28th day of November 2008.

LEO YIP
Permanent Secretary,
Ministry of Manpower,
Singapore.
[MMS 5.2/85 V33; 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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