3. Regulations 9 and 10 of the Central Provident Fund (Revised Minimum Sum Scheme) Regulations are deleted and the following regulations substituted therefor: | “Payment from minimum sum in retirement account or in approved bank at age of 60 or 62 years and thereafter |
9.—(1) Where the amount maintained as the minimum sum by a member is deposited in his retirement account or in an approved bank, the member may, subject to this regulation and regulation 10, on the date on which he attains —| (a) | the age of 60 years, in the case of a member who attains the age of 55 years before 1st January 1999, or who is exempted under paragraph 2(e), (n) to (r), (v) and (w) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1); or | | (b) | the age of 62, in the case of a member who attains the age of 55 on or after 1st January 1999, |
| and at every monthly interval thereafter, be paid from that amount and any interest accruing thereon, the specified monthly payment subject to a minimum of the subsistence amount set out in the Fourth Schedule until the amount maintained as the minimum sum has been exhausted or until his death, whichever is the earlier. |
(2) Where a member and his spouse have set aside one and a half times the minimum sum in accordance with regulation 7, the amount which the member or his spouse may be paid from the amount they have jointly maintained as minimum sum on the date which the member or his spouse, as the case may be, attains —| (a) | the age of 60 years, in the case of a member or spouse who attains the age of 55 years before 1st January 1999, or who is exempted under paragraph 2(e), (n) to (r), (v) and (w) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1); or | | (b) | the age of 62, in the case of a member or spouse who attains the age of 55 on or after 1st January 1999, |
| and at every monthly interval thereafter, shall be an amount equal to the specified monthly payment unless otherwise approved by the Board in any particular case. |
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(3) Where a member and his spouse have jointly set aside one and half times the minimum sum in accordance with regulation 7 and one of the couple dies or the couple divorces, the amount that the surviving or divorced member or spouse may be paid from the amount maintained by the member or spouse as minimum sum shall, subject to a minimum of the subsistence amount set out in the Fourth Schedule, be computed in accordance with the formula: | where the member or spouse is entitled to receive the specified monthly payment referred to in paragraph (1) upon attaining the age of 60; or |
| where the member or spouse is entitled to receive the specified monthly payment referred to in paragraph (1) upon attaining the age of 62. |
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| (4) Where any payment in accordance with this regulation results in a balance in the minimum sum of $100 or less, the Board may permit such balance to be paid together with that payment. |
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| Payment from minimum sum where member has pension, annuity or other benefit or approved annuity |
10.—(1) In the case of a member in receipt of a pension, annuity or other benefit, where the income the member receives for any month on or after he attains —| (a) | the age of 60 years, in the case of a member who attains the age of 55 years before 1st January 1999, or who is exempted under paragraph 2(e), (n) to (r), (v) and (w) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1); or | | (b) | the age of 62, in the case of a member who attains the age of 55 on or after 1st January 1999, |
| is less than the basic monthly income referred to in regulation 6(3) (a) or (b), as the case may be, for that member, the member shall be paid from the minimum sum maintained by him in an approved bank or a retirement account for that month an amount that is equal to the basic monthly income less the income received from the pension, annuity or other benefit for that month. |
(2) Where the member has used the minimum sum for the purchase of an approved annuity and has any amount maintained as the minimum sum at any time after he attains the age of 55 years, the payment from such minimum sum, excluding that used for the purchase of the annuity, shall, subject to a minimum payment of $100, be computed in accordance with the formula —| where the member is entitled to receive the specified monthly payment referred to in regulation 9(1) upon attaining the age of 60; or |
| where the member is entitled to receive the specified monthly payment referred to in regulation 9(1) upon attaining the age of 62. |
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| Definitions of terms in regulations 9 and 10 |
10A. For the purposes of regulations 9 and 10 —| (a) | the specified monthly payment for a member shall be computed in accordance with the formula: | where the member is entitled to receive the specified monthly payment referred to in regulation 9(1) upon attaining the age of 60; or |
| where the member is entitled to receive the specified monthly payment referred to in regulation 9(1) upon attaining the age of 62; |
| | (b) | “inflation rate”, in relation to any specified year, means the inflation rate for that year as determined by the Department of Statistics; and | | (c) | the following abbreviations are used. | | is the amount maintained as the minimum sum in the member’s retirement account or in an approved bank; |
| | | is the minimum sum applicable to the surviving or divorced member or spouse; |
| | | is the amount maintained as the minimum sum, excluding that used for the purchase of the approved annuity; |
| | | is the shortfall in the minimum sum applicable to the surviving or divorced member or spouse, as the case may be.”. |
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[G.N. No. S 348/98] |
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