Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2005

Status:

Published in Subsidiary Legislation Supplement
on 01 Dec 2005

No. S 759

Central Provident Fund Act

Chapter 36

Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2005

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 (Minimum Sum Scheme) (Amendment) Regulations 2005 and shall come into operation on 1st December 2005.

Amendment of regulation 7

2. Regulation 7 of the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16) is amended —

(a)

by deleting paragraphs (1) and (2) and substituting the following paragraphs:

“(1) Subject to paragraph (2), where a charge has been created over any immovable property owned by a member or his spouse or both of them jointly under section 21, 21A or 21B of the Act, the value of the charge for the purposes of section 15(6) of the Act shall be equal to the minimum sum applicable to that member.

(2) The value of —

(a)	the charge referred to in paragraph (1); or
(b)	a charge or pledge created over or given in relation to any immovable property owned by a member or his spouse or both of them jointly under section 15(9), (9A), (10) or (10A) of the Act,

at any time after the member has attained the age of 55 years, shall be the sum of the minimum sum applicable to that member and the interest that would have accrued thereto, less the amount the member is entitled to withdraw under regulation 12.”;

(b)

by deleting the words “a charge has been created under section 15(9) or 21 of the Act” in paragraph (3) and substituting the words “a charge or pledge has been created or given under section 15(9), (9A), (10) or (10A), 21, 21A or 21B of the Act”; and

(c)

by deleting the regulation heading and substituting the following regulation heading:

“Value of charge or pledge”.

Deletion and substitution of regulation 8

3. Regulation 8 of the Central Provident Fund (Minimum Sum Scheme) Regulations is deleted and the following regulation substituted therefor:

“Restriction on mortgage of property

8. As long as a charge or pledge subsists over any immovable roperty belonging to the member, his spouse, or both of them jointly, under section 15(9), (9A), (10) or (10A), 21, 21A or 21B of the Act, to secure the payment of the minimum sum into the member's retirement account, the member or his spouse or both of them shall not mortgage, charge or otherwise encumber the immovable property, without the prior written consent of the Board.”.

[G.N. Nos. S 350/98; S299/99; S 574/2003; S 389/2004]

Made this 30th day of November 2005.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMC 29/68 V14; AG/LEG/SL/36/2005/16 Vol. 1]

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

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