Central Provident Fund (Retirement Sum Topping-Up Scheme) (Amendment No. 2) Regulations 2017

No. S 787

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund
(Retirement Sum Topping-Up Scheme)
(Amendment No. 2) Regulations 2017

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 (Retirement Sum Topping‑Up Scheme) (Amendment No. 2) Regulations 2017 and come into operation on 1 January 2018.

Amendment of regulation 3

2. Regulation 3(1) of the Central Provident Fund (Retirement Sum Topping‑Up Scheme) Regulations (Rg 3) (called in these Regulations the principal Regulations) is amended —

(a)

by deleting the definition of “enhanced retirement sum” and substituting the following definition:

“ “enhanced retirement sum” means 1.5 times of the prevailing retirement sum;”; and

(b)

by deleting the definition of “prevailing retirement sum” and substituting the following definition:

“ “prevailing retirement sum” means the sum set out for the time being in the second column of the last item in the First Schedule to the Central Provident Fund (New Retirement Sum Scheme) Regulations (Rg 31);”.

Amendment of regulation 7

3. Regulation 7 of the principal Regulations is amended by inserting, immediately after paragraph (3), the following paragraph:

“(4) For the purposes of section 18A(2) of the Act, the amount prescribed is the enhanced retirement sum.”.

Amendment of regulation 10C

4. Regulation 10C of the principal Regulations is amended by inserting, immediately after paragraph (2A), the following paragraph:

“(2B) Despite section 2(1A)(b) of the Act, for the purposes of paragraph (2A)(b)(ii), the month in which a member who is born on 29 February is deemed to attain the age of 90 years is February of the year in which the member attains that age.”.

Amendment of regulation 10G

5. Regulation 10G of the principal Regulations is amended —

(a)

by deleting the words “paragraph (1A) applies” in paragraph (1) and substituting the words “paragraphs (2) and (3) apply”;

(b)

by deleting the words “, not being a relevant member, under regulation 10C(1)” in paragraph (1)(a) and substituting the words “under regulation 10C(1) or (2)”; and

(c)

by deleting paragraphs (1A) to (5) and substituting the following paragraphs:

“(2) The Board may make the payments mentioned in paragraph (1) in any manner prescribed in the following sub‑paragraphs, as the Board thinks fit:

(a)	payment into the member’s bank account;
(b)	issuing a cheque or any other physical payment instrument to the member;
(c)	crediting the member’s ordinary account;
(d)	any other manner of payment applied for by the member.

(3) If the Board makes payment in accordance with paragraph (2)(c), the Board may also credit to the member’s ordinary account the whole or part of the interest that would have been payable on the amount of the payment if the payment had been credited to the member’s ordinary account on becoming payable.”.

[G.N. Nos. S 513/2007; S 510/2008; S 105/2009; S 395/2009; S 340/2010; S 723/2011; S 44/2012; S 262/2012; S 537/2012; S 705/2012; S 478/2013; S 851/2013; S 442/2014; S 31/2015; S 853/2015; S 734/2016; S 344/2017]

Made on 26 December 2017.

AUBECK KAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[Plg&Pol/CPFPol/Legis/CPFSL/2017; AG/LEGIS/SL/36/2015/30 Vol. 3]

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

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