Central Provident Fund (Lifelong Income Scheme) (Amendment No. 3) Regulations 2015

Status:

Published in Subsidiary Legislation Supplement
on 28 Dec 2015

No. S 788

Central Provident Fund Act

(CHAPTER 36)

Central Provident Fund (Lifelong Income
Scheme) (Amendment No. 3) Regulations 2015

In exercise of the powers conferred by section 27Q of the Central Provident Fund Act, the Minister for Manpower makes the following Regulations:

Citation and commencement

1.—(1) These Regulations may be cited as the Central Provident Fund (Lifelong Income Scheme) (Amendment No. 3) Regulations 2015 and, except for regulation 3, come into operation on 1 January 2016.

(2) Regulation 3 comes into operation on 25 January 2016.

Amendment of regulation 6

2. Regulation 6 of the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (G.N. No. S 393/2009) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by deleting paragraph (2) and substituting the following paragraph:

“(2) A relevant member may apply, in accordance with paragraph (3), for any annuity plan for which the relevant member is eligible.”;

(b)

by deleting paragraphs (4), (5) and (5A) and substituting the following paragraphs:

“(4) If a relevant member referred to in section 27K(2) of the Act does not apply, in accordance with paragraph (3), for any annuity plan for which the relevant member is eligible, the annuity plan issued to the relevant member is the LIFE Standard Plan referred to in item 6 of the Schedule.

(5) Unless otherwise permitted under these Regulations or by the Board, a relevant member is not entitled to change any annuity plan that has been issued to him under this regulation.

(5A) A relevant member’s relevant age is —

(a)	subject to sub‑paragraph (b), the age specified in the second column of the Schedule for the annuity plan issued to the relevant member; or
(b)	an alternative age designated by the relevant member with the permission of the Board under paragraph (5B).

(5B) The Board may, on the application of a relevant member in such form as the Board may require —

(a)	with the approval of the Minister, permit the relevant member whose relevant age under paragraph (5A)(a) is higher than the age of 60 years, to designate as the alternative age the age of 60 years; or
(b)	permit the relevant member to designate as the alternative age any age which is not lower than the relevant member’s relevant age under paragraph (5A)(a).

(5C) If, at the time the Board permits a relevant member to designate the relevant age under paragraph (5A)(b) —

(a)	the Board has commenced payments of monthly income to the relevant member under the relevant member’s annuity plan; and
(b)	the relevant member has not attained that designated relevant age,

the Board must cease the monthly income payments until the relevant member attains the designated relevant age under paragraph (5A)(b).”.

Amendment of regulation 13

3. Regulation 13 of the principal Regulations is amended by deleting the words “79 Robinson Road, Central Provident Fund Building, Singapore 068897” in paragraphs (1)(a) and (2)(a) and substituting in each case the words “238A Thomson Road, #16‑00 Tower A Novena Square, Singapore 307684”.

Amendment of Schedule

4. The Schedule to the principal Regulations is amended by deleting the words “and (4)” in the Schedule reference and substituting the words “, (4) and (5A)(a)”.

[G.N. Nos. S 816/2010; S 43/2012; S 542/2012; S 688/2012; S 476/2013; S 32/2015; S 235/2015]

Made on 24 December 2015.

NG HOW YUE

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 5.2/85 V35; AG/LEGIS/SL/36/2015/6 Vol. 1]

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

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