Central Provident Fund (Lifelong Income Scheme) (Amendment) Regulations 2010

Status:

Published in Subsidiary Legislation Supplement
on 30 Dec 2010

No. S 816

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Lifelong Income Scheme) (Amendment) Regulations 2010

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

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Lifelong Income Scheme) (Amendment) Regulations 2010 and shall come into operation on 1st January 2011.

Deletion and substitution of regulation 5 and new regulation 5A

2. Regulation 5 of the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (G.N. No. S 393/2009) is deleted and the following regulations substituted therefor:

“Amount prescribed for purposes of section 27K(2)(d )(i) of Act

5. For the purposes of section 27K(2)( d)(i) of the Act, the amount prescribed shall be $40,000.

Times and amount prescribed for purposes of section 27K(2)(d)(ii) of Act

5A.—(1) For the purposes of section 27K(2)(d)(ii) of the Act —

(a)

the time prescribed shall be —

(i)	in the case of any member who is a person referred to in regulation 3(e), (o), (p), (q), (s), (w), (x) or (z) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1), and in respect of whom the Board is notified (in such manner as the Board may require, and before the first day of the relevant period) that the member is such a person, the first day of the third month preceding the month in which that member attains the age of 60 years;
(ii)	in the case of any member who is a person referred to in regulation 3(e), (o), (p), (q), (s), (w), (x) or (z) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1), and in respect of whom the Board is notified (in such manner as the Board may require, and during the relevant period) that the member is such a person, 30 days after the date on which the Board is so notified; and
(iii)	in the case of any other member, the first day of the third month preceding the month in which the member attains the age of 65 years; and

(b)

the amount prescribed shall be $60,000.

(2) For the purposes of this regulation, “relevant period”, in relation to a member, means the period —

(a)	beginning on the first day of the fourth month preceding the month in which the member attains the age of 60 years; and
(b)	ending on the last day of the fifth month preceding the month in which the member attains the age of 65 years.”.

Made this 27th day of December 2010.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 3/08 V3; AG/LLRD/SL/36/2010/25 Vol. 1]

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

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