Comparison View

Formal Consolidation |  2006 RevEd
Calculation of minimum sum
5.  In calculating the minimum sum which a member is required to set aside under section 15(6) of the Act, the Board shall take into account the following matters at the time the member attains the age of 55 years:
(a)the sum standing to the member’s credit in the Fund (excluding the balance in his medisave account);
(b)the amount withdrawn by the member pursuant to regulations made under section 77(1)(h) of the Act (relating to the purchase of immovable properties) or the net value of the immovable property, whichever is the less;
(c)the amount withdrawn by the member pursuant to regulations made under section 77(1)(n) of the Act (relating to the making of investments).
Informal Consolidation | Amended S 708/2012
Calculation of minimum sum, etc.
5.—(1)  In calculating the minimum sum which a member is required to set aside under section 15(6) of the Act, the Board shall take into account the following matters at the time the member attains the age of 55 years:
(a)the sum standing to the member’s credit in the Fund (excluding the balance in his medisave account);
(b)the amount withdrawn by the member pursuant to regulations made under section 77(1)(h) of the Act (relating to the purchase of immovable properties) or the net value of the immovable property, whichever is the less;
(c)the amount withdrawn by the member pursuant to regulations made under section 77(1)(n) of the Act (relating to the making of investments).
[S 708/2012 wef 01/01/2013]
(2)  When determining whether a member has set aside the minimum sum, the Board shall take into account the total amount that has been credited into the member’s retirement account (notwithstanding any withdrawals therefrom), excluding the following amounts:
(a)any interest under section 6(4) of the Act that is paid into the member’s retirement account;
(b)any additional interest under section 6(4B) of the Act that is paid into the member’s retirement account;
(c)any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account under section 14(1) of the Act; and
(d)any monthly income due to the member under section 27K(6) of the Act which is paid into his retirement account, in any case where —
(i)the member is a relevant member;
(ii)by a memorandum executed in accordance with section 25(1) of the Act, the member has nominated any person to receive that person’s portion of the amount payable on the member’s death out of the Fund in accordance with section 25(1)(a)(iii) of the Act;
(iii)to the best of the Board’s knowledge, that nomination has not been revoked; and
(iv)the member has applied to the Board under the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (G.N. No. S 393/2009) for the monthly income to be paid into his retirement account.
[S 708/2012 wef 01/01/2013]