Central Provident Fund (Minimum Sum Scheme) Regulations

Central Provident Fund Act

(Chapter 36, Section 77(1))

Rg 16

G.N. No. S 11/1988

REVISED EDITION 2006

(30th November 2006)

[1st January 1987]

PART I

PRELIMINARY

Citation

1. These Regulations may be cited as the Central Provident Fund (Minimum Sum Scheme) Regulations.

Application

2.—(1) These Regulations shall apply to all members of the Fund who have attained the age of 55 years on or after 1st January 1987 but before 1st July 1995.

(2) Notwithstanding paragraph (1), regulations 4(2), 11(4) and (5) and 12A shall apply to a married couple only if each spouse is a member of the Fund and has attained the age of 55 years on or after 1st January 1987 but before 1st July 1995.

[S 263/2012 wef 01/06/2012]

(3) Notwithstanding paragraphs (1) and (2), a member of the Fund to whom section 15(2A), (7B) or (8A) of the Act applies, and who has complied with that provision, need not comply with these Regulations.

Definitions

3.—(1) In these Regulations, unless the context otherwise requires —

“annuity plan” has the same meaning as in section 27J of the Act;

“approved annuity” means an annuity, purchased from an insurer, which is approved by the Board;

“approved bank” means any bank approved by the Board;

“bank” has the same meaning as in the Banking Act (Cap. 19);

“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;

“monthly income” means the income which a member is entitled —

(a)	to withdraw monthly from the amount of his minimum sum deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act; or
(b)	to be paid monthly under an approved annuity purchased under section 15(6C)(b)(ii) of the Act,

after the member has attained the age of 60 years;

“relevant member” and “Scheme” have the same meanings as in section 27J of the Act.

[S 396/2009 wef 1.9.2009]

(2) The amount which a member shall be entitled to withdraw each month under section 15(7) of the Act, and the amount prescribed by the Minister for the purposes of section 15(8)(e) of the Act, shall be as specified in regulation 14(1).

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