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) and (2A) 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]

[S 708/2012 wef 01/01/2013]

[S 443/2014 wef 01/07/2014]

(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;

[S 396/2009 wef 01/09/2009]

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

[S 396/2009 wef 01/09/2009]

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

[S 396/2009 wef 01/09/2009]

“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;

“Lease Buyback Scheme” means a scheme administered by the Housing and Development Board, under which a lessee of an HDB flat who has been approved by the Housing and Development Board to take part in the scheme enters into an agreement with the Housing and Development Board to reduce the term of the lease, in consideration of a sum of money —

(a)	which is to be paid in accordance with the terms and conditions of the scheme; and
(b)	the whole or part of which may be used for the payment of a premium for an annuity plan under the Scheme; [S 481/2013 wef 01/08/2013]

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

(a)	to withdraw monthly from the amount standing to his credit in his retirement account that is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act; or [S 708/2012 wef 01/01/2013]
(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;

[S 396/2009 wef 01/09/2009]

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

[S 396/2009 wef 01/09/2009]

(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).

[G.N. Nos. S 11/88; S 111/89; S 228/90; S 296/91; S 121/92; S 77/93; S 111/94; S 304/95; S 282/96; S 323/97; S 350/98; S 299/99; S 574/2003; S 389/2004; S 759/2005; S 370/2006]

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