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the amount withdrawn by the member pursuant to regulations made under section 77(1)(h) of the Act (relating to the purchase of immovable properties) or the net value of the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the amount withdrawn by the member pursuant to regulations made under section 77(1)(n) of the Act (relating to the making of investments).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) The amount of the minimum sum that has been set aside by a member at any time is determined according to the following formula:
where A
is the total amount that has been credited into the member’s retirement account at that time;
B
is the total of the following amounts that have been credited into the member’s retirement account at that time:
(a)
any interest under section 6(4) of the Act;
(b)
any additional interest under section 6(4B) of the Act;
(c)
any cash grant (within the meaning of section 14(5) of the Act) credited to the member’s retirement account under section 14(1) of the Act;
(d)
any monthly income due to the member under section 27K(6) of the Act, if —
(i)
the member is a relevant member;
(ii)
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)
that nomination has not, to the best of the Board’s knowledge, been revoked; and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 the member’s retirement account; and
C
is the total of the following amounts that have been withdrawn from the member’s retirement account at that time:
(a)
any amount withdrawn from the member’s retirement account under section 15(9), (9A), (10), (10A), (11), (11A), (11B) or (11C) of the Act;
(b)
any withdrawal from the member’s retirement account referred to in section 21(1), 21A(1) or 21B(1) of the Act;
(c)
any amount transferred or paid to the member’s spouse from the member’s retirement account under section 27B of the Act;
(d)
any amount restored from the member’s retirement account under section 13(7H)(a) of the Act to an account (of that member or any other member) in the Fund;
(e)
any amount refunded to a person from the member’s retirement account under section 13(7I)(a) of the Act.