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Central Provident Fund Act

(Chapter 36, Section 77(1))

Central Provident Fund (Revised Minimum Sum Scheme) Regulations

Rg 2

G.N. No. S 305/1995

REVISED EDITION 2006

(30th November 2006)

[1st July 1995]

PART I

PRELIMINARY

Citation

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

Application

2.—(1) Unless otherwise provided, these Regulations shall apply to all members of the Fund who have attained or will attain the age of 55 years on or after 1st July 1995 but before 1st July 2004.

(2) Where a provision in these Regulations applies to a member who has attained the age of 55 years before 1st July 1995, the minimum sum applicable to that member shall be the minimum sum specified in the First Schedule.

(3) Where a provision in these Regulations applies to a member who has attained or will attain the age of 55 years on or after 1st July 1995 but before 1st July 2004, the minimum sum applicable to that member shall be the minimum sum specified in the Second Schedule.

(4) Notwithstanding paragraphs (1), (2) and (3), 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. In these Regulations —

“approved annuity” means an annuity for life, 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 .

[S 394/2009 wef 01/09/2009]