4.—(1) The minimum sum applicable to a member shall —
(a)
be the appropriate amount set out in the second column of the Second Schedule; and
(b)
comprise —
(i)
an amount in cash which is at least that specified in the third column of the Second Schedule; and
(ii)
an amount (not exceeding that specified in the fourth column of that Schedule) covered by a charge on or pledge of an immovable property —
(A)
under section 15(9), (9A), (10), (10A), (11D) or (11E), 21, 21A or 21B of the Act; or
[S 706/2012 wef 01/01/2013]
(B)
where the member is the spouse of any relevant person, under section 15(9), (9A), (10), (10A), (11D) or (11E), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27DA(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act.
[S 706/2012 wef 01/01/2013]
[S 504/2007 wef 01/10/2007]
(1A) 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to the best of the Board’s knowledge, that nomination has not been revoked; and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 706/2012 wef 01/01/2013]
(2) In this regulation —
“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years, who has transferred (other than by way of sale) his estate or interest in an immovable property to his spouse pursuant to an order of court (as defined in section 27A of the Act);