Central Provident Fund Act
(CHAPTER 36, Section 77(1))
Central Provident Fund (Revised Retirement 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 Retirement Sum Scheme) Regulations.
[S 733/2016 wef 01/01/2017]
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 retirement sum applicable to that member shall be the retirement sum specified in the First Schedule.
[S 733/2016 wef 01/01/2017]
(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 retirement sum applicable to that member shall be the retirement sum specified in the Second Schedule.
[S 733/2016 wef 01/01/2017]
(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 —
“annuity plan” has the same meaning as in section 27J of the Act;
[S 394/2009 wef 01/09/2009]
“applicable member” means a member who is a person referred to in paragraph 3(2)(b), (h), (i), (j) or (k) of the Retirement and Re-employment (Exemption) Notification 2011 (G.N. No. S 560/2011);
[S 706/2012 wef 01/01/2013]
[Deleted by S 592/2018 wef 01/10/2018]
[Deleted by S 592/2018 wef 01/10/2018]
“approved benefit” means a pension, annuity or other benefit approved by the Board —
(a)for the purposes of section 15(7A)(e) or (8)(e) of the Act; or
(b)to be taken into account in computing the retirement sum that has been set aside, for the purposes of these Regulations;
[S 592/2018 wef 01/10/2018]
[Deleted by S 592/2018 wef 01/10/2018]
“benefit component”, in relation to a member with partial benefits at any time, means an amount computed in accordance with the formula (P ÷ Q) × R, where —
(a)P is the monthly income that the member is receiving or will receive from all of the member’s approved benefits based on information available to the Board at that time;
(b)Q is the payout benchmark applicable to the member; and
(c)R is the retirement sum applicable to the member;
[S 592/2018 wef 01/10/2018]
“committed amount” means the amount which remains standing to the credit of the member in his ordinary, special and medisave accounts immediately after all the amounts to be transferred to his retirement account under regulation 5(1) or (2) (as the case may be) have been so transferred, excluding the amount to be retained in his medisave account at that time;
[S 381/2014 wef 01/06/2014]
“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]
“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 477/2013 wef 01/08/2013]
“member with full benefits” means a member who, pursuant to section 15(8)(e) of the Act, does not need to comply with section 15(6)(a) of the Act by reason of the member’s approved benefits;
[S 592/2018 wef 01/10/2018]
“member with partial benefits” means a member whose approved benefits provide the member with a monthly income that is less in value than the payout benchmark applicable to the member;
[S 592/2018 wef 01/10/2018]
“member’s balance” means the amount referred to in section 15(6C)(a) of the Act, and any interest accruing on that amount, standing to the credit of the member;
[S 733/2016 wef 01/01/2017]
“property component” means the amount of the applicable charges specified by the Board under regulation 4B;
[S 366/2019 wef 10/05/2019]
“relevant member” and “Scheme” have the same meanings as in section 27J of the Act;
[S 381/2014 wef 01/06/2014]
[S 394/2009 wef 01/09/2009]
“relevant property charge” means a charge under section 21(1), 21A(1), 21B(1), 27E(1)(iv) or 27F(1)(iv) of the Act;
[S 733/2016 wef 01/01/2017]
“reserved amount”, in relation to a member, means such reserved amount referred to in section 15(6)(c) of the Act as may be applicable to that member under the Central Provident Fund (Reserved Amount) Regulations 2014 (G.N. No. S 380/2014);
[S 381/2014 wef 01/06/2014]
[S 366/2019 wef 10/05/2019]
“shortfall in the retirement sum applicable to the member” means the amount by which the retirement sum applicable to the member exceeds the total of the following amounts:
(a)the retirement sum that has been set aside by the member determined in accordance with regulation 4(1A) or 4A, as the case may be;
(b)the property component, if any.
[S 366/2019 wef 10/05/2019]
[G.N. Nos. S 305/95; S 283/96; S 324/97; S 348/98; S 651/98; S 298/99; S 315/2002; S 573/2003; S 654/2003; S 387/2004; S 361/2006]