Retirement sum required of member
4.—(1)  The retirement 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)the following amounts (which in total must be at least the specified amount in the third column of the Second Schedule):
(A)an amount in cash;
(B)where the member is a member with partial benefits, the member’s benefit component; and
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(ii)the member’s property component (if any) which must not exceed the amount specified in the fourth column of that Schedule.
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(1A)  The amount of the retirement sum that has been set aside by a member (being a member with no approved benefit) at any time is calculated in accordance with the formula A – B – C, where —
(a)A is the total of the following amounts:
(i)the total amount that has been credited into the member’s retirement account up to that time;
(ii)any determined amount paid to the member up to that time from moneys standing to the member’s credit in his ordinary account and special account, other than any excluded paid amount;
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(b)B is the total of the following amounts that have been credited into the member’s retirement account up to that time:
(i)any interest under section 6(4) of the Act;
(ii)any additional interest under section 6(4B) of the Act;
(iii)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, excluding such a cash grant administered by the Ministry of National Development or the Housing and Development Board;
(iv)any monthly income due to the member under section 27K(6) of the Act, if —
(A)the member is a relevant member;
(B)the member has nominated, in accordance with section 25(1)(a)(iii) of the Act, any person to receive a portion of the amount payable on the member’s death out of the Fund;
(C)that nomination is not, to the best of the Board’s knowledge, revoked; and
(D)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;
(v)any amount paid to the member’s account pursuant to regulation 19(1) and (2);
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(vi)any excluded transferred amount; and
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(c)C is the total of the following amounts that have been withdrawn from moneys standing to the credit of the member’s retirement account up to that time (except any amounts withdrawn from the amounts mentioned in sub‑paragraph (b)):
(i)any amount withdrawn from the member’s retirement account under section 15AB(1), (2), (3), (4), (6), (7), (8) or (9) of the Act or a former provision;
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(ii)any amount withdrawn from the member’s retirement account mentioned in section 21(1), 21A(1) or 21B(1) of the Act or transferred to the member’s ordinary account under any of the following regulations:
(A)regulation 17B of the Central Provident Fund (Approved Housing Schemes) Regulations (Rg 12);
(B)regulation 6B of the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations (Rg 14);
(C)regulation 8A of the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations (Rg 4);
(D)regulation 7A of the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13);
(E)regulation 15A of the Central Provident Fund (Non‑Residential Properties Scheme) Regulations (Rg 10);
(F)regulation 23A of the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6);
(iii)any amount transferred or paid to the member’s spouse from the member’s retirement account under section 27B of the Act;
(iv)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;
(v)any amount refunded to a person from the member’s retirement account under section 13(7I)(a) of the Act;
(vi)any amount transferred to a relevant individual from the member’s retirement account under section 18 of the Act;
(vii)any amount withdrawn from the member’s retirement account under regulation 12A;
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(viii)in relation to any cash grant administered by the Ministry of National Development or the Housing and Development Board credited to the member’s retirement account, any amount recovered by the Board from the member’s retirement account pursuant to section 14(3) or (3A) of the Act;
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(ix)any amount of the remaining moneys —
(A)refunded to a giver’s account from the member’s retirement account under section 19D(2) or (7)(a) of the Act; or
(B)paid to a payer, the personal representatives of the payer or a proper claimant from the member’s retirement account under section 19D(3) or (7)(b) of the Act;
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(x)any amount refunded from the member’s retirement account under section 19(1) of the Act as in force on or after 1 April 2022.
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(2)  In this regulation —
[Deleted by S 366/2019 wef 10/05/2019]
“cash amount” means the retirement sum that has been set aside by the member calculated in accordance with paragraph (1A) or regulation 4A, as the case may be;
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“excluded paid amount”, in relation to a determined amount paid to the member, means either of the following, as the case may be:
(a)where the member’s cash amount is determined by the relevant check to be at least the retirement sum applicable to the member — the determined amount;
(b)where the member’s cash amount is determined by the relevant check to be less than the retirement sum applicable to the member — the excess of J over K, where —
(i)J is the sum of the determined amount and the cash amount determined by that relevant check; and
(ii)K is the retirement sum applicable to the member;
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“excluded transferred amount”, in relation to a determined amount transferred to the member’s retirement account, means either of the following, as the case may be:
(a)where the member’s cash amount is determined by the relevant check to be at least the retirement sum applicable to the member — the determined amount;
(b)where the member’s cash amount is determined by the relevant check to be less than the retirement sum applicable to the member — the excess of J1 over K1, where —
(i)J1 is the sum of the determined amount and the cash amount determined by that relevant check; and
(ii)K1 is the retirement sum applicable to the member;
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“giver”, “payer”, “proper claimant” and “remaining moneys” have the meanings given by section 19D(9) of the Act;
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“relevant check” means the last check conducted by the Board for the purposes of determining the member’s cash amount before the payment or transfer (as the case may be) of the determined amount;
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“spouse” includes a former spouse.
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