Amount of moneys by which retirement account of member or his parent, grandparent or spouse can be topped-up
7.—(1) For the purposes of these Regulations, the maximum amount by which a recipient’s retirement account can be topped-up shall be —
(a)
where the recipient was born before 1st January 1932, $30,000 less the aggregate amount; and
(b)
where the recipient was born on or after 1st January 1932, the minimum sum applicable to him less the aggregate amount.
(2) In this regulation, “aggregate amount”, in relation to a person whose retirement account is being topped-up, means the aggregate of the following amounts on the date the application of the member for the transfer or payment to the recipient is processed:
(a)
the total amount standing to the credit of the recipient in his ordinary and special accounts;
(b)
the total amount that has been credited into the recipient’s retirement account excluding any interest since the creation of the retirement account, notwithstanding that all or any of such amount has been withdrawn since the creation of the retirement account; and
(c)
the total amount withdrawn by the recipient under the Central Provident Fund (Investment Schemes) Regulations (Rg 9).