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Formal Consolidation |  2006 RevEd
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any interest since the creation of the retirement account, notwithstanding that all or any of such amount has been withdrawn since the creation of the retirement account; and
(c)the total amount withdrawn by the recipient under the Central Provident Fund (Investment Schemes) Regulations (Rg 9).
Informal Consolidation | Amended S 513/2007
Amount of moneys by which retirement account can be topped-up
7.—(1)  For the purposes of these Regulations, the maximum amount by which the retirement account of a person can be topped-up under section 18 (1)(a), (b) or (c) of the Act —
(a)shall be the prevailing minimum sum less the aggregate amount; and
(b)shall exclude any portion of the minimum sum applicable to the person which is covered by a charge on or pledge of an immovable property under section 15 (9), (9A), (10) or (10A), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act.
(2)  No amount shall be transferred or paid to a person’s retirement account under these Regulations if the transfer or payment will result in the total amount of moneys deposited by him with an approved bank or in his retirement account, or used by him to purchase an approved annuity from an insurer, exceeding the maximum amount referred to in paragraph (1).
(3)  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 for the transfer or payment of moneys to his retirement account is processed:
(a)the total amount standing to his credit in his ordinary and special accounts;
(b)the total amount that has been credited into his 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 him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9).
[S 513/2007 wef 01/10/2007]