Central Provident Fund Act
(Chapter 36, Section 77(1))
Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations
Rg 3
G.N. No. S 306/1995

REVISED EDITION 2006
(30th November 2006)
[1st July 1995]
Citation
1.  These Regulations may be cited as the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations.
Application
2.—(1)  These Regulations shall apply to the maintenance of a minimum sum, and the transfer or payment of moneys into a retirement account, under section 18(1) of the Act.
(2)  For the avoidance of doubt, these Regulations do not apply to any transfer or payment of moneys into a retirement account under section 18(2) of the Act.
Definitions
3.—(1)  In these Regulations, unless the context otherwise requires —
“payment” means payment of moneys other than moneys standing to the credit of the payer in the Fund, and “pay” shall be construed accordingly;
“prevailing minimum sum” means such sum as may for the time being be specified by the Minister by notification in the Gazette under section 18B(3)(b) of the Act.
[S 513/2007 wef 01/10/2007]
(2)  In these Regulations, a reference to the minimum sum applicable to a person shall be —
(a)if the person has attained the age of 55 years before 1st July 1995, the minimum sum specified in the Schedule;
(b)if the person has attained or will attain the age of 55 years on or after 1st July 1995 but before 1st July 2004, the minimum sum specified in the Second Schedule to the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2); and
(c)if the person has attained or will attain the age of 55 years on or after 1st July 2004, the minimum sum specified in the First Schedule to the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31).
(3)  A reference in these Regulations to the relevant amount of any member shall be —
(a)in the case of a member who is below 55 years of age, the total amount in cash standing to his credit in his ordinary and special accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9); and
(b)in the case of a member who has attained 55 years of age, the total amount in cash standing to his credit in his ordinary, special and retirement accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations.
Transfer of member’s moneys to parent’s, grandparent’s, spouse’s or sibling’s retirement account
4.—(1)  Any member who wishes to transfer an amount of moneys out of the sum standing to his credit in the Fund to the retirement account of his parent, grandparent, spouse or sibling under section 18(1)(a) of the Act shall make an application in such form and supported by such evidence as the Board may require.
(2)  The Board may grant an application made under paragraph (1) subject to such terms and conditions as the Board may impose.
(3)  The Board shall not grant any application made by a member under this regulation if —
(a)in the case of a member who is below 55 years of age on the date his application is processed, the relevant amount of the member on that date is less than or equal to 1.5 timesthe prevailing minimum sum in force; and
(b)in the case of a member who has attained 55 years of age on the date his application is processed, the relevant amount of the member on that date is less than or equal to the minimum sum applicable to him.
Payment of moneys into parent’s, grandparent’s, spouse’s or sibling’s retirement account, and voluntary maintenance of sum in retirement account
5.—(1)  Any person, whether a member of the Fund or otherwise, who wishes —
(a)to pay money into his parent’s, grandparent’s, spouse’s or sibling’s retirement account under section 18(1)(b) of the Act; or
(b)to voluntarily maintain in a retirement account, under section 18(1)(c) of the Act, a minimum sum or any other sum not exceeding the prevailing minimum sum,
shall make an application to the Board in such form and supported by such evidence as the Board may require.
(2)  The Board may grant an application made under paragraph (1) subject to such terms and conditions as the Board may impose.
[S 513/2007 wef 01/10/2007]
Amount of moneys that may be transferred from member’s ordinary account
6.  Where the Board grants a member’s application to transfer moneys out of his ordinary account to top-up his parent’s, grandparent’s, spouse’s or sibling’s retirement account, the amount that may be transferred out of his ordinary account for this purpose shall not exceed —
(a)in the case of a member who is below 55 years of age on the date his application is processed —
(i)an amount equal to the relevant amount of the member on that date less 1.5 timesthe prevailing minimum sum in force; or
(ii)the amount standing to his credit in his ordinary account on that date,
whichever is the lower; and
(b)in the case of a member who has attained 55 years of age on the date his application is processed —
(i)an amount equal to the relevant amount of the member on that date less the minimum sum applicable to him; or
(ii)the amount standing to his credit in his ordinary account on that date,
whichever is the lower.
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]
Topping-up of parent’s retirement account upon sale of immovable property by member
8.—(1)  Where a member —
(a)sells or intends to sell to his parent his estate or interest in an immovable property which that parent occupies, co-owns or co-purchased with the member; and
(b)obtains before such sale or the completion thereof the approval of the Board to top-up that parent’s account,
the member may deduct from the sale price an amount allowed under these Regulations for the topping-up.
(2)  A deduction under paragraph (1) shall be subject to such terms and conditions as the Board may impose.
(3)  In this regulation —
“Housing Authority” has the same meaning as in section 28 of the Act;
“immovable property” means an immovable property purchased by a member from a Housing Authority or lessee of a Housing Authority using moneys withdrawn from the account of the member in the Fund.
9.  [Deleted by S 513/2007 wef 01/10/2007]
Frequency of transfer or payment of moneys to retirement account
10.  No transfer or payment of moneys shall be made by a person under these Regulations to the same retirement account more than once in a year, unless otherwise permitted by the Board and subject to such terms and conditions as the Board may impose.
[S 513/2007 wef 01/10/2007]
Use of moneys transferred or paid to retirement account
10A.—(1)  Any moneys transferred or paid to a person’s retirement account under section 18 (1)(a), (b) or (c) of the Act (including any accrued interest) —
(a)may be deposited with an approved bank or used to purchase an approved annuity from an insurer; but
(b)shall not be withdrawn under section 15 (9), (9A), (10) or (10A), 21, 21A or 21B of the Act.
(2)  Where the minimum sum applicable to a person comprises —
(a)an amount in cash; and
(b)an amount 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,
for the purposes of computing the amount that may be covered by the charge or pledge, the amount in cash shall exclude any moneys transferred or paid to the person’s retirement account under section 18 (1)(a), (b) or (c) of the Act (including any accrued interest).
[S 513/2007 wef 01/10/2007]
Payment from moneys transferred or paid to retirement account or deposited with approved bank
10B.  Where any moneys have been transferred or paid to the retirement account of a person under section 18 (1)(a), (b) or (c) of the Act, or any such moneys have been deposited with an approved bank under regulation 10A(1)(a), those moneys (including any accrued interest) may be withdrawn by him in accordance with such of the following regulations as may be applicable to him:
(a)the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16);
(b)the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2);
(c)the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31).
[S 513/2007 wef 01/10/2007]
Death of member
11.  Subject to section 19 (3) and (4) of the Act, upon the death of a member, any moneys that has been transferred to or paid to the member’s retirement account in accordance with these Regulations or the balance thereof shall be returned to the account of the person who has made the transfer or payment; and where 2 or more persons have made the transfer or payment, the moneys shall be returned to the accounts of the persons in proportion to the amounts of moneys so transferred or paid.
Redemption of charge or pledge of immovable property
12.  Where —
(a)any part of the minimum sum applicable to a member is secured by a charge or pledge against any immovable property; and
(b)any transfer or payment of moneys into the retirement account of the member under these Regulations will result in the amount in cash and charge or pledge set aside by the member as the minimum sum exceeding the minimum sum applicable to the member,
the charge or pledge shall be redeemed to the extent by which the minimum sum applicable to the member is so exceeded.