Payment from moneys transferred or paid to retirement account or deposited with approved bank
10B.—(1)  Where any person has attained the age of 55 years on or after 1st January 1987, any moneys transferred or paid to his retirement account under section 18(1)( a), (b) or (c) of the Act which stand to his credit in his retirement account or which have been deposited with an approved bank under regulation 10A(1)( a), including any accrued interest, may be withdrawn by him in accordance with such of the following regulations as may be applicable to him: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).
(2)  Where any person has attained the age of 55 years before 1st January 1987, any moneys transferred or paid to his retirement account under section 18(1)(a), (b) or (c) of the Act which stand to his credit in his retirement account or which have been deposited with an approved bank under regulation 10A(1)(a), including any accrued interest, may be withdrawn by him in accordance with paragraphs (3) and (4).
(3)  The amount which a person referred to in paragraph (2) shall be entitled to withdraw each month, beginning on the date on which he attained the age of 60 years, shall be —
(a)$230 from 1st January 1987 to 31st March 1994;
(b)$237 from 1st April 1994 to 31st March 1995;
(c)$243 from 1st April 1995 to 31st March 1996;
(d)$251 from 1st April 1996 to 31st March 1997;
(e)$260 from 1st April 1997 to 31st March 1998;
(f)$266 from 1st April 1998 to 31st March 1999;
(g)$272 from 1st April 1999 to 30th June 2000;
(h)$282 from 1st July 2000 to 30th June 2001;
(i)$287 from 1st July 2001 to 30th June 2002;
(j)$291 from 1st July 2002 to 30th June 2003; and
(k)$297 from 1st July 2003.
(4)  A person referred to in paragraph (2) may be paid an additional amount each month, beginning on the date on which he attained the age of 60 years, if —
(a)he has applied to the Board, in such manner as the Board may require, for the payment of the additional amount; and
(b)at the time of that application —
(i)the moneys which stand to his credit in his retirement account or which have been deposited with an approved bank under regulation 10A(1)(a), including any accrued interest, are sufficient to entitle him to make withdrawals under paragraph (3), beginning on the date on which he attained the age of 60 years and at every monthly interval thereafter, for a period exceeding 20 years; and
(ii)he satisfies such terms and conditions as the Board may impose.
[S 340/2010 wef 01/07/2010]
(5)  The Board shall determine —
(a)whether any additional amount is payable under paragraph (4); and
(b)if so, the additional amount that is payable.
[S 340/2010 wef 01/07/2010]
(6)  The Board shall base its determination under paragraph (5) on the assumption that the balance of the moneys which stand to the person’s credit in his retirement account or which have been deposited with an approved bank, including any accrued interest, is to be disbursed, through withdrawals made under paragraph (3) and any payment under paragraph (4), over the period beginning on the date on which the person attained the age of 60 years and ending on the later of —
(a)the expiry of 20 years after the date on which the person attained the age of 60 years; or
(b)the expiry of 5 years after the date of the application under paragraph (4)(a).
[S 340/2010 wef 01/07/2010]
(7)  The Board shall, as soon as practicable after making its determination under paragraph (5), notify the person of the determination.
[S 340/2010 wef 01/07/2010]
[S 395/2009 wef 01/09/2009]