Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations

Central Provident Fund Act

(Chapter 36, Section 77(1))

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the total amount in cash standing to his credit in his ordinary and special accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9); and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amount in cash standing to his credit in his ordinary, special and retirement accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations.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 the 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.

(4) [Deleted by S 513/2007 wef 01/10/2007]

Payment of moneys into 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 the retirement account of a member 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 the 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 —

(i)

the applicable amount, in any case where —

(A)	the retirement account is topped-up under section 18(1)( c) of the Act; and
(B)	the person complies with such terms and conditions as the Board may impose; or

(ii)

the applicable aggregate amount, in any other case; and

[S 395/2009 wef 01/09/2009]

(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 aggregate of the following amounts exceeding the maximum amount referred to in paragraph (1):

(a)	any amount standing to his credit in his retirement account;
(b)	any amount which he has deposited with an approved bank;
(c)	any amount which he has used to purchase an approved annuity from an insurer; and
(d)	any amount which he has used for the payment of the premium referred to in section 27L(1) of the Act. [S 395/2009 wef 01/09/2009]

(3) In this regulation —

“applicable 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);

“applicable amount”, in relation to a person whose retirement account is being topped-up, means 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.

[S 395/2009 wef 01/09/2009]

[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 —

(i)	deposited with an approved bank;
(ii)	used to purchase an approved annuity from an insurer; or
(iii)	used for the payment of the premium referred to in section 27L(1) of the Act; but [S 395/2009 wef 01/09/2009]

(b)

shall not be withdrawn under section 15(9), (9A), (10) or (10A), 21, 21A or 21B of the Act, unless —

(i)	those moneys were paid under section 18(1)(c) of the Act; and
(ii)	the person complies with such terms and conditions as the Board may impose. [S 395/2009 wef 01/09/2009]

(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.—(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]

Death of member, or withdrawal by member under section 15(2)(b) or (c) of Act

11.—(1) Subject to section 19(3) and (4) of the Act, where any moneys have been transferred to a member’s retirement account under section 18(1)(a) or (2)(a) of the Act and in accordance with these Regulations, upon the death of the member, or upon the withdrawal of any sum from the Fund by the member under section 15(2)(b) or (c) of the Act, the moneys so transferred or the balance thereof shall be credited to the ordinary account from which it was transferred.

(2) Subject to section 19(7) and (8) of the Act, where any moneys have been paid to a member’s retirement account before 1st November 2008 under section 18(1)(b) or (2)(b) of the Act as in force immediately before that date and in accordance with these Regulations as in force immediately before that date, upon the death of the member, the moneys so paid or the balance thereof shall be credited to the ordinary account of the person who made the payment.

[S 723/2011 wef 30/12/2011]

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.

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