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 and, where he is a relevant member, any relevant monthly income), notwithstanding that all or any of such amount has been withdrawn since the creation of the retirement account; and
[S 44/2012 wef 06/02/2012]
(c)the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9);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 and, where he is a relevant member, any relevant monthly income), notwithstanding that all or any of such amount has been withdrawn since the creation of the retirement account;
[S 44/2012 wef 06/02/2012]
“relevant monthly income”, in relation to a relevant member whose retirement account is being topped-up, means any monthly income due to him under section 27K(6) of the Act which is paid into his retirement account, in any case where —
(a)by a memorandum executed in accordance with section 25(1) of the Act, the member has nominated any person to receive that person’s portion of the amount payable on the member’s death out of the Fund in accordance with section 25(1)(a)(iii) of the Act;
(b)to the best of the Board’s knowledge, that nomination has not been revoked; and
(c)the member has applied to the Board under the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (G.N. No. S 393/2009) for the monthly income to be paid in that manner.
[S 44/2012 wef 06/02/2012]
[S 395/2009 wef 01/09/2009]
[S 513/2007 wef 01/10/2007]