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) or 18A(1) of the Act.
[S 537/2012 wef 01/11/2012]
(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 —
“annuity plan” has the same meaning as in section 27J of the Act;
[S 262/2012 wef 01/06/2012]
“approved annuity” means an annuity, purchased from an insurer, which is approved by the Board;
[S 262/2012 wef 01/06/2012]
“approved bank” means any bank approved by the Board;
[S 262/2012 wef 01/06/2012]
“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 44/2012 wef 06/02/2012]
“relevant member” has the same meaning as in section 27J of the Act.
[S 44/2012 wef 06/02/2012]
[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)  In these Regulations —
(a)a reference to the relevant amount of any member shall be —
(i)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the total amount in cash standing to his credit in his ordinary and special accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9); and
(ii)in the case of a member who has attained 55 years of age, the aggregate of the following:
(A)the total amount in cash standing to his credit in his ordinary and special accounts;
(B)the total amount that has been credited into his retirement account, excluding the relevant aggregate; and
(C)the total amount that has been withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations; and
(b)for the purposes of sub-paragraph (a)(ii)(B), the relevant aggregate, in relation to a member who has attained 55 years of age, means the aggregate of the following amounts (notwithstanding that all or any such amounts have been withdrawn since the creation of the member’s retirement account):
(i)any interest paid into the member’s retirement account on the amount standing to the credit of the member in that account since the creation of that account;
(ii)any additional interest paid into the member’s retirement account on the whole or any part of the amount standing to the credit of the member in his ordinary account since the creation of his retirement account;
(iii)any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account; and
(iv)where the member is a relevant member, any monthly income due to him under section 27K(6) of the Act which is paid into his retirement account if, and only if —
(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 into his retirement account.
[S 537/2012 wef 01/11/2012]
Transfer of member’s moneys to relevant individual’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 a relevant individual 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.
[S 537/2012 wef 01/11/2012]
(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]
Transfer of member’s moneys to own retirement account
4A.—(1)  Any member who wishes to transfer an amount of moneys out of the sum standing to his credit in his ordinary account or special account, or in both accounts, to his retirement account under section 18A(1) 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.
[S 537/2012 wef 01/11/2012]
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 to relevant individual’s retirement account
6.  Where the Board grants a member’s application to transfer moneys out of his ordinary account to top-up a relevant individual’s retirement account under section 18(1)(a) of the Act, 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.
[S 537/2012 wef 01/11/2012]
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 applicable amount; and
[S 537/2012 wef 01/11/2012]
(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)  For the purposes of these Regulations, the maximum amount which may be transferred from a member’s ordinary account or special account, or both accounts, to his retirement account under section 18A(1) of the Act —
(a)shall be the prevailing minimum sum less the applicable amount; and
(b)shall exclude any portion of the minimum sum applicable to the member 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.
[S 537/2012 wef 01/11/2012]
(3)  In this regulation —
[Deleted by S 537/2012 wef 01/11/2012]
“applicable amount”, in relation to a person whose retirement account is being topped-up, means the total amount that has been credited into that account, excluding the following amounts (notwithstanding that all or any such amounts have been withdrawn since the creation of that account):
(a)any interest paid into the person’s retirement account on the amount standing to the credit of the person in that account since the creation of that account;
(b)any additional interest paid into the person’s retirement account on the whole or any part of the amount standing to the credit of the person in his ordinary account since the creation of his retirement account;
(c)any cash grant (within the meaning of section 14(5) of the Act) credited into the person’s retirement account; and
(d)where the person is a relevant member, any relevant monthly income;
[S 537/2012 wef 01/11/2012]
“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 into his retirement account.
[S 44/2012 wef 06/02/2012]
[S 395/2009 wef 01/09/2009]
[S 513/2007 wef 01/10/2007]
[S 537/2012 wef 01/11/2012]
8.  [Deleted by S 537/2012 wef 01/11/2012]
9.  [Deleted by S 513/2007 wef 01/10/2007]
10.  [Deleted by S 537/2012 wef 01/11/2012]
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 or transferred to a member’s retirement account under section 18A(1) 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 the person complies with such terms and conditions as the Board may impose.
[S 537/2012 wef 01/11/2012]
[S 537/2012 wef 01/11/2012]
(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 or transferred to a member’s retirement account under section 18A(1) of the Act (including any accrued interest).
[S 513/2007 wef 01/10/2007]
[S 537/2012 wef 01/11/2012]
Payment from moneys standing to person’s credit in retirement account or deposited with approved bank, where person attained age of 55 years on or after 1st January 1987
10B.  Where any person has attained the age of 55 years on or after 1st January 1987, any moneys which stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon) 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 262/2012 wef 01/06/2012]
Payment from moneys standing to person’s credit in retirement account or deposited with approved bank, where person attained age of 55 years before 1st January 1987
10C.—(1)  Where any person who has attained the age of 55 years before 1st January 1987 is not a relevant member, and any moneys stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a), he may, subject to paragraphs (2), (3), (4), (5) and (6) and regulation 10D, on the date on which he attained the age of 60 years and at every monthly interval thereafter, be paid from those moneys (including any interest accruing thereon) an income of —
(a)in any case where the balance of those moneys (including any interest accruing thereon) is less than the amount specified in paragraph (7), the entire balance; or
(b)in any other case, the amount specified in paragraph (7).
(2)  Where any person who has attained the age of 55 years before 1st January 1987 is or becomes a relevant member, and any moneys stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a), he may, subject to paragraphs (3) and (4), in the month after he becomes a relevant member and at every monthly interval thereafter, be paid from those moneys (including any interest accruing thereon) an income of an amount (in dollars) computed in accordance with the formula “(A / N) + D”, where —
(a)“A” is the difference between —
(i)the balance (in dollars) of those moneys (including any interest accruing thereon) at the first time when an annuity plan is issued to him; and
(ii)the aggregate amount (in dollars) of —
(A)all payments received by him under this paragraph prior to the payment the amount of which is being computed; and
(B)any other withdrawals from those moneys (including any interest accruing thereon) that are made after the annuity plan referred to in sub-paragraph (i) is issued to him;
(b)“N” is the larger of 60 or the total number of months in the period —
(i)beginning with (and including) the month after the annuity plan referred to in sub-paragraph (a)(i) is issued to him; and
(ii)ending with (and including) the month in which he will attain the age of 90 years; and
(c)“D” is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —
(i)the balance of those moneys (including any interest accruing thereon);
(ii)any additional amount which may be credited to his account with the approved bank or retirement account after the annuity plan referred to in sub-paragraph (a)(i) is issued to him; and
(iii)any interest which may accrue on the additional amount referred to in sub-paragraph (ii).
(3)  Where, prior to becoming a relevant member, a person who has attained the age of 55 years before 1st January 1987 has deposited any moneys with an approved bank under regulation 10A(1)(a), upon becoming a relevant member, the person may, subject to paragraphs (4) and (6), on the date on which he becomes a relevant member and at every monthly interval thereafter, be paid from those moneys (including any interest accruing thereon) an income of —
(a)in any case where the balance of those moneys (including any interest accruing thereon) is less than the amount specified in paragraph (7), the entire balance; or
(b)in any other case, the amount specified in paragraph (7).
(4)  Subject to paragraphs (5) and (6), the monthly income which a person may be paid under paragraph (1), (2) or (3) shall be payable to him until the moneys which stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon) have been exhausted or until his death, whichever is the earlier.
(5)  Subject to paragraph (6), where any person who has attained the age of 55 years before 1st January 1987 is not a relevant member, any moneys stand to his credit in his retirement account, and the balance of those moneys (including any interest accruing thereon) is less than $20, the Board may —
(a)if the person has applied for the monthly income which he may be paid under paragraph (1) to be paid into his account with a bank by inter-bank GIRO, pay him the entire balance in that manner; or
(b)retain the entire balance in the person’s retirement account until there is a balance of not less than $20 in those moneys (including any interest accruing thereon).
(6)  Where paragraph (1) or (3) applies to a person, and any payment of the monthly income which he may be paid under the applicable paragraph results in a balance of $100 or less in the moneys which stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon), the Board may permit the entire balance to be paid together with the monthly income.
(7)  For the purposes of paragraphs (1) and (3), the specified amount 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.
[S 262/2012 wef 01/06/2012]
Additional payment from moneys standing to person’s credit in retirement account or deposited with approved bank, where person attained age of 55 years before 1st January 1987
10D.—(1)  Subject to paragraph (6), a person referred to in regulation 10C(1) may be paid an additional amount, beginning on the date on which he attained the age of 60 years and at every monthly interval thereafter, from the moneys which stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon), 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)those moneys are sufficient to entitle him to receive payment under regulation 10C(1), 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.
(2)  A person referred to in regulation 10C(3) may be paid an additional amount, beginning on the date on which he becomes a relevant member and at every monthly interval thereafter, from the moneys which are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon), 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)those moneys are sufficient to entitle him to receive payment under regulation 10C(3), beginning on the date on which he becomes a relevant member and at every monthly interval thereafter, until after he attains the age of 80 years; and
(ii)he satisfies such terms and conditions as the Board may impose.
(3)  The Board shall determine —
(a)whether any additional amount is payable under paragraph (1) or (2) (as the case may be); and
(b)if so, the additional amount that is payable.
(4)  The Board shall base its determination under paragraph (3) on the assumption that the balance of the moneys which stand to the person’s credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon) is to be disbursed, through payment under regulation 10C(1) or (3) (as the case may be) and any payment under paragraph (1) or (2) (as the case may be), over the period beginning on the date on which the person attained the age of 60 years or becomes a relevant member (as the case may be) and ending on the later of —
(a)the expiry of 20 years after the date on which the member attained the age of 60 years; or
(b)the expiry of 5 years after the date of the application under paragraph (1)(a) or (2)(a) (as the case may be).
(5)  The Board shall, as soon as practicable after making its determination under paragraph (3), notify the person of the determination.
(6)  Where any moneys stand to the credit of a person referred to in paragraph (1) in his retirement account, and the balance of those moneys (including any interest accruing thereon) is less than $20, the Board may —
(a)if the member has applied for the additional amount which he may be paid under paragraph (1) to be paid into his account with a bank by inter-bank GIRO, pay the person the entire balance in that manner; or
(b)retain the entire balance in the person’s retirement account until there is a balance of not less than $20 in those moneys (including any interest accruing thereon).
[S 262/2012 wef 01/06/2012]
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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