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the total amount in cash standing to his credit in his ordinary and special accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9); and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the total amount that has been withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations; and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