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credited into that account, excluding the following amounts (notwithstanding that all or any such amounts have been withdrawn since the creation of that account):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.