Central Provident Fund Act
(Chapter 36, Section 77(1)(o))
Central Provident Fund (New Minimum Sum Scheme) Regulations
Rg 31
G.N. No. S 386/2004

REVISED EDITION 2006
(30th November 2006)
[1st July 2004]
PART I
PRELIMINARY
Citation
1.  These Regulations may be cited as the Central Provident Fund (New Minimum Sum Scheme) Regulations.
Application
2.—(1)  Unless otherwise provided, these Regulations shall apply to all members of the Fund who have attained or will attain the age of 55 years on or after 1st July 2004.
(2)  Notwithstanding paragraph (1), a member of the Fund to whom section 15(2A), (7B) or (8A) of the Act applies, and who has complied with that provision, need not comply with these Regulations.
Definitions
3.  In these Regulations, unless the context otherwise requires —
“annuity plan” has the same meaning as in section 27J of the Act;
[S 397/2009 wef 01/09/2009]
“applicable age”, in relation to a member, means —
(a)in any case where the member is an applicable member, the age of 60 years; or
[S 704/2012 wef 01/01/2013]
(b)in any other case, the relevant age;
“applicable first amount” has the meaning assigned to it in regulation 5(6);
[S 383/2014 wef 01/06/2014]
“applicable member” means a member who is a person referred to in paragraph 3(2)(b), (h), (i), (j) or (k) of the Retirement and Re-employment (Exemption) Notification 2011 (G.N. No. S 560/2011);
[S 704/2012 wef 01/01/2013]
“approved annuity” means an annuity for life, purchased from an insurer, which is approved by the Board;
“approved bank” means any bank approved by the Board;
“bank” has the same meaning as in the Banking Act (Cap. 19);
“basic monthly income” means the monthly income payable to a member under regulation 8A(1), (2) or (3) or 9(2) or (3), as the case may be, from the amount deposited with an approved bank or retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon);
[S 267/2012 wef 01/06/2012]
[S 704/2012 wef 01/01/2013]
“committed amount”  —
(a)in relation to a member who attains the age of 55 years on or after 1st July 2004 but before 1st January 2009 —
(i)in any case where the initial amount is more than 2 times the minimum sum applicable to him, means the minimum sum applicable to him; or
(ii)in any other case, means the amount which remains standing to his credit in his ordinary, special and medisave accounts immediately after all the amounts to be transferred to his retirement account under regulation 5(1) or (2) (as the case may be) have been so transferred, excluding any amount to be retained in his medisave account at that time;
(b)in relation to a member who attains the age of 55 years on or after 1st January 2009 but before 1st January 2013 —
(i)in any case where the initial amount exceeds the applicable first amount, means the difference between the applicable first amount and the minimum sum applicable to him; or
(ii)in any other case, means the amount which remains standing to his credit in his ordinary, special and medisave accounts immediately after all the amounts to be transferred to his retirement account under regulation 5(1) or (2) (as the case may be) have been so transferred, excluding any amount to be retained in his medisave account at that time; and
(c)in relation to a member who attains the age of 55 years on or after 1st January 2013, means $5,000;
[S 383/2014 wef 01/06/2014]
“initial amount”, in relation to a member, means the amount of moneys standing to his credit in the Fund immediately before the transfer of moneys to his retirement account under regulation 5(1) or (2) (as the case may be), excluding any amount to be retained in his medisave account at that time;
[S 383/2014 wef 01/06/2014]
“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore ;
“interest rate” means the rate per annum for the retirement account that the Board may from time to time declare by notification published in the Gazette under section 6(4) of the Act;
[S 327/2008 wef 01/07/2008]
“Lease Buyback Scheme” means a scheme administered by the Housing and Development Board, under which a lessee of an HDB flat who has been approved by the Housing and Development Board to take part in the scheme enters into an agreement with the Housing and Development Board to reduce the term of the lease, in consideration of a sum of money —
(a)which is to be paid in accordance with the terms and conditions of the scheme; and
(b)the whole or part of which may be used for the payment of a premium for an annuity plan under the Scheme;
[S 484/2013 wef 01/08/2013]
“relevant age”, in relation to a member, means —
(a)in the case of a member who has attained the age of 58 years on 31st December 2007, the age of 62 years;
(b)in the case of a member who has attained the age of 56 years but is below the age of 58 years on 31st December 2007, the age of 63 years;
(c)in the case of a member who has attained the age of 54 years but is below the age of 56 years on 31st December 2007, the age of 64 years; or
(d)in any other case, the age of 65 years;
[S 713/2007 wef 01/01/2008]
[S 397/2009 wef 01/09/2009]
“relevant member” and “Scheme” have the same meanings as in section 27J of the Act;
[S 397/2009 wef 01/09/2009]
[S 704/2012 wef 01/01/2013]
“reserved amount”, in relation to a member, means such reserved amount referred to in section 15(6)(c) of the Act as may be applicable to that member under the Central Provident Fund (Reserved Amount) Regulations 2014 (G.N. No. S 380/2014);
[S 383/2014 wef 01/06/2014]
“working day” means any day other than a Saturday, Sunday or public holiday.
[S 704/2012 wef 01/01/2013]