Central Provident Fund (New Retirement Sum Scheme) Regulations
Table of Contents
Part I PRELIMINARY
1 Citation
2 Application
3 Definitions
Part II MAINTENANCE OF RETIREMENT SUM
4 Retirement sum required of member
5 Withdrawal at age of 55 years and maintenance of retirement sum by member
5A Transfer at prescribed time to retirement account, towards maintenance of retirement sum
5B Transfer to retirement account of amount paid upon sale, transfer, assignment or disposal of immovable property, towards maintenance of retirement sum
5C Transfer to retirement account when whole or part of reserved amount no longer required to be set aside
5D Transfer to retirement account of certain moneys credited to ordinary account or special account under section 19 or 19A of Act
5E Transfer to ordinary account of moneys credited to retirement account under section 19 or 19A of Act in excess of retirement sum
6 Retirement sum for member who is receiving or will receive pension, annuity or other benefit
7 Setting aside of less than 2 times the retirement sum by parties to marriage
8 Topping-up of shortfall in retirement sum during subsequent withdrawals
8A Payment from amount deposited with approved bank or retained in retirement account, in general
9 Payment from amount retained in retirement account, where 2 members have set aside jointly 1.5 times the retirement sum
9A Lump sum payment from amount retained in retirement account on attaining applicable age for members who attain age of 55 years in or after 2012
10 Payment from amount deposited with approved bank or retained in retirement account, where member has pension, annuity or other benefit or approved annuity
10A Additional payment from amount deposited with approved bank or retained in retirement account
10B Payment of lower monthly income under regulation 8A(1) or (3), 9, 10 or 10A
10C Payment of monthly income where balance in retirement account is low
10D Manner of payment from amount retained in retirement account
11 Payment from cash component of retirement sum
11A Payment from amount retained in retirement account where there is relevant property charge
Part III GENERAL PROVISIONS
12 Assessing value of immovable property
13 Restriction on mortgage of property
13A Payment of amount secured by charge or pledge upon sale, transfer, assignment or disposal of immovable property
14 Approved bank or approved annuity
15 Use of amount referred to in section 15(6C)(a) of Act
16 Amount deposited with approved bank
17 Purchase of approved annuity with amount from retirement account
17A Payment of premium for annuity plan under Scheme
18 Closure of account with approved bank, surrender of approved annuity, etc.
19 Death of member
20 Notional date of birth
21 Applications
22 Breach of Regulations
FIRST SCHEDULE Retirement sum applicable
SECOND SCHEDULE
THIRD SCHEDULE
Legislative History