Central Provident Fund Act
(CHAPTER 36, Section 77(1)(o))
Central Provident Fund (New Retirement 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 Retirement Sum Scheme) Regulations.
[S 736/2016 wef 01/01/2017]
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 the case of an applicable member, the age of 60 years; or
(b)in the case of a member (not being an applicable member) —
(i)the age of 62 years, if on 31 December 2007 the member is 58 years of age or older;
(ii)the age of 63 years, if on 31 December 2007 the member is 56 years of age or older but is below the age of 58 years;
(iii)the age of 64 years, if on 31 December 2007 the member is 54 years of age or older but is below the age of 56 years; or
(iv)in any other case, the age of 65 years;
[S 790/2017 wef 01/01/2018]
“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]
[Deleted by S 593/2018 wef 01/10/2018]
[Deleted by S 593/2018 wef 01/10/2018]
[Deleted by S 593/2018 wef 01/10/2018]
[Deleted by S 593/2018 wef 01/10/2018]
“approved benefit” means a pension, annuity or other benefit approved by the Board —
(a)for the purposes of section 15(7A)(e) or (8)(e) of the Act; or
(b)to be taken into account in computing the retirement sum that has been set aside, for the purposes of these Regulations;
[S 593/2018 wef 01/10/2018]
“benefit component”, in relation to a member with partial benefits at any time, means an amount computed in accordance with the formula (P ÷ Q) × R, where —
(a)P is the monthly income that the member is receiving or will receive from all of the member’s approved benefits based on information available to the Board at that time;
(b)Q is the payout benchmark applicable to the member; and
(c)R is the retirement sum applicable to the member;
[S 593/2018 wef 01/10/2018]
“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 retirement sum applicable to him, means the retirement sum applicable to him; or
[S 736/2016 wef 01/01/2017]
(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 retirement sum applicable to him; or
[S 736/2016 wef 01/01/2017]
(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]
“computed amount” means an amount computed in accordance with the provisions in the second or third column of the Second Schedule or the second column of the Third Schedule, as the case may be;
[S 444/2014 wef 01/07/2014]
“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 ;
[S 713/2007 wef 01/01/2008]
“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]
“member with full benefits” means a member who, pursuant to section 15(8)(e) of the Act, does not need to comply with section 15(6)(a) of the Act by reason of the member’s approved benefits;
[S 593/2018 wef 01/10/2018]
“member with partial benefits” means a member whose approved benefits provide the member with a monthly income that is less in value than the payout benchmark applicable to the member;
[S 593/2018 wef 01/10/2018]
“member’s balance” means the amount referred to in section 15(6C)(a) of the Act, and any interest accruing on that amount, standing to the credit of the member;
[S 736/2016 wef 01/01/2017]
“relevant age”, in relation to a member, means —
(a)the age of 62 years, if on 31 December 2007 the member is 58 years of age or older;
(b)the age of 63 years, if on 31 December 2007 the member is 56 years of age or older but is below the age of 58 years;
(c)the age of 64 years, if on 31 December 2007 the member is 54 years of age or older but is below the age of 56 years; or
(d)in any other case, the age of 65 years;
[S 790/2017 wef 01/01/2018]
“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]
“relevant property charge” means a charge under section 21(1), 21A(1), 21B(1), 27E(1)(iv) or 27F(1)(iv) of the Act;
[S 736/2016 wef 01/01/2017]
“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]
Month and deemed date of birth for members born on 29 February
3A.—(1)  Despite section 2(1A)(b) of the Act, for the purposes of regulations 8A, 9, 10 and 10A and the Second Schedule, a person who is born on 29 February is deemed to attain the applicable age in any year that is not a leap year on 28 February of the year in which the member attains that age.
(2)  Despite section 2(1A)(b) of the Act, the month in which a member who is born on 29 February attains the following ages is the month of February:
(a)the age of 65 years, mentioned in the definition of “65th birthday month” in regulation 5A(3);
(b)the age of 90 years, mentioned in regulation 8A(2A)(b)(ii);
(c)the age of 70 years, mentioned in regulation 9A(3)(b).
(3)  To avoid doubt, section 2(1A)(b) of the Act applies to the determination of when a person attains the applicable age for the purposes of regulation 9A(1) and (2)(a).
[S 790/2017 wef 01/01/2018]
[G.N. Nos. S 386/2004; S 263/2005; S 373/2006]