5.—(1) Except where paragraph (2) requires otherwise, not earlier than 2 working days before the date on which a member attains the age of 55 years and not later than that date, the Board shall transfer, from the moneys standing to his credit in the Fund (excluding the reserved amount standing to his credit in his ordinary account and the amount in his medisave account) to his retirement account towards the maintenance of the retirement sum —| (a) | where the member attains that age before 1st January 2009 —| (i) | if the relevant amount at the time of the transfer exceeds 2 times the retirement sum applicable to him, an amount equivalent to the retirement sum applicable to him; | | (ii) | if the relevant amount at the time of the transfer does not exceed 2 times the retirement sum applicable to him but exceeds $10,000, any amount in excess of 50% of the relevant amount; | | (iii) | if the relevant amount at the time of the transfer does not exceed $10,000 but exceeds $5,000, any amount in excess of $5,000; or | | (iv) | if the relevant amount at the time of the transfer does not exceed $5,000, $0; |
| | (b) | where the member attains that age on or after 1st January 2009 but before 1st January 2013 —| (i) | if the relevant amount at the time of the transfer exceeds the applicable first amount, an amount equivalent to the retirement sum applicable to him; | | (ii) | if the relevant amount at the time of the transfer does not exceed the applicable first amount but exceeds the applicable second amount, any amount in excess of the applicable percentage of the relevant amount; | | (iii) | if the relevant amount at the time of the transfer does not exceed the applicable second amount but exceeds $5,000, any amount in excess of $5,000; or | | (iv) | if the relevant amount at the time of the transfer does not exceed $5,000, $0; or |
| | (c) | where the member attains that age on or after 1st January 2013 —| (i) | if the relevant amount at the time of the transfer exceeds the retirement sum applicable to him by $5,000 or more, an amount equivalent to the retirement sum applicable to him; | | (ii) | if the relevant amount at the time of the transfer does not exceed the retirement sum applicable to him by $5,000 or more but exceeds $5,000, any amount in excess of $5,000; or | | (iii) | if the relevant amount at the time of the transfer does not exceed $5,000, $0. [S 619/2008 wef 01/01/2009] [S 704/2012 wef 01/01/2013] [S 383/2014 wef 01/06/2014] [S 736/2016 wef 01/01/2017] |
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| (2) Regulation 9 of the Central Provident Fund (Topping‑Up of Special Account) Regulations (Rg 37) applies to the transfer of the moneys and interest under section 18(4) and (5) of the Act from a member’s special account to his retirement account towards the maintenance of the retirement sum. [S 425/2014 wef 28/06/2014] [S 736/2016 wef 01/01/2017] |
| (2A) [Deleted by S 425/2014 wef 28/06/2014] |
| (3) A member may withdraw any moneys standing to his credit in the Fund (excluding the reserved amount standing to his credit in his ordinary account and the amount in his medisave account) that will not be transferred to his retirement account under paragraphs (1) and (2). [S 619/2008 wef 01/01/2009] [S 383/2014 wef 01/06/2014] [S 736/2016 wef 01/01/2017] |
| (4) Notwithstanding paragraphs (1) and (2), a member may transfer the whole or part of the amount in the member’s ordinary account (excluding any reserved amount standing to the member’s credit in that account) or special account to his retirement account to meet any shortfall in the retirement sum applicable to him, but such transfer shall be subject to such terms and conditions as the Board may impose. [S 619/2008 wef 01/01/2009] [S 852/2015 wef 01/01/2016] [S 736/2016 wef 01/01/2017] |
| (5) The total amount to be transferred under paragraphs (1), (2) and (4) shall not exceed the retirement sum applicable to the member. [S 713/2007 wef 01/01/2008] [S 736/2016 wef 01/01/2017] |
(6) In this regulation —“applicable first amount”, in relation to a member who attains the age of 55 years on or after 1st January 2009 but before 1st January 2013, means the amount of money calculated in accordance with the formula M/(1 – W), where —| (a) | M is the retirement sum applicable to him; and [S 736/2016 wef 01/01/2017] | | (b) | W is —| (i) | 0.4, if he attains that age on or after 1st January 2009 but before 1st January 2010; | | (ii) | 0.3, if he attains that age on or after 1st January 2010 but before 1st January 2011; | | (iii) | 0.2, if he attains that age on or after 1st January 2011 but before 1st January 2012; or | | (iv) | 0.1, if he attains that age on or after 1st January 2012 but before 1st January 2013; |
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“applicable percentage”, in relation to a member who attains the age of 55 years on or after 1st January 2009 but before 1st January 2013, means —| (a) | 40%, if he attains that age on or after 1st January 2009 but before 1st January 2010; | | (b) | 30%, if he attains that age on or after 1st January 2010 but before 1st January 2011; | | (c) | 20%, if he attains that age on or after 1st January 2011 but before 1st January 2012; or | | (d) | 10%, if he attains that age on or after 1st January 2012 but before 1st January 2013; |
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“applicable second amount”, in relation to a member who attains the age of 55 years on or after 1st January 2009 but before 1st January 2013, means the amount of money (in Singapore dollars) calculated in accordance with the formula 5,000/W, where W is —| (a) | 0.4, if he attains that age on or after 1st January 2009 but before 1st January 2010; | | (b) | 0.3, if he attains that age on or after 1st January 2010 but before 1st January 2011; | | (c) | 0.2, if he attains that age on or after 1st January 2011 but before 1st January 2012; or | | (d) | 0.1, if he attains that age on or after 1st January 2012 but before 1st January 2013; |
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“relevant amount” —| (a) | in relation to a member who attains the age of 55 years before 1 January 2016, means the amount of moneys standing to the member’s credit in the Fund (excluding the reserved amount standing to the member’s credit in the member’s ordinary account and the amount to be retained in the member’s medisave account); and | | (b) | in relation to a member who attains the age of 55 years on or after 1 January 2016, means the amount of moneys standing to the member’s credit in the Fund (excluding the reserved amount standing to the member’s credit in the member’s ordinary account and the amount in the member’s medisave account). [S 852/2015 wef 01/01/2016] [S 736/2016 wef 01/01/2017] [S 516/2022 wef 01/07/2022] |
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