Central Provident Fund (Medisave Account Transfers) Regulations

Status:

Not current version
(version history — see timeline)

Central Provident Fund Act

(CHAPTER 36, Section 77(1)(ka))

Central Provident Fund (Medisave Account Transfers) Regulations

Rg 34

G.N. No. S 359/2006

REVISED EDITION 2006

(30th November 2006)

[1st July 2006]

Citation

1. These Regulations may be cited as the Central Provident Fund (Medisave Account Transfers) Regulations.

Definitions

2. In these Regulations —

“medisave contribution ceiling” means the amount directed by the Minister under section 13(6) of the Act, in excess of which any amount standing to the credit of a member in his medisave account will be transferred in accordance with these Regulations;

“prescribed amount” has the same meaning as in section 18B(3) of the Act.

Transfer to special account

3. The Board shall transfer an amount standing to the credit of a member in his medisave account which is in excess of the medisave contribution ceiling to his special account if —

(a)

he has not attained the age of 55 years; and

(b)

the aggregate of —

(i)	the amount standing to his credit in his special account; and
(ii)	any amount withdrawn from his special account pursuant to regulations made under section 77(1)(n) of the Act,

is less than the prescribed amount.

Transfer to retirement account

4. The Board shall transfer an amount standing to the credit of a member in his medisave account which is in excess of the medisave contribution ceiling to his retirement account if —

(a)

he has attained the age of 55 years; and

(b)

the aggregate of the following amounts is less than the minimum sum applicable to him:

(i)	any amount retained in his retirement account under section 15(6C)(b)(i) of the Act which remains standing to his credit in his retirement account; [S 709/2012 wef 01/01/2013]
(ii)	any amount which he has deposited with an approved bank under section 15(6C)(b)(i) of the Act;
(iii)	any amount which he has used to purchase an approved annuity from an insurer under section 15(6C)(b)(ii) of the Act; and
(iv)	any amount which he has used for the payment of the premium referred to in section 27L(1) or (1A) of the Act. [S 709/2012 wef 01/01/2013] [S 398/2009 wef 01/09/2009]

Transfer to ordinary account

5. The Board shall transfer an amount standing to the credit of a member in his medisave account which is in excess of the medisave contribution ceiling to his ordinary account if regulations 3 and 4 do not apply.

[G.N. No. S 359/2006]

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