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 —

[Deleted by S 748/2015 wef 01/01/2016]

“basic healthcare sum” 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 the member’s medisave account will be transferred in accordance with these Regulations;

[S 748/2015 wef 01/01/2016]

“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 basic healthcare sum 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(ii)	any amount withdrawn from his special account pursuant to regulations made under section 77(1)(n) of the Act,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.

[S 748/2015 wef 01/01/2016]

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 basic healthcare sum 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]

[S 748/2015 wef 01/01/2016]

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 basic healthcare sum to his ordinary account if regulations 3 and 4 do not apply.

[S 748/2015 wef 01/01/2016]

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

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