3.—(1) In these Regulations, unless the context otherwise requires —
“payment” means payment of moneys other than moneys standing to the credit of the payer in the Fund, and “pay” shall be construed accordingly;
“prevailing minimum sum” means such sum as may for the time being be specified by the Minister by notification in the Gazette under section 18B(3)(b) of the Act;
[S 702/2012 wef 01/01/2013]
“relevant deductibles”, in relation to a member, means the total of the following amounts:
(a)
any interest under section 6(4) of the Act that is paid into the member’s retirement account;
(b)
any additional interest under section 6(4B) of the Act that is paid into the member’s retirement account;
(c)
any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account under section 14(1) of the Act; and
(d)
any monthly income due to the member under section 27K(6) of the Act which is paid into his retirement account, in any case where —
(i)
the member is a relevant member;
(ii)
by a memorandum executed in accordance with section 25(1) of the Act, the member has nominated any person to receive that person’s portion of the amount payable on the member’s death out of the Fund in accordance with section 25(1)(a)(iii) of the Act;
(iii)
to the best of the Board’s knowledge, that nomination has not been revoked; and
(iv)
the member has applied to the Board under the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (G.N. No. S 393/2009) for the monthly income to be paid into his retirement account.
[S 702/2012 wef 01/01/2013]
(2) In these Regulations —
(a)
a reference to the minimum sum applicable to a person shall be —
(i)
if the person has attained the age of 55 years before 1st July 1995, the minimum sum specified in the Schedule to the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3);
(ii)
if the person has attained or will attain the age of 55 years on or after 1st July 1995 but before 1st July 2004, the minimum sum specified in the Second Schedule to the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2); and
(iii)
if the person has attained or will attain the age of 55 years on or after 1st July 2004, the minimum sum specified in the First Schedule to the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31); and
[S 538/2012 wef 01/11/2012]
[S 702/2012 wef 01/01/2013]
(b)
a reference to the relevant amount of any member shall be —
(i)
in the case of a member who is below 55 years of age, the total amount in cash standing to his credit in his ordinary and special accounts together with the total amount withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations (Rg 9); and
(ii)
in the case of a member who has attained 55 years of age, the aggregate of the following:
(A)
the total amount in cash standing to his credit in his ordinary and special accounts;
(B)
the total amount that has been credited into his retirement account (notwithstanding any withdrawals therefrom), excluding his relevant deductibles; and
[S 702/2012 wef 01/01/2013]
(C)
the total amount that has been withdrawn by him under the Central Provident Fund (Investment Schemes) Regulations.