3.—(1) In these Regulations, unless the context otherwise requires —
“applicable member”, in relation to an application under section 18(3) of the Act, means a member who —
(a)
at the time that application is decided by the Board, is entitled to withdraw a sum under section 15(2)(d), (e) or (f) of the Act; and
(b)
has, before that time, been authorised by the Board to withdraw a sum under section 15(2)(d), (e) or (f) of the Act;
[S 854/2015 wef 01/01/2016]
“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 two-thirds of 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]
[S 854/2015 wef 01/01/2016]
“reduced minimum sum”, in relation to an applicable member’s application under section 18(3) of the Act, means the amount last specified, before that application is decided by the Board, by the Minister to be set aside or topped-up in the applicable member’s retirement account under section 15(2A)(a) of the Act;
[S 854/2015 wef 01/01/2016]
“relevant deductibles”, in relation to a member, means the total of the following amounts that have been paid into the member’s retirement account:
(a)
any interest under section 6(4) of the Act;
(b)
any additional interest under section 6(4B) of the Act;
(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 where —
(i)
the member is a relevant member;
(ii)
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)
that nomination has not, to the best of the Board’s knowledge, been revoked; and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 the member’s retirement account.
[S 854/2015 wef 01/01/2016]
(2) In these Regulations, a reference to the relevant amount of a member is the total of the following, where applicable:
(a)
the amount in cash standing to the member’s credit in the member’s ordinary account and special account;
(b)
the amount that has been withdrawn by the member under the Central Provident Fund (Investment Schemes) Regulations (Rg 9);
(c)
if the member is not an applicable member and has attained 55 years of age, the amount of the minimum sum that the member has set aside;
(d)
if the member is an applicable member, the lower of the following:
(i)
the reduced minimum sum applicable to the member;
(ii)
the applicable member’s net retirement amount.
[S 854/2015 wef 01/01/2016]
(3) In these Regulations, the amount of the minimum sum that has been set aside by a member at any time is determined according to the following formula:
where A
is the total amount that has been credited into the member’s retirement account at that time;
B
is the member’s relevant deductibles at that time; and
C
is the total of the following amounts that have been withdrawn from the member’s retirement account at that time:
(a)
any amount withdrawn from the member’s retirement account under section 15(9), (9A), (10), (10A), (11), (11A), (11B) or (11C) of the Act;
(b)
any withdrawal from the member’s retirement account referred to in section 21(1), 21A(1) or 21B(1) of the Act;
(c)
any amount transferred or paid to the member’s spouse from the member’s retirement account under section 27B of the Act;
(d)
any amount restored from the member’s retirement account under section 13(7H)(a) of the Act to an account (of that member or any other member) in the Fund;
(e)
any amount refunded to a person from the member’s retirement account under section 13(7I)(a) of the Act.
[S 854/2015 wef 01/01/2016]
(4) For the purposes of paragraph (2)(d)(ii), the net retirement amount of an applicable member is determined according to the following formula:
where D
is the total of —
(a)
the amount standing to the applicable member’s credit in the applicable member’s retirement account immediately after the applicable member was first authorised by the Board to withdraw a sum under section 15(2)(d), (e) or (f) of the Act (called in this paragraph the applicable member’s first authorisation); and
(b)
the total amount that has been credited into the applicable member’s retirement account on or after the applicable member’s first authorisation;
E
is the total of the amounts from that member’s retirement account which have been utilised for the purposes referred to in section 15(6C) of the Act before the applicable member’s first authorisation;
F
is the member’s relevant deductibles at the time the net retirement amount is determined; and
G
is the total of the following amounts that have been withdrawn from the member’s retirement account at the time the net retirement amount is determined:
(a)
any amount transferred or paid to the member’s spouse from the member’s retirement account under section 27B of the Act;
(b)
any amount restored from the member’s retirement account under section 13(7H)(a) of the Act to an account (of that member or any other member) in the Fund;
(c)
any amount refunded to a person from the member’s retirement account under section 13(7I)(a) of the Act.