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] |
“member’s investment amount” means —(a) | in respect of each investment purchased with any amount withdrawn from the member’s special account under Part III or regulation 39 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) (called in these Regulations the Investment Schemes Regulations) that has not been completely disposed of, the amount (if any) by which the amount mentioned in sub‑paragraph (i) exceeds the amount mentioned in sub‑paragraph (ii):(i) | the amount withdrawn from the member’s special account under Part III or regulation 39 (as the case may be) of the Investment Schemes Regulations to purchase the investment; | (ii) | all proceeds from the sale of that investment and benefits of that investment (if any) that are repaid to the member’s special account at any time before the transfer under regulation 6; |
| (b) | in respect of all investments purchased with any amount withdrawn from the member’s ordinary account under Part II or regulation 39 of the Investment Schemes Regulations, the amount (if any) by which the amount mentioned in sub‑paragraph (i) exceeds the amount mentioned in sub‑paragraph (ii):(i) | the amount withdrawn from the member’s ordinary account under Part II or regulation 39 (as the case may be) of the Investment Schemes Regulations to purchase the investments; | (ii) | all proceeds from the sale of the investments and benefits of the investments (if any) that are repaid to the member’s ordinary account at any time before the transfer under regulation 6; and |
| (c) | in respect of all investments purchased with any amount withdrawn from the member’s ordinary account under Part IV or regulation 39 of the Investment Schemes Regulations, the amount (if any) by which the amount mentioned in sub‑paragraph (i) exceeds the amount mentioned in sub‑paragraph (ii):(i) | the amount withdrawn from the member’s ordinary account under Part IV or regulation 39 (as the case may be) of the Investment Schemes Regulations to purchase the investments; | (ii) | the weighted average cost of the investments that are sold under Part IV of the Investment Schemes Regulations at any time before the transfer under regulation 6; |
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[S 732/2016 wef 01/01/2017] |
“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 retirement 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] [S 732/2016 wef 01/01/2017] |
“reduced retirement 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] [S 732/2016 wef 01/01/2017] |
“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, excluding such a cash grant administered by the Ministry of National Development or the Housing and Development Board; [S 732/2016 wef 01/01/2017] | (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 a 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; [S 732/2016 wef 01/01/2017] | (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 732/2016 wef 01/01/2017] |
| (e) | any amount restored to the member’s retirement account under section 13(7H)(a) of the Act from the member’s ordinary account, being an amount which was transferred to the member’s ordinary account under regulation 9A(3) or (4) of the Central Provident Fund (New Retirement Sum Scheme) Regulations (Rg 31); [S 732/2016 wef 01/01/2017] | (f) | any amount paid to the member’s account pursuant to regulation 15 of the Central Provident Fund (Retirement Sum Scheme) Regulations (Rg 16), regulation 19 of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations (Rg 2) or regulation 18 of the Central Provident Fund (New Retirement Sum Scheme) Regulations. [S 732/2016 wef 01/01/2017] |
[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 member’s investment amount, except if —(i) | the Board approves the member’s application under regulation 40(1) of the Investment Schemes Regulations to withdraw all securities which the member purchased or acquired under Part II, III or IV (as the case may be) of those Regulations; or | (ii) | the member has died and the Board has been notified of the member’s death in accordance with regulation 43A of the Investment Schemes Regulations; |
[S 732/2016 wef 01/01/2017] | (c) | if the member is not an applicable member and has attained 55 years of age, the amount of the retirement sum that the member has set aside; [S 732/2016 wef 01/01/2017] | (d) | if the member is an applicable member, the lower of the following:(i) | the reduced retirement sum applicable to the member; [S 732/2016 wef 01/01/2017] | (ii) | the applicable member’s net retirement amount. |
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[S 854/2015 wef 01/01/2016] |
(3) In these Regulations, the amount of the retirement sum that has been set aside by a member at any time is determined according to the formula A – B – C, where —(a) | A is the total amount that has been credited into the member’s retirement account at that time; | (b) | B is the member’s relevant deductibles at that time; and | (c) | C is the total of the following amounts that have been withdrawn from moneys standing to the credit of the member’s retirement account at that time (except any amounts withdrawn from the member’s relevant deductibles):(i) | any amount withdrawn from the member’s retirement account under section 15(9), (9A), (10), (10A), (11), (11A), (11B) or (11C) of the Act; | (ii) | any amount withdrawn from the member’s retirement account mentioned in section 21(1), 21A(1) or 21B(1) of the Act or transferred to the member’s ordinary account under any of the following regulations:(A) | regulation 17B of the Central Provident Fund (Approved Housing Schemes) Regulations (Rg 12); | (B) | regulation 6B of the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations (Rg 14); | (C) | regulation 8A of the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations (Rg 4); | (D) | regulation 7A of the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13); | (E) | regulation 15A of the Central Provident Fund (Non‑Residential Properties Scheme) Regulations (Rg 10); | (F) | regulation 23A of the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6); |
| (iii) | any amount transferred or paid to the member’s spouse from the member’s retirement account under section 27B of the Act; | (iv) | 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; | (v) | any amount refunded to a person from the member’s retirement account under section 13(7I)(a) of the Act; | (vi) | any amount transferred to a relevant individual from the member’s retirement account under section 18 of the Act; | (vii) | any amount withdrawn under regulation 12B of the Central Provident Fund (Retirement Sum Scheme) Regulations, regulation 12A of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations or regulation 11A of the Central Provident Fund (New Retirement Sum Scheme) Regulations. |
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[S 732/2016 wef 01/01/2017] |
(4) For the purposes of paragraph (2)(d)(ii), the net retirement amount of an applicable member is determined according to the formula D + E – F – G, where —(a) | D is the total of —(i) | 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 | (ii) | the total amount that has been credited into the applicable member’s retirement account on or after the applicable member’s first authorisation; |
| (b) | E is the total of the amounts from the applicable member’s retirement account that have been used or withdrawn under section 15(6C)(a), (b) or (c) of the Act before the applicable member’s first authorisation; | (c) | F is the applicable member’s relevant deductibles at the time the net retirement amount is determined; and | (d) | G is the total of the following amounts that have been withdrawn from moneys standing to the credit of the applicable member’s retirement account after the applicable member’s first authorisation at the time the net retirement amount is determined (except any amounts withdrawn from applicable member’s relevant deductibles):(i) | any amount withdrawn from the applicable member’s retirement account mentioned in section 21(1), 21A(1) or 21B(1) of the Act or transferred to the applicable member’s ordinary account under any of the following regulations:(A) | regulation 17B of the Central Provident Fund (Approved Housing Schemes) Regulations; | (B) | regulation 6B of the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations; | (C) | regulation 8A of the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations; | (D) | regulation 7A of the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations; | (E) | regulation 15A of the Central Provident Fund (Non‑Residential Properties Scheme) Regulations; | (F) | regulation 23A of the Central Provident Fund (Residential Properties Scheme) Regulations; |
| (ii) | any amount transferred or paid to the applicable member’s spouse from the applicable member’s retirement account under section 27B of the Act; | (iii) | any amount restored from the applicable 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; | (iv) | any amount refunded to a person from the applicable member’s retirement account under section 13(7I)(a) of the Act; | (v) | any amount withdrawn from the applicable member’s retirement account under section 15(2B) of the Act. |
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[S 732/2016 wef 01/01/2017] |
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