Central Provident Fund (Revised Minimum Sum Scheme) Regulations 1995

No. S 305

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Revised Minimum Sum Scheme) Regulations 1995

In exercise of the powers conferred by section 77(1) of the Central Provident Fund Act, the Minister for Labour hereby makes the following Regulations:

PART I

PRELIMINARY

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Revised Minimum Sum Scheme) Regulations 1995 and shall be deemed to have come into operation on 1st July 1995.

Application

2.—(1) Unless otherwise provided, these Regulations shall apply to all members of the Fund who have attained or will attain the age of 55 years on or after 1st July 1995.

(2) Where a provision in these Regulations applies to a member who has attained the age of 55 years before 1st July 1995, the minimum sum applicable to that member shall be the minimum sum specified in the First Schedule.

(3) Where a provision in these Regulations applies to a member who has attained or will attain the age of 55 years on or after 1st July 1995, the minimum sum applicable to that member shall be the minimum sum specified in the Second Schedule.

Definitions

3. In these Regulations —

“approved annuity” means an annuity for life, purchased from an insurer, which is approved by the Board;

“approved bank” means any bank approved by the Board;

“bank” has the same meaning as in the Banking Act (Cap. 19);

“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;

“retirement account” means an account maintained by a member with the Board with the minimum sum which he is required to set aside under section 15(6) of the Act.

Made this 6th day of July 1995.

MOSES LEE KIM POO

Permanent Secretary,
Ministry of Labour,
Singapore.

[ML55.2/85 V5; AG/SL/19/95/2]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).

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