Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations 1995

No. S 306

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations 1995

Citation

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

Definition

2.—(1) In these Regulations, “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.

(2) In these Regulations, a reference to the minimum sum applicable to a person shall be —

(a)	if the person has attained the age of 55 years before 1st July 1995, the minimum sum specified in the First Schedule; and
(b)	if the person has attained or will attain the age of 55 years on or after 1st July 1995, the minimum sum specified in the Second Schedule to the Central Provident Fund (Revised Minimum Sum Scheme) Regulations 1995 [G.N. No. S 305/95].

(3) A reference in these Regulations to the total regrossed balance of any person at any date shall be the aggregate of the following:

(a)	the sum standing to the credit of the person in the Fund at that date (excluding the balance in his medisave account);
(b)	the amount withdrawn by the person pursuant to regulations made under section 77(1)(h) of the Act (relating to the purchase of immovable properties);
(c)	the amount withdrawn by the person pursuant to regulations made under section 77(1)(l) of the Act (relating to the purchase of shares in the Singapore Bus Service (1978) Limited);
(d)	the amount withdrawn by the person pursuant to regulations made under section 77(1)(m) of the Act (relating to the purchase of precious metals and securities);
(e)	the amount withdrawn by the person pursuant to regulations made under section 23 of the Act (relating to payment of tuition fees at approved tertiary institution); and
(f)	the sum standing to the member’s credit in any approved employees’ scheme established under section 70 of the Act.

Transfer of member’s moneys to parent’s or spouse’s retirement account

3.—(1) Any member who wishes to transfer an amount of moneys out of the sum standing to his credit in the Fund to the retirement account of his parent or spouse under section 18 (a) of the Act shall make an application in such form and supported by such evidence as the Board may require.

(2) The Board may grant an application made under paragraph (1) subject to such terms and conditions as the Board may impose.

(3) No application shall be made by a member under this regulation unless the total regrossed balance of the member exceeds $90,000 and there is a minimum amount of $16,000 standing to his credit in the ordinary and special accounts.

[S 284/1996 wef 01/07/1996]

Payment of moneys into parent’s or spouse’s retirement account

4.—(1) Any person, whether a member of the Fund or otherwise, who wishes to voluntarily maintain a minimum sum with the Board or to pay moneys into his own or his parent’s or spouse’s retirement account under section 18(b) of the Act shall make an application to the Board in such form and supported by such evidence as the Board may require.

(2) The Board may grant the application of a person made under paragraph (1) subject to such terms and conditions as the Board may impose.

Amount of moneys that may be transferred from member’s account

5. Where a member wishes to transfer any moneys out of his account for the purposes of topping-up his parent’s or spouse’s retirement account, the amount that may be transferred out of his account for this purpose shall be that in excess of $90,000 in his total regrossed balance except that —

(a)	an amount of not less than $16,000 shall remain in his ordinary and special accounts; and
(b)	the amount transferred shall be from his ordinary account. [S 284/1996 wef 01/07/1996]

Maximum topping-up limit

6. For the purposes of regulations 7 and 8, the maximum topping-up limit applicable to a recipient means —

(a)

where the recipient is a member immediately before he attains the age of 55 years —

(i)	if he is born on or after 1st January 1932, the minimum sum applicable to him; and
(ii)	if he is born before 1st January 1932, the applicable limit for him set out in the Second Schedule; and

(b)

where the recipient is not a member immediately before he attains the age of 55 years, the applicable limit for him set out in the Second Schedule.

Amount of money by which member’s own or spouse’s or divorced or widowed parent’s retirement account can be topped-up

7.—(1) In the case of a transfer or payment by a member to the retirement account of his spouse or his divorced or widowed parent, the maximum amount by which the parent’s or spouse’s retirement account can be topped-up shall be —

(a)	where the parent or spouse is a member immediately before he attains the age of 55 years, the maximum topping-up limit applicable to the parent or the spouse under regulation 6(a) less the regrossed balance of that parent or spouse immediately before he attains the age of 55 years; and
(b)	where the parent or the spouse is not a member immediately before he attains the age of 55 years, the maximum topping-up limit applicable to the parent or the spouse under regulation 6(b).

(2) In the case of a payment by a person who is single, divorced or widowed into his own retirement account, the maximum amount by which the person’s own retirement account can be topped-up shall be —

(a)	where the person is a member immediately before he attains the age of 55 years, the maximum topping-up limit applicable to the person under regulation 6(a) less his regrossed balance immediately before he attains the age of 55 years; and
(b)	where the person is not a member immediately before he attains the age of 55 years, the maximum topping-up limit applicable to the member under regulation 6(b).

Amount of moneys that may be paid or transferred to parent where both parents are married and living or to married person’s own account

8. Where the transfer or payment is to —

(a)	the retirement account of a parent where both parents are married and living; or
(b)	a married person’s own retirement account,

the maximum amount by which the parent’s or the person’s retirement account can be topped-up shall be computed in accordance with the formula 1.5L - RB

where L is —

(i)	in a case falling within paragraph (a), the average of the maximum topping-up limit for each parent under regulation 6; or

(ii)	in a case falling within paragraph (b), the average of the maximum topping-up limit for the person and his spouse under regulation 6; and

RB is —

(i)	in a case falling within paragraph (a), the sum of both the total regrossed balance for each parent immediately before he or she attains the age of 55 years; or

(ii)	in a case falling within paragraph (b), the sum of both the total regrossed balance for both the person and his spouse before each of them attains the age of 55 years.

Maximum topped-up balance

9. No transfer or payment of any amount of moneys may be made to a recipient’s retirement account under these Regulations if the transfer or payment of such amount of moneys will result in the total amount of moneys being deposited in his retirement account or with an approved bank or used to purchase an approved annuity exceeding the maximum topping-up limit applicable to the recipient under regulation 6.

Frequency of transfer or payment of moneys to parent’s or spouse’s or own retirement account

10.—(1) No transfer or payment in cash or both transfer and payment shall be made by a person under these Regulations to the same recipient more than once in a calendar year.

(2) All transfers and payments in cash to a recipient under these Regulations shall be made within the period of 10 years commencing from —

(a)	where the recipient has attained the age of 55 years before 1st January 1987, 1st January 1987; or
(b)	where the recipient has attained or will attain the age of 55 years on or after 1st January 1987, the date the recipient attains that age.

Death of member

11. Upon the death of a member, any moneys that has been transferred to or paid to the member’s retirement account in accordance with these Regulations or the balance thereof shall be returned to the account of the person who has made the transfer or payment; and where 2 or more persons have made the transfer or payment, the moneys shall be returned to the accounts of the persons in proportion to the amounts of moneys so transferred or paid.

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).

Search within Legislation