Central Provident Fund (Medisave Account Transfers) Regulations 2006

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No. S 359

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Medisave Account Transfers) Regulations 2006

In exercise of the powers conferred by section 77(1)(ka) of the Central Provident Fund Act, the Minister for Manpower, after consulting with the Central Provident Fund Board, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Medisave Account Transfers) Regulations 2006 and shall come into operation on 1st July 2006.

Definitions

2. In these Regulations —

“medisave contribution ceiling” means the amount directed by the Minister under section 13(6) of the Act, in excess of which any amount standing to the credit of a member in his medisave account will be transferred in accordance with these Regulations;

“prescribed amount” has the same meaning as in section 18B(3) of the Act.

Transfer to special account

3. The Board shall transfer an amount standing to the credit of a member in his medisave account which is in excess of the medisave contribution ceiling to his special account if —

(a)

he has not attained the age of 55 years; and

(b)

the aggregate of —

(i)	the amount standing to his credit in his special account; and
(ii)	any amount withdrawn from his special account pursuant to regulations made under section 77(1)(n) of the Act,

is less than the prescribed amount.

Transfer to retirement account

4. The Board shall transfer an amount standing to the credit of a member in his medisave account which is in excess of the medisave contribution ceiling to his retirement account if —

(a)

he has attained the age of 55 years; and

(b)

the aggregate of —

(i)	the amount standing to his credit in his retirement account;
(ii)	any amount he has deposited with an approved bank under section 15(6C) of the Act; and
(ii)	any amount he has used to purchase an approved annuity from an insurer under section 15(6C) of the Act,

is less than the minimum sum applicable to him.

Transfer to ordinary account

5. The Board shall transfer an amount standing to the credit of a member in his medisave account which is in excess of the medisave contribution ceiling to his ordinary account if regulations 3 and 4 do not apply.

Made this 20th day of June 2006.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 10/82 V21; AG/LEG/SL/36/2005/31 Vol. 1]

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

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