Comparison View

Formal Consolidation |  Amended S 747/2015
Payment or transfer of nominee’s portion of amount payable on member’s death out of Fund from member’s nominee accounts
5.—(1)  This regulation applies where —
(a)a member of the Fund has executed a memorandum under section 25(1) of the Act nominating any person to receive the 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;
(b)the Board has been notified in accordance with regulation 4(1) of the death of the member; and
(c)the Board has transferred in accordance with regulation 4(2) the person’s portion of the amount payable on the member’s death out of the Fund to the nominee accounts maintained for the member.
(2)  Subject to paragraphs (3), (4) and (5), for the purposes of section 20(1D)(c) of the Act, the Board may pay the person, from the person’s share of the amount standing to the member’s credit in the member’s nominee ordinary account, nominee special account and nominee retirement account (if any) and any interest accruing thereon (collectively referred to in this regulation as the person’s relevant share) a monthly cash instalment of —
(a)subject to sub-paragraph (b), the higher of the following amounts:
(i)an amount specified by the member for the person in the memorandum; or
(ii)$250; or
(b)if the balance of the relevant share is less than the higher of the amounts referred to in sub-paragraph (a), the entire balance.
(3)  Subject to paragraph (4), the monthly cash instalment referred to in paragraph (2) shall be payable to the person until his relevant share has been exhausted or until his death, whichever is the earlier.
(4)  Where any payment of the monthly cash instalment referred to in paragraph (2) to the person results in a balance of $100 or less in the amount of his relevant share, the Board may permit the entire balance to be paid together with the monthly cash instalment.
(5)  Where the person dies, the entire balance of his relevant share shall be payable to his estate.
(6)  Subject to paragraphs (7), (8) and (9), for the purposes of section 20(1D)(c) of the Act, the Board may transfer the person’s share of the amount standing to the member’s credit in the member’s nominee medisave account and any interest accruing thereon (collectively referred to in this regulation as the person’s medisave share) to the person’s medisave account in periodic instalments of such amounts and intervals as the Board may determine.
(7)  The amount of each periodic instalment referred to in paragraph (6) shall not exceed the difference between —
(a)the basic healthcare sum; and
[S 747/2015 wef 01/01/2016]
(b)the amount standing to the person’s credit in his medisave account at the time when the transfer of that periodic instalment is to take place.
(8)  If the amount standing to the person’s credit in his medisave account at any time exceeds the basic healthcare sum, no amount shall be transferred into his medisave account under paragraph (6) at that time.
[S 747/2015 wef 01/01/2016]
(9)  Where the person dies, the entire balance of his medisave share shall be paid into his account in the Fund.
(10)  In this regulation, “basic healthcare sum” has the same meaning as in regulation 2 of the Central Provident Fund (Medisave Account Transfers) Regulations (Rg 34).
[S 747/2015 wef 01/01/2016]
Informal Consolidation | Amended S 556/2024
Payment or transfer of nominee’s portion of amount payable on member’s death out of Fund from member’s nominee accounts
5.—(1)  This regulation applies where —
(a)a member of the Fund has executed a memorandum under section 25(1) of the Act nominating any person to receive the 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;
(b)the Board has been notified in accordance with regulation 4(1) of the death of the member; and
(c)the Board has transferred in accordance with regulation 4(2) the person’s portion of the amount payable on the member’s death out of the Fund to the nominee accounts maintained for the member.
(2)  Subject to paragraphs (3), (4) and (5), for the purposes of section 20(1D)(c) of the Act, the Board may pay the person, from the person’s share of the amount standing to the member’s credit in the member’s nominee ordinary account, nominee special account and nominee retirement account (if any) and any interest accruing thereon (collectively referred to in this regulation as the person’s relevant share) a monthly cash instalment of —
(a)subject to sub-paragraph (b), the higher of the following amounts:
(i)an amount specified by the member for the person in the memorandum; or
(ii)$250; or
(b)if the balance of the relevant share is less than the higher of the amounts referred to in sub-paragraph (a), the entire balance.
(3)  Subject to paragraph (4), the monthly cash instalment referred to in paragraph (2) shall be payable to the person until his relevant share has been exhausted or until the Board has been notified of the person’s death, whichever is the earlier.
[S 556/2024 wef 01/07/2024]
(4)  Where any payment of the monthly cash instalment referred to in paragraph (2) to the person results in a balance of $100 or less in the amount of his relevant share, the Board may permit the entire balance to be paid together with the monthly cash instalment.
(5)  Where the person dies, the entire balance of his relevant share remaining after payments under paragraphs (3) and (4) (if any) shall be payable to his estate.
[S 556/2024 wef 01/07/2024]
(6)  Subject to paragraphs (7), (8) and (9), for the purposes of section 20(1D)(c) of the Act, the Board may transfer the person’s share of the amount standing to the member’s credit in the member’s nominee medisave account and any interest accruing thereon (collectively referred to in this regulation as the person’s medisave share) to the person’s medisave account in periodic instalments of such amounts and intervals as the Board may determine.
(7)  The amount of each periodic instalment referred to in paragraph (6) shall not exceed the difference between —
(a)the basic healthcare sum; and
[S 747/2015 wef 01/01/2016]
(b)the amount standing to the person’s credit in his medisave account at the time when the transfer of that periodic instalment is to take place.
(8)  If the amount standing to the person’s credit in his medisave account at any time exceeds the basic healthcare sum, no amount shall be transferred into his medisave account under paragraph (6) at that time.
[S 747/2015 wef 01/01/2016]
(9)  Where the person dies, the entire balance of his medisave share remaining after payments under paragraphs (6) and (7) (if any) shall be paid into his account in the Fund.
[S 556/2024 wef 01/07/2024]
(10)  In this regulation, “basic healthcare sum” has the same meaning as in regulation 2 of the Central Provident Fund (Medisave Account Transfers) Regulations (Rg 34).
[S 747/2015 wef 01/01/2016]