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Central Provident Fund (Minimum Sum Scheme) Regulations

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Central Provident Fund Act
(Chapter 36, Section 77(1))
Central Provident Fund (Minimum Sum Scheme) Regulations
Rg 16
G.N. No. S 11/1988
REVISED EDITION 2006
(30th November 2006)
[1st January 1987]
PART I
PRELIMINARY
Citation
1.  These Regulations may be cited as the Central Provident Fund (Minimum Sum Scheme) Regulations.
Application
2.
—(1)  These Regulations shall apply to all members of the Fund who have attained the age of 55 years on or after 1st January 1987 but before 1st July 1995.
(2)  Notwithstanding paragraph (1), regulations 4(2) and (2A) and 12A shall apply to a married couple only if each spouse is a member of the Fund and has attained the age of 55 years on or after 1st January 1987 but before 1st July 1995.
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(3)  Notwithstanding paragraphs (1) and (2), a member of the Fund to whom section 15(2A), (7B) or (8A) of the Act applies, and who has complied with that provision, need not comply with these Regulations.
Definitions
3.
—(1)  In these Regulations, unless the context otherwise requires —
“annuity plan” has the same meaning as in section 27J of the Act;
[S 396/2009 wef 01/09/2009]
“approved annuity” means an annuity, purchased from an insurer, which is approved by the Board;
[S 396/2009 wef 01/09/2009]
“approved bank” means any bank approved by the Board;
[S 396/2009 wef 01/09/2009]
“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;
“Lease Buyback Scheme” means a scheme administered by the Housing and Development Board, under which a lessee of an HDB flat who has been approved by the Housing and Development Board to take part in the scheme enters into an agreement with the Housing and Development Board to reduce the term of the lease, in consideration of a sum of money —
(a)
which is to be paid in accordance with the terms and conditions of the scheme; and
(b)
the whole or part of which may be used for the payment of a premium for an annuity plan under the Scheme;
[S 481/2013 wef 01/08/2013]
“monthly income” means the income which a member is entitled —
(a)
to withdraw monthly from the amount standing to his credit in his retirement account that is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act; or
[S 708/2012 wef 01/01/2013]
(b)
to be paid monthly under an approved annuity purchased under section 15(6C)(b)(ii) of the Act,
after the member has attained the age of 60 years;
[S 396/2009 wef 01/09/2009]
“relevant member” and “Scheme” have the same meanings as in section 27J of the Act.
[S 396/2009 wef 01/09/2009]
(2)  The amount which a member shall be entitled to withdraw each month under section 15(7) of the Act, and the amount prescribed by the Minister for the purposes of section 15(8)(e) of the Act, shall be as specified in regulation 14(1).
PART II
PROVISIONS RELATING TO MINIMUM SUM
Maintenance of minimum sum
4.
—(1)  The minimum sum which a member is required to set aside for any of the purposes mentioned in section 15(6C) of the Act shall be calculated in accordance with the First Schedule.
(2)  Where 2 members of the Fund are parties to a marriage and neither spouse is a relevant member, if one spouse (referred to in this regulation as the first spouse) has already set aside a minimum sum calculated in accordance with the First Schedule, the other spouse shall only be required to set aside an amount calculated in accordance with the First Schedule or an amount equal to the difference between $53,100* and the minimum sum set aside by the first spouse, whichever is the less.
*  With effect from 1st April 1994 to 30th June 1995 (S 304/95).
[S 396/2009 wef 01/09/2009]
(2A)  Where each of the 2 members of the Fund referred to in paragraph (2) has executed before 1st January 2013 a memorandum in accordance with section 15(6A) of the Act, and both of them have agreed that in the event of the death of either member, the Board may transfer to the retirement account of the surviving member such amount in cash standing to the credit of the deceased member in the deceased member’s retirement account as he has nominated the surviving member to receive, then on the death of any one of those members, the Board may —
(a)
transfer to the retirement account of the surviving member an amount standing to the credit of the deceased member in the deceased member’s retirement account, being an amount not exceeding the minimum sum applicable to the surviving member; and
(b)
pay to the surviving member the remainder, if any, of the amount that the deceased member has nominated the surviving member to receive.
[S 708/2012 wef 01/01/2013]
(3)  Nothing in these Regulations shall be construed to prevent any married couple from being treated as separate individuals for the purposes of section 15(6) of the Act.
(4)  Where a member is in receipt of a pension, annuity or other benefit which provides him with a monthly income of less than $272* on attaining the age of 60 years, the minimum sum which the member is required to set aside shall be calculated in accordance with the Second Schedule.
*  With effect from 1st April 1994 to 30th June 1995 (S 304/95).
(5)  Where a member withdraws the sum standing to his credit in the Fund under section 15(2)(a) of the Act at any time after he has attained the age of 55 years, the minimum sum which he is required to set aside under section 15(6) of the Act shall be computed as if the withdrawal had been made by him at the age of 55 years.
Calculation of minimum sum, etc.
5.
—(1)  In calculating the minimum sum which a member is required to set aside under section 15(6) of the Act, the Board shall take into account the following matters at the time the member attains the age of 55 years:
(a)
the sum standing to the member’s credit in the Fund (excluding the balance in his medisave account);
(b)
the amount withdrawn by the member pursuant to regulations made under section 77(1)(h) of the Act (relating to the purchase of immovable properties) or the net value of the immovable property, whichever is the less;
(c)
the amount withdrawn by the member pursuant to regulations made under section 77(1)(n) of the Act (relating to the making of investments).
[S 708/2012 wef 01/01/2013]
(2)  When determining whether a member has set aside the minimum sum, the Board shall take into account the total amount that has been credited into the member’s retirement account (notwithstanding any withdrawals therefrom), excluding the following amounts:
(a)
any interest under section 6(4) of the Act that is paid into the member’s retirement account;
(b)
any additional interest under section 6(4B) of the Act that is paid into the member’s retirement account;
(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; and
(d)
any monthly income due to the member under section 27K(6) of the Act which is paid into his retirement account, in any case where —
(i)
the member is a relevant member;
(ii)
by a memorandum executed in accordance with section 25(1) of the Act, the member has nominated any person to receive that 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;
(iii)
to the best of the Board’s knowledge, that nomination has not 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 his retirement account.
[S 708/2012 wef 01/01/2013]
Minimum sum for member who is receiving or will receive pension, annuity or other benefit
6.
—(1)  If the Board is satisfied that a member is receiving or will receive such pension, annuity or other benefit as may be approved by the Board which will provide the member with a minimum monthly income of an amount that is not less in value than the amount specified in regulation 14(1), the member need not comply with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act.
[S 443/2014 wef 01/07/2014]
(2)  If the Board is satisfied that a member is receiving or will receive such pension, annuity or other benefit as may be approved by the Board which will provide the member with a minimum monthly income of an amount that is less in value than the amount specified in regulation 14(1), the minimum sum applicable to the member shall be the required retention amount less the sum of any amounts which the member has been paid under regulation 12(1), (2) or (3), 13 or 13B before the determination of the required retention amount.
[S 443/2014 wef 01/07/2014]
(3)  For the purposes of paragraph (2), the required retention amount shall be calculated in accordance with the following formula:
image
where I
is the amount specified in regulation 14(1);
M
is the minimum sum applicable to the member;
P
is the monthly income that the pension, annuity or other benefit provides or will provide to the member;
T
is an amount equivalent to the amount transferred to or paid into the member’s retirement account under section 18(1) or 18A(1) of the Act or the member’s special account under section 18(3) of the Act, less any amount that the member had transferred to or paid into the member’s retirement account under the Voluntary Contributions to Retirement Account Scheme; and
B
is the sum of —
 
(a)
the interest, on T, which has accrued (whether paid or not) from the date of the transfer or payment referred to in T to 31 December of the year before the year in which the computation of interest is made (both dates inclusive);
 
(b)
the interest on the amount calculated according to the formula image, which would have accrued from the member’s 55th birthday to 31 December of the year before the year in which the computation of interest is made (both dates inclusive), as if such amount was set aside on the member’s 55th birthday; and
 
(c)
the interest on the amount standing to the member’s credit in the member’s retirement account which has accrued (whether paid or not) during the year, but before the month, in which the computation of interest is made.
[S 34/2015 wef 31/01/2015]
(3A)  In paragraph (3), “Voluntary Contributions to Retirement Account Scheme” means a scheme administered by the Board that —
(a)
had allowed a member (and not any other person) to top up the member’s retirement account by paying moneys into the member’s retirement account under section 18(1) of the Act or transferring moneys standing to the member’s credit in the Fund into the member’s retirement account under section 18(1) or 18A(1) of the Act; and
(b)
had ceased on 1 November 2012.
[S 34/2015 wef 31/01/2015]
(4)  For the purposes of this regulation, the Board —
(a)
shall determine the minimum monthly income provided or to be provided to a member by that member’s pension, annuity or other benefit from any information it may have; and
(b)
may, if it has information of the fixed minimum monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed minimum monthly income to be the minimum monthly income provided or to be provided to the member by that pension, annuity or other benefit.
[S 443/2014 wef 01/07/2014]
Assessing value of immovable property
7. —(1)  [Deleted by S 708/2012 wef 01/01/2013] (2)  [Deleted by S 708/2012 wef 01/01/2013]
(2A)  [Deleted by S 708/2012 wef 01/01/2013]
(3)  For the purposes of assessing the value of any immovable property in respect of which a charge has been created or constituted under section 15(9), (9A), (11D) or (11E), 21, 21A, 21B, 27C(1)(v), 27D(1)(v)(B), 27DA(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act or a pledge has been given under section 15(10) or (10A) or 27D(1)(v)(A) of the Act, the Board may appoint a Government valuer or a licensed valuer to value the immovable property and the expenses of such valuation shall be borne by the member concerned.
[S 503/2007 wef 01/10/2007]
[S 708/2012 wef 01/01/2013]
(4)  Where a member is required to pay the expenses of any valuation under paragraph (3), the Board may, on application being made by the member, and subject to such terms and conditions as it may impose, permit the member to withdraw the whole or part of the amount standing to his credit in the Fund for the payment of such expenses.
(5)  [Deleted by S 708/2012 wef 01/01/2013]
Restriction on mortgage of property
8.
—(1)  As long as a charge or pledge subsists over any immovable property belonging to the member, his spouse, or both of them jointly, under section 15(9), (9A), (10), (10A), (11D) or (11E) of the Act, the member or his spouse or both of them shall not mortgage, charge or otherwise encumber the immovable property, without the prior written consent of the Board.
[S 503/2007 wef 01/10/2007]
[S 708/2012 wef 01/01/2013]
(2)  Where —
(a)
a member is the spouse of any relevant person;
(b)
pursuant to an order of court, the relevant person has transferred (other than by way of sale) the relevant person’s estate or interest in an immovable property to the member; and
[S 708/2012 wef 01/01/2013]
(c)
a charge has been created over the immovable property under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act, or the member has given a pledge in relation to the immovable property under section 27D(1)(v)(A) of the Act,
[S 708/2012 wef 01/01/2013]
the member shall not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board, so long as the charge or pledge subsists to secure the payment of the minimum sum into the member’s retirement account.
[S 503/2007 wef 01/10/2007]
(3)  In paragraph (2) —
“order of court” and “spouse” have the same meanings as in section 27A of the Act;
“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years.
[S 503/2007 wef 01/10/2007]
Payment of amount secured by charge or pledge upon sale, transfer, assignment or disposal of immovable property
8A.
—(1)  Where —
(a)
a member sells, transfers, assigns or otherwise disposes of an immovable property (or any of his estate or interest therein) in respect of which a charge is created or constituted under section 15(9), (9A), (11D) or (11E) of the Act or a pledge is given under section 15(10) or (10A) of the Act, to any person; and
(b)
upon the sale, transfer, assignment or disposal, any amount secured by the charge or pledge is paid to the Board,
the Board shall pay that amount into the member’s ordinary account.
(2)  Where —
(a)
a member sells, transfers, assigns or otherwise disposes of an immovable property (or any of his estate or interest therein) in respect of which a charge is created or constituted under section 27C(1)(v), 27D(1)(v)(B) or 27DA(1)(v) of the Act or a pledge is given under section 27D(1)(v)(A) of the Act, to any person; and
(b)
upon the sale, transfer, assignment or disposal, any amount secured by the charge or pledge is paid to the Fund,
the Board shall pay that amount into the member’s special account.
(3)  For the purposes of section 15(10B) of the Act, each of the following is a prescribed circumstance:
(a)
the death of the member;
(b)
the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal;
(c)
the member complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act;
(d)
the member is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act;
(e)
the immovable property concerned is an HDB flat, and the disposal of the immovable property consists only of a reduction of the term of the lease of the HDB flat pursuant to an agreement entered into by the member, or by the member and the other person or persons referred to in section 15(10) or (10A) of the Act, with the Housing and Development Board under the Lease Buyback Scheme.
(4)  For the purposes of section 15(11F)(e) and (15)(e) of the Act, each of the following is a prescribed event:
(a)
the death of the member;
(b)
the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal;
(c)
the member complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act;
(d)
the member is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act.
(5)  For the purposes of section 27D(1)(vi) of the Act, each of the following is a prescribed circumstance:
(a)
the death of the spouse;
(b)
the spouse is entitled to withdraw the amount standing to the credit of the spouse in the Fund under section 15(2)(b), (c) or (g) of the Act, and the Board has given its authority under section 15(1) of the Act for such withdrawal;
(c)
the spouse complies with section 15(2A)(a), (6)(a), (7B)(a) or (8A)(a) of the Act;
(d)
the spouse is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act;
(e)
the immovable property concerned is an HDB flat, and the disposal of the immovable property consists only of a reduction of the term of the lease of the HDB flat pursuant to an agreement entered into by the spouse, or by the spouse and any other person or persons, with the Housing and Development Board under the Lease Buyback Scheme.
[S 708/2012 wef 01/01/2013]
Transfer to retirement account of amount paid upon sale, transfer, assignment or disposal of immovable property, towards maintenance of minimum sum
8B.
—(1)  Where —
(a)
any part of the minimum sum applicable to a member comprises an amount covered by a charge on or pledge of an immovable property under section 15(9), (9A), (10), (10A), (11D) or (11E), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27DA(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act;
(b)
the member sells, transfers, assigns or otherwise disposes of the immovable property (or any of his estate or interest therein) to any person; and
(c)
upon the sale, transfer, assignment or disposal, any amount is paid into the member’s account in the Fund in accordance with regulation 8A or the relevant regulations,
the Board shall transfer to the member’s retirement account, towards the maintenance of the minimum sum, the whole or such part, as the Board may determine, of the amount paid.
(2)  In this regulation, “relevant regulations” means such of the following regulations as may be applicable in any particular case:
(a)
the Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations (Rg 14);
(b)
the Central Provident Fund (Approved Housing Schemes) Regulations (Rg 12);
(c)
the Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations (Rg 4);
(d)
the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13);
(e)
the Central Provident Fund (Non-Residential Properties Scheme) Regulations (Rg 10);
(f)
the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6).
[S 708/2012 wef 01/01/2013]
Approved bank or approved annuity
9.
—(1)  The Board may, from time to time, approve —
(a)
any bank with which a member may deposit the amount referred to in section 15(6C)(b) of the Act; or
(b)
any annuity which a member may purchase from an insurer using the amount referred to in section 15(6C)(b) of the Act.
(2)  Any bank approved by the Board or any insurer whose annuity has been approved by the Board under paragraph (1) shall comply with the provisions of the Act, these Regulations and the terms, conditions and directions imposed or given by the Board relating to the minimum sum scheme.
[S 396/2009 wef 01/09/2009]
Use of amount referred to in section 15(6C)(b) of Act
9A.
—(1)  A member shall, if he desires to deposit the amount referred to in section 15(6C)(b) of the Act with an approved bank, use the whole of that amount at that time for such deposit.
(2)  A member may, if he desires to use the amount referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer, use the whole or any part of that amount at that time for such purchase.
(3)  A member referred to in section 27K(3) of the Act may, if the Board permits him to join the Scheme, withdraw the whole or any part of any amount referred to in section 15(6C)(b) of the Act which is retained in his retirement account at that time to pay a premium under section 27L(1) of the Act for an annuity plan under the Scheme.
[S 708/2012 wef 01/01/2013]
(4)  A relevant member may, if he desires to be issued with an additional annuity plan under the Scheme, withdraw the whole or any part of any amount referred to in section 15(6C)(b) of the Act which is retained in his retirement account at that time to pay a premium under section 27L(1) of the Act for an additional annuity plan under the Scheme.
[S 396/2009 wef 01/09/2009]
[S 708/2012 wef 01/01/2013]
Depositing amount referred to in section 15(6C)(b) of Act with approved bank
10.
—(1)  A member who wishes to deposit the amount referred to in section 15(6C)(b) of the Act with an approved bank shall first open an account with that bank before 1st January 2014.
[S 850/2013 wef 01/01/2014]
(2)  If the Board is satisfied that the member has opened an account with an approved bank, the Board shall (before 1st January 2014) transfer the amount referred to in section 15(6C)(b) of the Act and any top-up made to meet the shortfall under regulation 13A or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3) to the member’s account in that bank.
[S 850/2013 wef 01/01/2014]
(3)  The moneys standing to the credit of the account of the member in the approved bank shall bear interest at such rate as may be determined by the bank from time to time.
(4)  No member shall be entitled to deposit the amount referred to in section 15(6C)(b) of the Act in more than one account with any approved bank or banks at any one time unless approved by the Board.
[S 396/2009 wef 01/09/2009]
Purchase of approved annuity with amount referred to in section 15(6C)(b) of Act
11.
—(1)  Where a member elects to use the amount referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer, the Board shall, at the request of the member, forward to the insurer in payment for such purchase —
(a)
the whole or any part of that amount and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3); and
(b)
where the purchase price of the approved annuity exceeds that amount, any interest accrued on that amount.
[S 396/2009 wef 01/09/2009]
(2)  Any payment from the approved annuity shall be determined in accordance with the terms and conditions of the approved annuity.
[S 443/2014 wef 01/07/2014]
(3)  [Deleted by S 443/2014 wef 01/07/2014]
(4)  [Deleted by S 443/2014 wef 01/07/2014]
(5)  [Deleted by S 443/2014 wef 01/07/2014]
(6)  [Deleted by S 443/2014 wef 01/07/2014]
(7)  [Deleted by S 443/2014 wef 01/07/2014]
(8)  [Deleted by S 443/2014 wef 01/07/2014]
Payment of premium for annuity plan under Scheme
11A.
—(1)  Where the Board has permitted a member referred to in section 27K(3) of the Act to join the Scheme, the Board shall, on the application of the member, deduct the premium payable by the member for an annuity plan under the Scheme from —
(a)
the whole or any part of the amount referred to in section 15(6C)(b) of the Act and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3); and
(b)
where the premium for the annuity plan exceeds that amount, any interest accrued on that amount.
(2)  Where a relevant member desires to be issued with an additional annuity plan under the Scheme, the Board shall, on the application of the member, deduct the premium payable by the member for the additional annuity plan from —
(a)
the whole or any part of the amount referred to in section 15(6C)(b) of the Act and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations; and
(b)
where the premium for the additional annuity plan exceeds that amount, any interest accrued on that amount.
[S 396/2009 wef 01/09/2009]
Payment from amount deposited with approved bank or retained in retirement account, in general
12.
—(1)  Where a member is not a relevant member, and any amount standing to his credit in his retirement account is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act, he may, subject to paragraphs (2) to (4) and regulations 12A, 13, 13C and 13D, on attaining the age of 60 years and at every monthly interval thereafter, be paid from the amount so deposited or retained (including any interest accruing thereon) an income of —
(a)
in any case where the balance of the amount so deposited or retained (including any interest accruing thereon) is less than the amount specified in regulation 14(1), the entire balance; or
[S 708/2012 wef 01/01/2013]
(b)
in any other case, the amount specified in regulation 14(1).
[S 263/2012 wef 01/06/2012]
[S 443/2014 wef 01/07/2014]
(2)  Where a member is or becomes a relevant member, and any amount standing to his credit in his retirement account is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act, he may, subject to paragraphs (3) and (4), in either the month in which he attains the age of 60 years or the month after he becomes a relevant member, whichever month is later, and at every monthly interval thereafter, be paid from the amount so deposited or retained (including any interest accruing thereon) an income of an amount (in dollars) computed in accordance with the formula “(A ÷ N) + D”, where —
(a)
“A” is the difference between —
(i)
the balance (in dollars) of the amount so deposited or retained and any interest accruing thereon at the first time when an annuity plan is issued to the member; and
(ii)
the aggregate amount (in dollars) of —
(A)
all payments received by the member under this paragraph prior to the payment the amount of which is being computed; and
(B)
any other withdrawals from the amount so deposited or retained and any interest accruing thereon that are made after the annuity plan referred to in sub-paragraph (i) is issued to the member;
[S 708/2012 wef 01/01/2013]
(b)
“N” is the larger of 60 or the total number of months in the period —
(i)
beginning with (and including) either the month in which the member attains the age of 60 years or the month after the annuity plan referred to in sub-paragraph (a)(i) is issued to him, whichever month is later; and
(ii)
ending with (and including) the month in which the member will attain the age of 90 years; and
(c)
“D” is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —
(i)
the balance of the amount so deposited or retained and any interest accruing thereon;
[S 708/2012 wef 01/01/2013]
(ii)
any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan referred to in sub-paragraph (a)(i) is issued to him; and
(iii)
any interest which may accrue on the additional amount referred to in sub-paragraph (ii).
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
(3)  Where, prior to becoming a relevant member, a member has deposited any amount standing to his credit in his retirement account with an approved bank under section 15(6C)(b)(i) of the Act, upon becoming a relevant member, the member may, subject to paragraph (4) and regulation 13D(2), on the date on which he attains the age of 60 years and at every monthly interval thereafter, be paid from the amount so deposited (including any interest accruing thereon) an income of —
(a)
in any case where the balance of the amount so deposited (including any interest accruing thereon) is less than the amount specified in regulation 14(1), the entire balance; or
(b)
in any other case, the amount specified in regulation 14(1).
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(4)  Subject to regulation 13D, the monthly income which a member may be paid under paragraph (1), (2) or (3) shall be payable to him until the amount deposited with an approved bank or retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon) has been exhausted or until his death, whichever is the earlier.
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(5)  [Deleted by S 443/2014 wef 01/07/2014]
(6)  [Deleted by S 443/2014 wef 01/07/2014]
Payment from amount retained in retirement account, where 2 members have set aside jointly 1.5 times the minimum sum
12A.
—(1)  This regulation applies where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 4(2), and that amount is retained in their respective retirement accounts under section 15(6C)(b)(i) of the Act.
[S 443/2014 wef 01/07/2014]
(2)  Subject to paragraph (4) and regulation 13D, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 4(2), the amount which each member may withdraw monthly from the amount retained in their respective retirement accounts shall be $297.
[S 443/2014 wef 01/07/2014]
(3)  Subject to paragraph (4) and regulation 13D, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 4(2), and either member dies or the members are divorced, the amount that the surviving or divorced member may withdraw monthly from the amount of his minimum sum in his retirement account under section 15(6C)(b)(i) of the Act shall not exceed the amount specified in regulation 14(1), unless approved by the Board in any particular case.
[S 263/2012 wef 01/06/2012]
[S 443/2014 wef 01/07/2014]
(4)  Subject to regulation 13D, the monthly income which a member may withdraw under paragraph (2) or (3) shall be payable to him until the amount retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon) has been exhausted or until his death, whichever is the earlier.
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(5)  [Deleted by S 443/2014 wef 01/07/2014]
(6)  [Deleted by S 443/2014 wef 01/07/2014]
Payment from amount deposited with approved bank or retained in retirement account, where member has pension, annuity or other benefit or approved annuity
13.
—(1)  Where a member (not being a relevant member) is in receipt of any pension, annuity or other benefit, the income which the member receives from that pension, annuity or other benefit for the month in which he attains the age of 60 years (or for any month thereafter) is less than the amount specified in regulation 14(1), and any amount standing to his credit in his retirement account is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act, the member shall be paid for that month, from the amount so deposited or retained and any interest accruing thereon, a sum of $297.
(a)
[Deleted by S 443/2014 wef 01/07/2014]
(b)
[Deleted by S 443/2014 wef 01/07/2014]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
[S 396/2009 wef 01/09/2009]
(2)  Where a member (not being a relevant member), at any time after attaining the age of 55 years, has used any amount standing to his credit in his retirement account to purchase an approved annuity, and has any amount remaining in his retirement account under section 15(6C)(b)(i) of the Act, the amount which the member shall be paid each month from the amount remaining in his retirement account and any interest accruing thereon shall be $297.
(a)
[Deleted by S 443/2014 wef 01/07/2014]
(b)
[Deleted by S 443/2014 wef 01/07/2014]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
[S 396/2009 wef 01/09/2009]
(3)  Where a member is receiving or will receive a pension, annuity or other benefit which provides him with a minimum monthly income for life and he has any amount standing to his credit in his retirement account —
(a)
if the minimum monthly income from the pension, annuity or other benefit is equal to or more than the amount specified in regulation 14(1), the member may be paid, in a lump sum, the amount standing to his credit in his retirement account; and
(b)
if the minimum monthly income from the pension, annuity or other benefit is less than the amount specified in regulation 14(1), the member may be paid, in a lump sum, the difference between the amount standing to his credit in his retirement account and the required retention amount referred to regulation 6(3).
[S 443/2014 wef 01/07/2014]
(4)  For the purposes of this regulation, the Board —
(a)
shall determine the minimum monthly income provided or to be provided to a member by that member’s pension, annuity or other benefit from any information it may have; and
(b)
may, if it has information of the fixed minimum monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed minimum monthly income to be the minimum monthly income provided or to be provided to the member by that pension, annuity or other benefit.
[S 443/2014 wef 01/07/2014]
Topping-up of shortfall in minimum sum at subsequent withdrawal
13A.
—(1)  Where a member —
(a)
has withdrawn any money from the Fund under section 15(10) of the Act in respect of a studio apartment sold by the Housing and Development Board or under section 14A(4) of the Act; and
(b)
does not have sufficient funds to maintain the minimum sum required of him in his retirement account,
the member shall, at any withdrawal after he attains the age of 55 years, transfer half the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) to his retirement account to meet the shortfall in the minimum sum except where the amount to be transferred is less than $100.
(2)  Notwithstanding paragraph (1), a member may transfer the whole or part of the amount in his ordinary or special account to his retirement account to meet the shortfall in the minimum sum subject to such terms and conditions as the Board may impose.
Additional payment from amount deposited with approved bank or retained in retirement account
13B.
—(1)  Subject to regulation 13C, a member who is entitled to receive payment under regulation 12(1) or (3), 12A or 13 may be paid an additional amount, beginning on the date on which he attains the age of 60 years and at every monthly interval thereafter, from any amount standing to his credit in his retirement account that is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act and any interest accruing thereon, if —
(a)
he has applied to the Board, in such manner as the Board may require, for the payment of the additional amount; and
(b)
at the time of that application —
(i)
he has attained the age of 55 years;
(ii)
the amount so deposited or retained and any interest accruing thereon is sufficient to entitle him to receive payment under regulation 12(1) or (3), 12A or 13, as the case may be, beginning on the date on which he attains the age of 60 years and at every monthly interval thereafter, for a period exceeding 20 years; and
[S 708/2012 wef 01/01/2013]
(iii)
he satisfies such terms and conditions as the Board may impose.
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(2)  The Board shall determine —
(a)
whether any additional amount is payable under paragraph (1); and
(b)
if so, the additional amount that is payable.
(3)  The Board shall base its determination under paragraph (2) on the assumption that the balance of the amount deposited with the approved bank or retained in the member’s retirement account, and any interest accruing thereon, is to be disbursed, through payment under regulation 12(1) or (3), 12A or 13, as the case may be, and any payment under paragraph (1), over the period beginning on the date on which the member attains the age of 60 years and ending on the later of —
(a)
the expiry of 20 years after the date on which the member attains the age of 60 years; or
(b)
the expiry of 5 years after the date of the application under paragraph (1)(a).
[S 708/2012 wef 01/01/2013]
(4)  The Board shall, as soon as practicable after making its determination under paragraph (2), notify the member of the determination.
[S 341/2010 wef 01/07/2010]
(5)  [Deleted by S 443/2014 wef 01/07/2014]
Payment of lower monthly income under regulation 12(1) or (3), 12A, 13 or 13B
13C.
—(1)  Despite regulation 12(1) or (3), 12A, 13 or 13B, a member who is entitled to receive a monthly income under any of those provisions may apply to the Board to be paid a monthly income, specified in his application, of an amount less than the monthly income provided by that provision.
(2)  The Board may approve an application made under paragraph (1) on such terms and conditions as the Board may impose.
[S 443/2014 wef 01/07/2014]
Payment of monthly income where balance in retirement account is low
13D.
—(1)  Subject to paragraph (2), where any amount is retained in a member’s retirement account under section 15(6C)(b)(i) of the Act, and the balance of the amount so retained (including any interest accruing thereon) is less than $20, the Board may —
(a)
if the member has applied for the monthly income which he may be paid under regulation 12(1), 12A, 13, 13B or 13C to be paid into his account with a bank by inter-bank GIRO, pay the member the entire balance in that manner; or
(b)
retain the entire balance in the member’s retirement account until there is a balance of not less than $20 in the amount so retained (including any interest accruing thereon).
(2)  Where any payment of the monthly income which a member may be paid under regulation 12(1) or (3), 12A, 13, 13B or 13C results in a balance of $100 or less in the amount retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon), the Board may permit the entire balance to be paid together with the monthly income.
[S 443/2014 wef 01/07/2014]
Manner of payment from amount retained in retirement account
13E.
—(1)  Subject to paragraph (2), where a member is not a relevant member, and any amount standing to the member’s credit in the member’s retirement account is retained in that account under section 15(6C)(b)(i) of the Act, the Board shall pay any monthly income or amount due to the member under regulation 12(1), 12A(2) or (3), 13(1) or (2) or 13C(1), any balance due to the member under regulation 13D(2) or any additional amount due to the member under regulation 13B(1) —
(a)
into the member’s account with a bank, where the member has applied, and the Board has approved the member’s application, for the payment to be credited into that bank account;
(b)
by issuing a cheque or any other physical payment instrument to the member, where the member has applied, and the Board has approved the member’s application, for the payment to be made in that manner; or
(c)
to the member in such other manner as the Board thinks fit, in any other case.
(2)  Despite paragraph (1)(b) and (c), the Board may pay the monthly income, amount, balance or additional amount, as the case may be, due to the member referred to in paragraph (1) by issuing a cheque or any other physical payment instrument to the member, where the member has not applied for the payment to be made in that manner.
(3)  Subject to paragraph (4), where a member is or becomes a relevant member, and any amount standing to the member’s credit in the member’s retirement account is retained in that account under section 15(6C)(b)(i) of the Act, the Board shall pay any monthly income due to the member under regulation 12(2) —
(a)
into the member’s account with a bank, where the member has applied, and the Board has approved the member’s application, for the payment to be credited into that bank account;
(b)
by issuing a cheque or any other physical payment instrument to the member, where the member has applied, and the Board has approved the member’s application, for the payment to be made in that manner; or
(c)
into the member’s ordinary account, in any other case.
(4)  Despite paragraph (3)(a) and (b), the Board shall pay the monthly income due under regulation 12(2) to the member referred to in paragraph (3) into the member’s ordinary account, if —
(a)
in a case referred to in paragraph (3)(a), the payment into the member’s bank account is unsuccessful; or
(b)
in a case referred to in paragraph (3)(b), the cheque or other physical payment instrument relating to the payment has been returned to the Board or has expired.
(5)  Where paragraph (4)(a) or (b) applies, the monthly income shall be paid into the ordinary account of the member referred to in paragraph (3) as soon as practicable after the Board is notified of the unsuccessful payment into the member’s bank account, or after the cheque or other physical payment instrument has been returned to the Board or has expired (whichever is the earlier), as the case may be.
[S 34/2015 wef 31/01/2015]
Specified amount
14.
—(1)  For the purposes of regulations 3(2), 12(1) and (3), 12A(3) and 13(1), the specified amount shall be as follows:
Specified amount
 
Operative date
(a)
$230
 
from 1st January 1987 to 31st March 1994.
(b)
$237
 
from 1st April 1994 to 31st March 1995.
(c)
$243
 
from 1st April 1995 to 31st March 1996.
(d)
$251
 
from 1st April 1996 to 31st March 1997.
(e)
$260
 
from 1st April 1997 to 31st March 1998.
(f)
$266
 
from 1st April 1998 to 31st March 1999.
(g)
$272
 
from 1st April 1999 to 30th June 2000.
(h)
$282
 
from 1st July 2000 to 30th June 2001.
(i)
$287
 
from 1st July 2001 to 30th June 2002.
(j)
$291
 
From 1st July 2002 to 30th June 2003.
(k)
$297
 
From 1st July 2003.
[S 396/2009 wef 01/09/2009]
[S 443/2014 wef 01/07/2014]
(2)  [Deleted by S 443/2014 wef 01/07/2014]
(3)  [Deleted by S 396/2009 wef 01/09/2009]
PART III
GENERAL PROVISIONS
Termination of account with approved bank or surrender of approved annuity
15.
—(1)  Where a member, who has deposited the amount referred to in section 15(6C)(b) of the Act in an account with an approved bank, closes the account and does not open another account with another approved bank before 1st January 2014 or does not purchase an approved annuity from an insurer, the approved bank in which the account was opened shall immediately transfer all the moneys in that account to the member’s retirement account.
[S 850/2013 wef 01/01/2014]
(2)  Where a member surrenders his approved annuity and does not purchase another approved annuity or does not (before 1st January 2014) open an account with an approved bank, the insurer from whom the approved annuity was purchased shall immediately transfer all the moneys representing the surrender value of the approved annuity to the member’s retirement account.
[S 850/2013 wef 01/01/2014]
(3)  Where a member who is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act surrenders the pension, annuity or other benefit and does not purchase an approved annuity or does not (before 1st January 2014) open an account with an approved bank, the member shall transfer all the moneys representing the surrender value of the pension, annuity or other benefit or, where the surrender value of the pension, annuity or other benefit is more than the minimum sum applicable to him, an amount equal to the value of the minimum sum to his retirement account.
[S 396/2009 wef 01/09/2009]
[S 708/2012 wef 01/01/2013]
[S 850/2013 wef 01/01/2014]
Death of member
16.  Where a member has deposited the amount referred to in section 15(6C)(b) of the Act with an approved bank or has used that amount to purchase an approved annuity from an insurer, upon the death of the member, that amount or any balance thereof or the amount representing the residual value of his approved annuity shall be transferred to his account in the Fund to be dealt with in accordance with law.
[S 396/2009 wef 01/09/2009]
[S 708/2012 wef 01/01/2013]
Notional date of birth
17.  For the purposes of these Regulations, where the date of birth of a member cannot be ascertained or is doubtful, his date of birth shall be deemed to be 1st January of the year in which he was born.
Procedure for withdrawal of amount referred to in section 15(6C)(b) of Act, etc.
18.  Every application by any person —
(a)
for the withdrawal of the amount referred to in section 15(6C)(b) of the Act for deposit with an approved bank;
[S 396/2009 wef 01/09/2009]
[S 708/2012 wef 01/01/2013]
(aa)
for the withdrawal of any amount retained in a retirement account under section 15(6C)(b)(i) of the Act;
[S 708/2012 wef 01/01/2013]
(b)
for the withdrawal of the amount referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer;
[S 396/2009 wef 01/09/2009]
(ba)
under regulation 11A(1) or (2);
[S 396/2009 wef 01/09/2009]
(c)
for exemption under section 15(8) of the Act; or
(d)
for any purpose in connection with these Regulations,
shall be made in such forms and supported by such evidence as the Board may require.
[S 396/2009 wef 01/09/2009]
Breach of Regulations
19.  If a member commits a breach of any of the provisions of these Regulations or, if for any purpose connected with these Regulations, makes a false representation or furnishes any false information the Board may —
(a)
require the member to refund to his retirement account any amount withdrawn by him from the amount referred to in section 15(6C)(b) of the Act, together with the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made; or
[S 707/2007 wef 01/01/2008]
[S 396/2009 wef 01/09/2009]
(b)
require the member to surrender the approved annuity purchased with the amount referred to in section 15(6C)(b) of the Act and refund all the moneys representing the surrender value of the approved annuity to his retirement account, together with the whole or such part, as the Board may determine, of the interest that would have been payable on the moneys withdrawn to purchase the approved annuity if the withdrawal had not been made.
[S 707/2007 wef 01/01/2008]
[S 396/2009 wef 01/09/2009]
FIRST SCHEDULE
Regulation 4(1) and (2)
(From 1st April 1994 to 30th June 1995)
    Minimum sum which a member is required to set aside under section 15(6) of the Act at the time the member withdraws the sum standing to his credit in the Fund under section 15(2)(a) of the Act.
First column
 
Second column
 
Third column
CPF balance as at age of 55 years (excluding amount to be retained in medisave account)
 
Amount entitled to be withdrawn
 
Amount to be deposited or used in accordance with section 15 (6C) of the Act
(1)
$11,900 or less
 
All
 
Nil
(2)
More than $11,900 but not more than $23,800
 
$11,900
 
The remainder
(3)
More than $23,800 but not more than $70,800
 
Half
 
Half
(4)
More than $70,800
 
All except $35,400
 
$35,400.
SECOND SCHEDULE
Regulation 4(4)
(From 1st April 1994 to 30th June 1995)
    Where a member is in receipt of a pension, annuity or other benefit which provides him with a monthly income of less than $272 on attaining the age of 60 years, the minimum sum to be set aside by the member at the age of 55 years shall be calculated using the following formula:
image
OR
the minimum sum specified in accordance with the Table set out in the First Schedule, whichever is the less.
[G.N. Nos. S 11/88; S 111/89; S 228/90; S 296/91; S 121/92; S 77/93; S 111/94; S 304/95; S 282/96; S 323/97; S 350/98; S 299/99; S 574/2003; S 389/2004; S 759/2005; S 370/2006]

LEGISLATIVE HISTORY

Central Provident Fund (Minimum Sum Scheme) Regulations
(CHAPTER 36, Rg 16)
This Legislative History is provided for the convenience of users of the Central Provident Fund (Minimum Sum Scheme) Regulations. It is not part of this Scheme.
1.  
G. N. No. S 11/1988—Central Provident Fund (Minimum Sum Scheme) Regulations 1988
Date of commencement
:
1 January 1987
2.  
G. N. No. S 111/1989—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1989
Date of commencement
:
1 April 1989
(Regulations 3, 4, 5, 7, 8 and 9)
3.  
G. N. No. S 228/1990—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1990
Date of commencement
:
1 April 1990
4.  
1990 Revised Edition—Central Provident Fund (Minimum Sum Scheme) Regulations
Date of commencement
:
25 March 1992
5.  
G. N. No. S 121/1992—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1992
Date of commencement
:
1 April 1992
6.  
1993 Revised Edition—Central Provident Fund (Minimum Sum Scheme) Regulations
Date of operation
:
1 April 1993
7.  
G. N. No. S 77/1993—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1993
Date of commencement
:
1 April 1993
8.  
G. N. No. S 111/1989—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1989
Date of commencement
:
1 April 1994
(Regulations 2 and 6)
9.  
G. N. No. S 111/1994—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1994
Date of commencement
:
1 April 1994
10.  
G. N. No. S 304/1995—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1995
Date of commencement
:
1 July 1995
11.  
G. N. No. S 282/1996—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1996
Date of commencement
:
1 July 1996
12.  
G. N. No. S 323/1997—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1997
Date of commencement
:
1 July 1997
13.  
1998 Revised Edition—Central Provident Fund (Minimum Sum Scheme) Regulations
Date of operation
:
1 January 1998
14.  
G. N. No. S 350/1998—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1998
Date of commencement
:
1 July 1998
15.  
G. N. No. S 299/1999—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1999
Date of commencement
:
1 July 1999
16.  
G. N. No. S 574/2003—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2003
Date of commencement
:
9 December 2003
17.  
G. N. No. S 389/2004—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2004
Date of commencement
:
1 July 2004
18.  
G. N. No. S 759/2005—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2005
Date of commencement
:
1 December 2005
19.  
G. N. No. S 370/2006—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2006
Date of commencement
:
1 July 2006
20.  
2006 Revised Edition—Central Provident Fund (Minimum Sum Scheme) Regulations
Date of operation
:
30 November 2006
21.  
G. N. No. S 503/2007—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2007
Date of commencement
:
1 October 2007
22.  
G. N. No. S 707/2007—Central Provident Fund (Minimum Sum Scheme) (Amendment No. 2) Regulations 2007
Date of commencement
:
1 January 2008
23.  
G. N. No. S 396/2009—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2009
Date of commencement
:
1 September 2009
24.  
G. N. No. S 341/2010—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2010
Date of commencement
:
1 July 2010
25.  
G.N. No. S 263/2012—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2012
Date of commencement
:
1 June 2012
26.  
G.N. No. S 708/2012—Central Provident Fund (Minimum Sum Scheme) (Amendment No. 2) Regulations 2012
Date of commencement
:
1 January 2013
27.  
G.N. No. S 481/2013—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2013
Date of commencement
:
1 August 2013
28.  
G.N. No. S 850/2013—Central Provident Fund (Minimum Sum Scheme) (Amendment No. 2) Regulations 2013
Date of commencement
:
1 January 2014
29.  
G.N. No. S 443/2014—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2014
Date of commencement
:
1 July 2014
30.  
G. N. No. S 34/2015—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2015
Date of commencement
:
31 January 2015