Singapore legislation

Clause 25

of Central Provident Fund (Amendment) Bill

Clause 25

Amendment of section 27K

Section 27K of the principal Act is amended —

(a)

by inserting, immediately after the words “relevant member” in subsection (1), the words “who has an annuity plan that is in force and”;

(b)

by deleting subsection (2) and substituting the following subsection:“(2) Subject to subsections (3), (4) and (5) and the relevant regulations, the Scheme shall apply to every member who —

(a)

attains, on or after 1st January 2013, such age as may be prescribed in the relevant regulations; and

(b)

on attaining the age referred to in paragraph (a) or at such time as may be prescribed in the relevant regulations, satisfies all of the following requirements:

(i)

he is a citizen or permanent resident of Singapore;

(ii)

he is required to comply with section 15(6)(a);

(iii)

the amount standing to his credit in his retirement account is not less than such amount as may be prescribed in the relevant regulations for the purposes of this sub-paragraph.”;

(c)

by deleting the words “subsection (2)(d)(ii)” in subsection (2A) and substituting the words “subsection (2)(b)”;

(d)

by deleting the words “satisfies the requirement under subsection (2)(a) but does not satisfy one or more of the requirements under subsection (2)(b), (c) and (d)” in subsection (3) and substituting the words “is a citizen or permanent resident of Singapore at the time the Board considers the application, but does not satisfy one or more of the requirements under subsection (2)”;

(e)

by deleting the words “subsection (2)(b)” in subsection (3)(a) and substituting the words “subsection (2)(a)”; and

(f)

by inserting, immediately after the words “so long as” in subsection (6), the words “the annuity plan remains in force and”.

Read in full context — Central Provident Fund (Amendment) Bill →