Singapore legislation
Clause 20
Clause 20
Consequential amendments to other Acts and references to retirement sum
(1)
The Deposit Insurance and Policy Owners’ Protection Schemes Act (Cap. 77B, 2012 Ed.) is amended —
by deleting the definition of “CPFMS” in section 2(1) and substituting the following definition:“ “CPFRS” means any Retirement Sum Scheme established under any regulations made under section 77(1) of the Central Provident Fund Act (Cap. 36);”; and
by deleting “CPFMS” wherever it appears in sections 3(2)(d) and 22(1), (2) and (4) and paragraph (b) of the definition of “insured deposit” in the First Schedule and substituting in each case “CPFRS”.
(2)
Section 49K of the Insurance Act (Cap. 142, 2002 Ed.) is amended —
by deleting the definition of “minimum sum”;
by deleting the words “minimum sum” in paragraph (f) of the definition of “relevant policy” and substituting the words “retirement sum”; and
by inserting, immediately after the definition of “relevant policy”, the following definition:“ “retirement sum” has the same meaning as in section 2(1) of the Central Provident Fund Act;”.
(3)
Unless the context otherwise requires, a reference in any subsidiary legislation in force, or any contract, deed, instrument or other document made, before the date of commencement of this section (called in this section the relevant date), to anything specified in the first column of the following table is to be read as a reference to the item specified opposite in the second column.First column Second column(a)The minimum sum mentioned in section 15(6)(a) of the principal Act as in force immediately before the relevant date. The retirement sum as defined in section 2(1) of the principal Act as amended by section 2(b).(b)Any Minimum Sum Scheme established by regulations made under section 77(1) of the principal Act as in force immediately before the relevant date. The corresponding Retirement Sum Scheme established by regulations made under section 77(1) of the principal Act as amended by section 19.(c)The Minimum Sum Topping-Up Scheme established by regulations made under section 77(1) of the principal Act as in force immediately before the relevant date. The Retirement Sum Topping-Up Scheme established by regulations made under section 77(1) of the principal Act as amended by section 19.