Singapore legislation
Regulation 10
of Central Provident Fund (Lifelong Income Scheme) Regulations 2009
Regulation 10
Refund of premium
Subregulation 1
Subject to paragraph (2), the refund payable on account of the death of a relevant member is the positive difference (if any) between —
the amount of the premium paid by the relevant member for an annuity plan; and
the aggregate amount of the monthly income paid pursuant to the annuity plan and the amount refunded to the relevant member under paragraph (6) in respect of the annuity plan, if any.
Subregulation 2
No refund is to be made under paragraph (1) if the premium was paid for a LIFE Income Plan mentioned in item 3 of the Schedule.
Subregulation 3
Where a relevant member’s annuity plan is terminated under section 27K(5D) of the Act, the Board must refund the positive difference (if any) between —
the amount of the premium paid by the relevant member for an annuity plan; and
the aggregate amount of the monthly income paid pursuant to the annuity plan and the amount refunded to the relevant member under paragraph (6) in respect of the annuity plan, if any.
Subregulation 4
Where the Board has permitted a relevant member to terminate an annuity plan under regulation 6(14), the Board may refund the whole or any part of the premium paid by the relevant member for the annuity plan.
Subregulation 5
The Board may permit a relevant member to reduce the premium payable for an annuity plan issued to the relevant member if the relevant member —
applies to the Board in such form or manner as the Board may require; and
satisfies such conditions as the Board may impose.
Subregulation 6
Where the Board has permitted an application under paragraph (5), the Board may, without terminating the annuity plan issued to a relevant member, refund the whole or part of the positive difference (if any) between —
the amount of the premium paid by the relevant member for the annuity plan; and
the aggregate amount of the monthly income paid pursuant to the annuity plan and any amount previously refunded under this paragraph in respect of the annuity plan.