Singapore legislation
Regulation 6
of Central Provident Fund (Lifelong Income Scheme) Regulations 2009
Regulation 6
Annuity plans and designation of relevant age
Subregulation 1
The types of annuity plans available under the Scheme, and the class or classes of relevant members eligible for each type of annuity plan, are as set out in the Schedule.
Subregulation 2
A relevant member may apply, in accordance with paragraph (3), for any annuity plan for which the relevant member is eligible.
Subregulation 3
An application under paragraph (2) must be —
made in such form and supported by such evidence as the Board may require; and
made by a relevant member within such period beginning on the date the Scheme applies to him or her as the Board may specify by written notice to him or her.
Subregulation 4
The Board may extend the period mentioned in paragraph (3)(b) if a relevant member satisfies such terms and conditions as the Board may impose.
Subregulation 5
If a relevant member mentioned in section 27K(2) of the Act does not apply, in accordance with paragraph (3), for any annuity plan for which the relevant member is eligible, the annuity plan issued to the relevant member is the LIFE Standard Plan mentioned in item 6 of the Schedule.
Subregulation 6
Unless otherwise permitted under this regulation or by the Board, a relevant member is not entitled to change any annuity plan that has been issued to him or her under this regulation.
Subregulation 7
A relevant member’s relevant age is —
subject to sub‑paragraph (b), the age specified in the second column of the Schedule for the annuity plan issued to the relevant member; or
an alternative age designated by the relevant member with the permission of the Board under paragraph (8).
Subregulation 8
The Board may, on the application of a relevant member in such form as the Board may require —
with the approval of the Minister, permit the relevant member whose relevant age under paragraph (7)(a) is above 60 years of age, to designate as the alternative age 60 years of age; or
permit the relevant member to designate as the alternative age any age which is not lower than the relevant member’s relevant age under paragraph (7)(a).
Subregulation 9
If, at the time the Board permits a relevant member to designate the relevant age under paragraph (7)(b) —
the Board has commenced payments of monthly income to the relevant member under the relevant member’s annuity plan; and
the relevant member has not attained that designated relevant age,the Board must cease the monthly income payments until the month in which the relevant member attains the designated relevant age under paragraph (7)(b).
Subregulation 10
Paragraph (11) applies where, after a relevant member has been issued his or her first annuity plan, the Board —
approves the relevant member’s application to pay additional premiums; or
deducts additional premiums from the relevant member’s retirement account, to increase the relevant member’s monthly income under the Scheme.
Subregulation 11
The Board must apply the additional premiums mentioned in paragraph (10) either —
to increase the monthly income under the relevant member’s last issued annuity plan of any type set out in the Schedule, if the applicable eligibility criteria in paragraph (12) (if any) are satisfied; or
to issue the relevant member an additional annuity plan (for which the relevant member is eligible under the fourth column of the Schedule) of —
the same type as the annuity plan; or
if the Board approves the relevant member’s request for any other type of annuity plan — that other type of annuity plan.
Subregulation 12
The applicable eligibility criteria mentioned in paragraph (11) are as follows:
where the relevant member’s last issued annuity plan is of the type listed in item 1, 2 or 3 of the Schedule — the relevant member applied for his or her first annuity plan before 1 January 2013;
where the relevant member’s last issued annuity plan is an Immediate Annuity Plan — the relevant member applied for his or her first annuity plan before 1 February 2013.
Subregulation 13
The Board may impose terms and conditions on the relevant member in relation to the increase of the monthly income or issue of an additional annuity plan mentioned in paragraph (11).
Subregulation 14
The Board —
must permit a relevant member to terminate the annuity plan and every additional annuity plan (if any) issued to him or her if the relevant member satisfies the conditions in paragraph (15)(a) and (b); and
in any other case, may permit a relevant member to terminate the annuity plan or any additional annuity plan issued to him or her, if —
the relevant member applies in writing to the Board to do so; and
the relevant member satisfies such terms and conditions as the Board may impose.
Subregulation 15
Where a relevant member —
applies before 1 January 2019 to replace the relevant member’s annuity plan and every additional annuity plan (if any) with a LIFE Escalating Plan mentioned in item 7 of the Schedule; and
satisfies such terms and conditions as the Board may impose,the Board must, on or after 1 January 2018, upon the termination of all those annuity plans under paragraph (14)(a), issue a LIFE Escalating Plan to the relevant member.