Singapore legislation
Regulation 7
of Central Provident Fund (New Retirement Sum Scheme) Regulations 2004
Regulation 7
Setting aside of less than the aggregate of the retirement sums of both members by parties to marriage
Subregulation 1
Where —
2 members of the Fund are parties to a marriage, and neither member is a relevant member;
one member —
has already set aside an amount in part or full satisfaction of the retirement sum applicable to the member; and
is not exempted under section 15AA(3) of the Act or a former provision from complying with section 15(6)(a) of the Act;
both members desire to set aside jointly an amount which is less than the aggregate of the retirement sums of both members;
each member has executed before 1 January 2013 a memorandum in accordance with section 15(6A) of the Act; and
both members agree, as a condition precedent to the Board permitting them to set aside jointly an amount which is less than the aggregate of the retirement sums of both members, 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 or she has nominated the surviving member to receive,the Board may permit the members to set aside jointly such amount, being an amount which is less than the aggregate of the retirement sums of both members, as the Board may specify.
Subregulation 2
On or after the death of any one of the 2 members of the Fund mentioned in paragraph (1), the Board may —
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 retirement sum applicable to the surviving member; and
pay to the surviving member the remainder (if any) of the amount that the deceased member has nominated the surviving member to receive.
Subregulation 3
Subject to paragraph (4), where —
the Board permits the members mentioned in paragraph (1) to set aside jointly an amount which is less than the aggregate of the retirement sums of both members; and
one member (called in this regulation the first member) has already set aside an amount in full satisfaction of the retirement sum applicable to the first member,the other member (called in this regulation the second member) must set aside the balance of the amount permitted to be set aside jointly by the Board.
Subregulation 4
Where the 2 members of the Fund wish to vary the amount already set aside by the first member under paragraph (3), the amount which the second member must set aside under that paragraph is to be varied accordingly.
Subregulation 5
Where the Board permits 2 members of the Fund to set aside jointly an amount which is less than the aggregate of the retirement sums of both members, both members must ensure that there is no shortfall in that amount.
Subregulation 6
The amount which the 2 members of the Fund set aside jointly under this regulation must include —
a proportion in cash that is in direct proportion to that required of the first member; and
a proportion in cash that is in direct proportion to that required of the second member.
Subregulation 7
Where the amount already set aside by the first member in part or full satisfaction of the retirement sum applicable to him or her does not include the amount in cash required under paragraph (6), the second member is liable to ensure that the amount which the 2 members set aside jointly under this regulation includes the required amount in cash.
Subregulation 8
Subject to section 15(6)(b) of the Act, the second member may withdraw the whole of the balance of the moneys standing to his or her credit in the Fund after he or she has made his or her contribution in accordance with this regulation.