Singapore legislation
Regulation 8
of Central Provident Fund (New Retirement Sum Scheme) Regulations 2004
Regulation 8
Topping‑up of shortfall in retirement sum during subsequent withdrawals
Subregulation 1
Subject to paragraph (2), where a member applies to make a withdrawal after the member attains 55 years of age without first setting aside the retirement sum applicable to the member, the Board must transfer to the member’s retirement account the shortfall in the retirement sum applicable to the member or the following applicable amount, whichever is lower at the time of the withdrawal:
if the member attains that age before 1 January 2009 — 50% of the relevant amount;
if the member attains that age on or after 1 January 2009 but before 1 January 2010 — 60% of the relevant amount;
if the member attains that age on or after 1 January 2010 but before 1 January 2011 — 70% of the relevant amount;
if the member attains that age on or after 1 January 2011 but before 1 January 2012 — 80% of the relevant amount;
if the member attains that age on or after 1 January 2012 but before 1 January 2013 — 90% of the relevant amount;
if the member attains that age on or after 1 January 2013 — the whole of the relevant amount.
Subregulation 2
Paragraph (1) does not apply if the amount to be transferred under paragraph (1) does not exceed $100.
Subregulation 3
Despite paragraphs (1) and (2), a member may transfer the whole or part of the amount in the member’s ordinary account (excluding any reserved amount standing to the member’s credit in that account) or special account, or both accounts, to the member’s retirement account to meet the shortfall in the retirement sum subject to such terms and conditions as the Board may impose.
Subregulation 4
In this regulation, “relevant amount”, in relation to a member, is the amount of moneys standing to the member’s credit in the member’s ordinary account and special accounts, excluding —
the reserved amount standing to the member’s credit in the ordinary account; and
the member’s remaining committed amount, if any.