Singapore legislation
Regulation 9
of Central Provident Fund (New Retirement Sum Scheme) Regulations 2004
Regulation 9
Payment from amount retained in retirement account, where 2 members have set aside jointly less than the aggregate of the retirement sums of both members
Subregulation 1
This regulation applies where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 7, and that amount is retained in their respective retirement accounts under section 15(6C)(a) of the Act.
Subregulation 2
Subject to paragraph (4) and regulation 10C, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 7, the monthly income which each of them may be paid from the amount retained in their respective retirement accounts is to be determined in the following manner:
in the case where one member (called in this paragraph the first member) attained 55 years of age before 1 July 2004 and the other member (called in this paragraph the second member) attained 55 years of age on or after 1 July 2004 —
the monthly income which the second member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350; and
the monthly income which the first member may be paid, starting on or after the date he or she attains —
60 years of age, if he or she attained 55 years of age before 1 January 1999 or is an applicable member; or
the relevant age,is determined by the Board after taking into consideration the written law relating to the retirement sum to be set aside by him or her; (b)in the case where both members attain 55 years of age on or after 1 July 2004, the monthly income which each member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350.
Subregulation 3
Subject to paragraph (4) and regulation 10C, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 7, and either member dies or the members are divorced —
in the case where one member (called in this paragraph the first member) attained 55 years of age before 1 July 2004 and the other member (called in this paragraph the second member) attained 55 years of age on or after 1 July 2004 —
the monthly income which the surviving or divorced second member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350; and
the monthly income which the surviving or divorced first member may be paid from the amount set aside by him or her, starting on or after the date he or she attains —
60 years of age, if he or she attained 55 years of age before 1 January 1999 or is an applicable member; or
the relevant age,is determined by the Board after taking into consideration the written law relating to the retirement sum to be set aside by him or her; and
in the case where both members attain 55 years of age on or after 1 July 2004, the monthly income which the surviving or each divorced member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350.
Subregulation 4
Subject to regulation 10C, the monthly income which a member may be paid under paragraph (2) or (3) is payable to him or her until the amount retained in his or her retirement account under section 15(6C)(a) of the Act (including any interest accruing on that amount) has been exhausted or until his or her death, whichever is the earlier.