Singapore legislation
Schedule 2
of Central Provident Fund (New Retirement Sum Scheme) Regulations 2004
Schedule 2
Computed amount under paragraph (a)(i)(A) of definition
SECOND SCHEDULERegulation 3Computed amount under paragraph (a)(i)(A) of definitionFirst columnSecond columnThird column Computed amountDate on which a member attains 55 years of ageMember’s retirement sum set aside is less than 50% of retirement sum applicable to memberMember’s retirement sum set aside is 50% or more of retirement sum applicable to member(a)On or after 1 July 2004 but before 1 July 2005Before 1 July 2014: X1 ÷ 50% × $500Before 1 July 2014: $500 + [(X1 − 50%) ÷ 50% × (Y − $500)] On or after 1 July 2014:On or after 1 July 2014: (a)X2 ÷ 50% × $500, if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula.(a)$500 + [(X2 − 50%) ÷ 50% × (Y − $500)], if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula. (b)If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of —
If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of —
the computed amount applicable to the member immediately before 1 July 2014; or
the computed amount applicable to the member immediately before 1 July 2014; or (ii)X2 × Y.(ii)X2 × Y.(b)On or after 1 July 2005 but before 1 July 2008Before 1 July 2014: X1 ÷ 50% × $450Before 1 July 2014: $450 + [(X1 − 50%) ÷ 50% × (Y − $450)] On or after 1 July 2014:On or after 1 July 2014: (a)X2 ÷ 50% × $450, if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula.(a)$450 + [(X2 − 50%) ÷ 50% × (Y − $450)], if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula. (b)If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of —
If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of —
the computed amount applicable to the member immediately before 1 July 2014; or
the computed amount applicable to the member immediately before 1 July 2014; or (ii)X2 × Y.(ii)X2 × Y.(c)On or after 1 July 2008 but before 1 July 2015X2 × YX2 × Y In the above table —X1is the percentage of the retirement sum applicable to a member set aside by the member in cash in the member’s retirement account on the date (before 1 July 2014) of computation of X1;X2is the percentage of the retirement sum applicable to a member set aside by the member in cash in the member’s retirement account on the date (on or after 1 July 2014) of computation of X2, less —
where the date of computation of X2 is before the member attains the applicable age, the amount computed in accordance with the formula in regulation 9A(1) as in force immediately before 6 November 2021 on that date of computation;
where the date of computation is on or after the member’s applicable age, the amount computed in accordance with regulation 9A(1) as in force immediately before 6 November 2021; andYis the computed amount determined under the second column of the Third Schedule, which is applicable to a member who attains 55 years of age at the same time as the member.