Singapore legislation
Schedule 4
of Central Provident Fund (New Retirement Sum Scheme) Regulations 2004
Schedule 4
Formula for computed amount under paragraph (a)(i)(B) OR (ii)(B) or (b) of definition
FOURTH SCHEDULERegulation 3Formula for computed amount under paragraph (a)(i)(B) OR (ii)(B) or (b) of definitionwhere —
R is the interest rate applicable to the member’s retirement account at the time the computed amount is calculated;
B is —
in the case of a member mentioned in paragraph (a) of the definition of “computed amount” in regulation 3 who applies to the Board before 1 January 2020 to commence the payment of his or her monthly income — the amount standing to the member’s credit in the member’s retirement account on 31 December 2019; or
in any other case — the amount standing to the member’s credit in the member’s retirement account on the last day of the month preceding the month in which the member commences or resumes his or her monthly income, but excluding any determined amount that is —
transferred to the member’s retirement account; and
standing to the member’s credit in the member’s retirement account on that day; and
N is the following period, whichever ends later:
240 months after the end of the month in which the member attains the applicable age;
60 months after the end of the month in which the member is first paid a monthly income or resumes his or her monthly income.