Central Provident Fund (Retirement Sum Scheme) Regulations 1988

These Regulations apply to all members of the Fund who have attained 55 years of age on or after 1 January 1987 but before 1 July 1995.

Despite paragraph (1), regulations 4(2) and (3) and 12A apply to a married couple only if each spouse is a member of the Fund and has attained 55 years of age on or after 1 January 1987 but before 1 July 1995.

Despite paragraphs (1) and (2), a member of the Fund to whom section 15AA(5) of the Act or a former provision applies, and who has complied with that provision, need not comply with these Regulations.

In these Regulations —[Deleted by S 158/2026 wef 01/04/2026](2) The amount which a member is entitled to withdraw each month under section 15(7) of the Act is as specified in regulation 14.

The retirement sum which a member is required to set aside for any of the purposes mentioned in section 15(6C) of the Act is to be calculated in accordance with the First Schedule.

Where 2 members of the Fund are parties to a marriage and neither spouse is a relevant member, if one spouse (called in this regulation the first spouse) has already set aside a retirement sum calculated in accordance with the First Schedule, the other spouse is only required to set aside an amount calculated in accordance with the First Schedule or an amount equal to the difference between $53,100* and the retirement sum set aside by the first spouse, whichever is the less.* With effect from 1 April 1994 to 30 June 1995 (S 304/1995).

Where each of the 2 members of the Fund mentioned in paragraph (2) has executed before 1 January 2013 a memorandum in accordance with section 15(6A) of the Act, and both of them have agreed 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, then on or after the death of any one of those members, the Board may —

Nothing in these Regulations is to be construed to prevent any married couple from being treated as separate individuals for the purposes of section 15(6) of the Act.

Where a member is in receipt of a pension, annuity or other benefit which provides him or her with a monthly income of less than $272* on attaining 60 years of age, the retirement sum which the member is required to set aside is to be calculated in accordance with the Second Schedule.* With effect from 1 April 1994 to 30 June 1995 (S 304/1995).

Where a member withdraws the sum standing to the member’s credit in the Fund under section 15(2)(a) of the Act at any time after the member has attained 55 years of age, the retirement sum which the member is required to set aside under section 15(6) of the Act is to be computed as if the withdrawal had been made by the member at 55 years of age.

For the purposes of assessing the value of any immovable property in respect of which —

Where a member is required to pay the expenses of any valuation under paragraph (1), the Board may, on application being made by the member, and subject to such terms and conditions as it may impose, permit the member to withdraw the whole or part of the amount standing to the member’s credit in the Fund for the payment of such expenses.

Where —

Where —

In paragraph (2) —

Where —

Where —

Where the member voluntarily repays the whole or part of the amount in relation to any charge or undertaking under section 15AB(1), (2), (3), (4), (10) or (11) of the Act or a former provision, or section 27C(1)(i), 27D(1)(j) or 27DA(1)(i) of the Act, or any section 21C(1) charge A, section 21C(1) charge C, section 21C(2) undertaking A, section 21C(2) undertaking B, section 21D(1) undertaking A or section 21D(1) undertaking B, the Board must pay that amount into the member’s retirement account.

For the purposes of section 15AB(5) of the Act, each of the following is prescribed as a circumstance in which the Board must not enforce an undertaking under section 15AB(3) or (4) of the Act in respect of an immovable property in the event the immovable property is sold or otherwise disposed of:

For the purposes of section 15AB(14)(e) and (15)(e) of the Act, each of the following is prescribed as an event in which a charge under section 15AB(10) or (11) of the Act does not continue in force or a charge under section 15AB(1) or (2) of the Act is cancelled, in respect of an immovable property in the event the immovable property is sold or otherwise disposed of:

Paragraph (5) applies, with the following modifications, to a charge under section 27C(1)(i), 27D(1)(j)(ii) or 27DA(1)(i) of the Act (as the case may be) constituted before, on or after 1 January 2016, or any section 21C(1) charge C:

For the purposes of section 27D(1)(k) of the Act, each of the following is prescribed as a circumstance in which the Board must not enforce an undertaking under section 27D(1)(j)(i) of the Act in respect of an immovable property in the event the immovable property is sold or otherwise disposed of:

[Deleted by S 158/2026 wef 01/04/2026]

Where any payment in relation to any charge or undertaking in respect of immovable property is paid into a member’s account in the Fund in accordance with regulation 8A(1) or (2) or the relevant Regulations, the Board must transfer to the member’s retirement account, towards the maintenance of the retirement sum, the amount paid.

In this regulation, “relevant Regulations” means any of the following Regulations as may be applicable in a particular case:

This regulation applies where —

The Board must, immediately after the amount in paragraph (1)(b) is credited or refunded, transfer the credited or refunded amount to the member’s ordinary account.

This regulation applies where moneys are paid to the Fund under the circumstances set out in regulation 3 of the Central Provident Fund (Prescribed Circumstances under Section 13C) Regulations 2022 and credited under section 13C of the Act to the member’s ordinary account or special account or both.

The Board must transfer to the member’s retirement account, towards the maintenance of the retirement sum, the amount so credited under section 13C of the Act.

The Board may, from time to time, approve any annuity as an approved annuity for the purposes of section 15(6C)(b) of the Act.

Any bank approved by the Board as an approved bank for the purposes of the former section 15(6C)(b) of the Act before 1 January 2014 or any insurer whose annuity has been approved by the Board under paragraph (1) must comply with the provisions of the Act, these Regulations and the terms, conditions and directions imposed or given by the Board relating to the retirement sum scheme.

A member must, if he or she desires to deposit the amount mentioned in section 15(6C)(a) of the Act with an approved bank, use the whole of that amount at that time for such deposit.

A member may, if he or she desires to use the amount mentioned in section 15(6C)(a) of the Act to purchase an approved annuity from an insurer, use the whole or any part of that amount at that time for such purchase.

A member mentioned in section 27K(5) of the Act may, if the Board permits him or her to join the Scheme, withdraw the whole or any part of any amount mentioned in section 15(6C)(a) of the Act which is retained in the member’s retirement account at that time to pay a premium under section 27L(1) of the Act for an annuity plan under the Scheme.

A relevant member may, if he or she desires to pay additional premiums to increase his or her monthly income under the Scheme in accordance with the Central Provident Fund (Lifelong Income Scheme) Regulations 2009, apply to the Board to withdraw the whole or any part of the amount mentioned in section 15(6C)(a) of the Act which is retained in the member’s retirement account to pay the additional premiums.

This regulation applies where a member has, before 1 January 2014, deposited an amount in a bank account with an approved bank under the former section 15(6C)(b) of the Act.

The moneys standing to the credit of the account of the member in the approved bank bear interest at such rate as may be determined by the bank from time to time.

No member is entitled to deposit the amount mentioned in the former section 15(6C)(b) of the Act in more than one account with any approved bank or banks at any one time unless approved by the Board.

Where a member elects to use the amount mentioned in section 15(6C)(a) of the Act to purchase an approved annuity from an insurer, the Board must, at the request of the member, forward to the insurer in payment for such purchase —

Any payment from the approved annuity is to be determined in accordance with the terms and conditions of the approved annuity.

Where the Board has permitted a member mentioned in section 27K(5) of the Act to join the Scheme, the Board must, on the application of the member, deduct the premium payable by the member for an annuity plan under the Scheme from —

Where the Board approves a relevant member’s application to pay additional premiums to increase his or her monthly income under the Scheme, the Board must, on the application of the member under regulation 9A(4), deduct the payment for the additional premiums from —

Subject to paragraphs (3), (7) and (9) and regulations 12A, 13, 13C and 13D, a member (not being a relevant member) may be paid a monthly income from the member’s balance, starting on or after a date (specified by the Board) that falls in the month in which the member attains 60 years of age.

The amount of the income mentioned in paragraph (1) is —

Subject to paragraphs (7) and (9), a member (being a relevant member) may be paid a monthly income from the member’s balance, starting in the later of the following months:

The amount of the income mentioned in paragraph (3) is an amount computed in accordance with the formula (A ÷ N) + D, where —

Despite section 2(1A)(b) of the Act, for the purposes of paragraph (4)(b)(ii), the month in which a member who is born on 29 February is deemed to attain 90 years of age is February of the year in which the member attains that age.

Paragraph (7) applies to a member who, before becoming a relevant member, has deposited any amount standing to the member’s credit in the member’s retirement account with an approved bank under the former section 15(6C)(b) of the Act.

Subject to paragraph (9) and regulation 13D(2), a member mentioned in paragraph (6) may be paid a monthly income from the amount mentioned in paragraph (6) (including any interest accruing on that amount), starting on or after the later of the following dates:

The amount of the monthly income mentioned in paragraph (7) is —

Subject to regulation 13D, the monthly income that a member may be paid under paragraph (1), (3) or (7) is payable to the member until the member’s balance has been exhausted or until the member’s death, whichever is the earlier.

Despite paragraph (2), where the amount standing to the member’s credit in the member’s retirement account is less than $350 on the date the member may be paid his or her monthly income under paragraph (1) (called in this regulation the relevant date), the Board may defer the payment for —

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 4(2), and that amount is retained in their respective retirement accounts under section 15(6C)(a) of the Act.

Subject to paragraph (4) and regulation 13D, 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 4(2), the amount which each member may withdraw monthly from the amount retained in their respective retirement accounts is $350.

Subject to paragraph (4) and regulation 13D, 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 4(2), and either member dies or the members are divorced, the amount that the surviving or divorced member may withdraw monthly from the amount of his or her retirement sum in the member’s retirement account under section 15(6C)(a) of the Act must not exceed the amount specified in regulation 14, unless approved by the Board in any particular case.

Subject to regulation 13D, the monthly income which a member may withdraw under paragraph (2) or (3) is payable to him or her until the amount retained in the member’s retirement account under section 15(6C)(a) of the Act (including any interest accruing on that amount) has been exhausted or until the member’s death, whichever is the earlier.

Paragraph (2) applies if, at the time the Board considers a member’s application under that paragraph —

The Board may, on the application of a member, allow the member to withdraw the whole or part of the amount retained in the member’s retirement account under section 15(6C)(a) of the Act.

The Board may approve an application under paragraph (2) on such terms and conditions as the Board may impose.

A member with partial benefits (not being a relevant member) is to be paid a monthly income of $350 starting in the month in which the member attains 60 years of age, from the amount mentioned in section 15(6C)(a) of the Act standing to the credit of the member (if any) and any interest accruing on that amount.

Where a member (not being a relevant member or a member with partial benefits), at any time after attaining 55 years of age, has used any amount standing to the member’s credit in his or her retirement account to purchase an approved annuity, and has any amount remaining in his or her retirement account under section 15(6C)(a) of the Act, the amount which the member is to be paid each month from the amount remaining in his or her retirement account and any interest accruing on that amount is $350.

A member with partial benefits may withdraw, in a lump sum, the whole or such part as the Board may determine of any amount standing to the member’s credit in the member’s retirement account, taking into account the following:

For the purposes of this regulation, the Board —

A member who is entitled to receive payment under regulation 12(1) or (7), 12A or 13 may apply to the Board, in such manner as the Board may require, to be paid an additional amount monthly from the member’s balance, which starts on or after the later of the following dates:

If the Board approves a member’s application under paragraph (1), the Board may —

The Board may, starting on or after a date (specified by the Board) that falls in the month in which a member attains 60 years of age, pay to the member monthly such additional amounts from the member’s balance as the Board may determine.

Despite regulation 12(1) or (7), 12A, 13 or 13B, a member who is entitled to receive a monthly income under any of those provisions may apply to the Board to be paid a monthly income, specified in the member’s application, of an amount less than the monthly income provided by that provision.

The Board may approve an application made under paragraph (1) on such terms and conditions as the Board may impose.

Subject to paragraph (4), where —

The reduced amount of the monthly income under paragraph (3) must not be less than $350 or the amount standing to the credit of the member in the member’s retirement account at the time the monthly income is paid, whichever is lower.

Subject to paragraph (2), where any amount is retained in a member’s retirement account under section 15(6C)(a) of the Act, and the balance of the amount so retained (including any interest accruing on that amount) is less than $20, the Board may —

Where any payment of the monthly income which a member may be paid under regulation 12(1) or (7), 12A, 13, 13B or 13C results in a balance of $350 or less in the amount retained in the member’s retirement account under section 15(6C)(a) of the Act (including any interest accruing on that amount), the Board may permit the entire balance to be paid together with the monthly income.

Paragraphs (2) and (3) apply to the payment of —

The Board may make the payments mentioned in paragraph (1) in any manner prescribed in the following sub‑paragraphs, as the Board thinks fit:

If the Board makes payment in accordance with paragraph (2)(c), the Board may also credit to the member’s ordinary account the whole or part of the interest that would have been payable on the amount of the payment if the payment had been credited to the member’s ordinary account on becoming payable.

Where an amount standing to the credit of a member in the member’s retirement account has, before 1 January 2014, been deposited in a bank account with an approved bank under the former section 15(6C)(b) of the Act —

Where an amount standing to the credit of a member in the member’s retirement account has been used to purchase an approved annuity from an insurer and the approved annuity is surrendered or terminated —

The following persons must set aside or top‑up (as the case may be) in the member’s retirement account an amount (if any) determined by the Board if the member’s pension, annuity or other benefit mentioned in sub‑paragraph (a), (b) or (c) (as the case may be) is surrendered or terminated after the member attains 55 years of age:

The amount determined by the Board for the purposes of paragraph (3) must not exceed the aggregate of —

Where a member deposited an amount before 1 January 2014 in a bank account with an approved bank under the former section 15(6C)(b) of the Act and the Board is notified of the member’s death, the amount standing to the credit of the member in the bank account (if any) must be transferred to the member’s account in the Fund to be dealt with in accordance with the Act.

Where a member purchased an approved annuity from an insurer under section 15(6C)(b) of the Act or the former section 15(6C)(b) of the Act and the Board is notified of the member’s death, the amount representing the residual value of the approved annuity (if any) must be transferred to the member’s account in the Fund to be dealt with in accordance with the Act.

Paragraphs (1) and (2) do not apply if, before the Board is notified of the member’s death, the Board (being satisfied that the member satisfies the requirements of section 15(7) or 15AA(7) of the Act or a former provision) approved the member’s request to withdraw the amount mentioned in paragraph (1) or (2), as the case may be.