Singapore legislation
Regulation 13D
of Central Provident Fund (Retirement Sum Scheme) Regulations 1988
Regulation 13D
Payment of monthly income where balance in retirement account is low
Subregulation 1
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 —
if the member has applied for the monthly income which the member may be paid under regulation 12(1), 12A, 13, 13B or 13C to be paid into the member’s account with a bank by inter‑bank GIRO, pay the member the entire balance in that manner; or
retain the entire balance in the member’s retirement account until there is a balance of not less than $20 in the amount so retained (including any interest accruing on that amount).
Subregulation 2
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.