Singapore legislation
Regulation 4
of Central Provident Fund (Retirement Sum Scheme) Regulations 1988
Regulation 4
Maintenance of retirement sum
Subregulation 1
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.
Subregulation 2
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).
Subregulation 3
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 —
transfer to the retirement account of the surviving member an amount standing to the credit of the deceased member in the deceased member’s retirement account, being an amount not exceeding the retirement sum applicable to the surviving member; and
pay to the surviving member the remainder (if any) of the amount that the deceased member has nominated the surviving member to receive.
Subregulation 4
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.
Subregulation 5
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).
Subregulation 6
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.