Singapore legislation

Regulation 10C

of Central Provident Fund (Retirement Sum Topping-Up Scheme) Regulations 1995

Regulation 10C

Payment of monthly income from member’s balance, where member attained 55 years of age before 1 January 1987

Subregulation 1

Subject to paragraphs (3), (7) and (9) and regulations 10E and 10F, a member (not being a relevant member) who attains 55 years of age before 1 January 1987 may be paid a monthly income from the member’s balance, starting on the date on which the member attains 60 years of age or a later date specified by the Board.

Subregulation 2

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

(a)

where the member’s balance is less than the specified amount in paragraph (11) — the whole of the member’s balance; or

(b)

in any other case — the specified amount in paragraph (11).

Subregulation 3

Subject to paragraphs (7) and (9), a member (being a relevant member) who attains 55 years of age before 1 January 1987 may be paid a monthly income from the member’s balance, starting in the later of the following months:

(a)

the month in which the member attains 60 years of age;

(b)

the month after the member becomes a relevant member.

Subregulation 4

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

(a)

A is the difference between —

(i)

the member’s balance (in dollars) at the first time when an annuity plan is issued to the member; and

(ii)

the total of the following amounts (in dollars):

(A)

all payments received by the member under this paragraph before the payment of the amount which is being computed;

(B)

any other withdrawals or transfers from the member’s balance that are made after the annuity plan mentioned in sub‑paragraph (i) is issued to the member;

(b)

N is the larger of 60 or the total number of months in the period —

(i)

beginning with (and including) either the month in which the member attains 60 years of age or the month after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to the member, whichever month is later; and

(ii)

ending with (and including) the month in which the member will attain 90 years of age; and

(c)

D is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —

(i)

the member’s balance;

(ii)

any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to the member; and

(iii)

any interest which may accrue on the additional amount mentioned in sub‑paragraph (ii).

Subregulation 5

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.

Subregulation 6

Paragraph (7) applies to a member who —

(a)

attained 55 years of age before 1 January 1987; and

(b)

before becoming a relevant member, has deposited any moneys with an approved bank under regulation 10A(1)(a).

Subregulation 7

Subject to paragraph (9) and regulation 10F(2), a member mentioned in paragraph (6) may be paid a monthly income from the amount mentioned in paragraph (6)(b) (including any interest accruing on that amount), starting on or after a date (specified by the Board) that falls in the month after the member becomes a relevant member.

Subregulation 8

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

(a)

where the balance of the amount mentioned in paragraph (6)(b) (including any interest accruing on that amount) is less than the amount specified in paragraph (11) — the entire balance; or

(b)

in any other case — the amount specified in paragraph (11).

Subregulation 9

Subject to regulation 10F, 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.

Subregulation 10

Despite paragraph (2), where the amount standing to the member’s credit in his or her 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 —

(a)

one year after the last day of the month in which the relevant date falls; or

(b)

any shorter period determined by the Board.

Subregulation 11

For the purposes of paragraphs (2) and (8), the specified amount is —

(a)

$230 on or after 1 January 1987 but before 1 April 1994;

(b)

$237 on or after 1 April 1994 but before 1 April 1995;

(c)

$243 on or after 1 April 1995 but before 1 April 1996;

(d)

$251 on or after 1 April 1996 but before 1 April 1997;

(e)

$260 on or after 1 April 1997 but before 1 April 1998;

(f)

$266 on or after 1 April 1998 but before 1 April 1999;

(g)

$272 on or after 1 April 1999 but before 1 July 2000;

(h)

$282 on or after 1 July 2000 but before 1 July 2001;

(i)

$287 on or after 1 July 2001 but before 1 July 2002;

(j)

$291 on or after 1 July 2002 but before 1 July 2003; (k)$297 on or after 1 July 2003 but before 1 June 2023; and

(l)

$350 on or after 1 June 2023.

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