Singapore legislation

Regulation 7

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

Regulation 7

Amount of moneys by which retirement account can be topped‑up

Subregulation 1

For the purposes of these Regulations, the maximum amount by which the retirement account of a member (other than a member with partial benefits) can be topped‑up under section 18(1)(a), (b) or (c) of the Act is the enhanced retirement sum, less the amount of the retirement sum that the member has set aside.

Subregulation 2

For the purposes of these Regulations, the maximum amount by which the retirement account of a member with partial benefits can be topped‑up under section 18(1)(a), (b) or (c) of the Act is the enhanced retirement sum, less the amount by which sub‑paragraph (a) exceeds sub‑paragraph (b):

(a)

the amount computed under regulation 3A(1);

(b)

the member’s benefit component, if any.

Subregulation 3

The maximum amount by which the retirement account of an applicable member can be topped‑up under section 18(2) of the Act —

(a)

subject to sub‑paragraph (b), is the amount that would be required to be set aside or topped‑up under section 15AA(5)(a) of the Act or a former provision if a withdrawal were made from the member’s retirement account at the time of the top‑up under section 18(2) of the Act, less the applicable member’s net retirement amount; or

(b)

is the enhanced retirement sum, less that member’s net retirement amount, where specified by the Minister under section 18(2) of the Act to apply in the particular case.

Subregulation 4

For the purposes of these Regulations, the maximum amount which may be transferred from the ordinary account or special account of a member (other than a member with partial benefits or an applicable member), or from both accounts, to the member’s retirement account under section 18A(1) of the Act is the enhanced retirement sum, less the amount of the retirement sum that the member has set aside.

Subregulation 5

For the purposes of these Regulations, the maximum amount which may be transferred from the ordinary account or special account of a member with partial benefits, or from both accounts, to the member’s retirement account under section 18A(1) of the Act is the enhanced retirement sum, less the amount by which sub‑paragraph (a) exceeds sub‑paragraph (b):

(a)

the amount computed under regulation 3A(1);

(b)

the member’s benefit component, if any.

Subregulation 6

For the purposes of these Regulations, the maximum amount which may be transferred from the ordinary account or special account of an applicable member, or from both accounts, to the applicable member’s retirement account under section 18A(1) of the Act is the prescribed amount under paragraph (7)(b) that applies to the applicable member, less the amount of the applicable member’s net retirement amount.

Subregulation 7

For the purposes of section 18A(2) of the Act, the prescribed amount —

(a)

for a member (other than an applicable member), is the enhanced retirement sum; or

(b)

for an applicable member —

(i)

subject to sub‑paragraph (ii), is the amount that would be required to be set aside or topped‑up under section 15AA(5)(a) of the Act if a withdrawal were made from the member’s retirement account at the time of the transfer under section 18A(1) of the Act; or

(ii)

is the enhanced retirement sum, where the Minister determines that such higher amount is appropriate in the particular case.

Read in full context — Central Provident Fund (Retirement Sum Topping-Up Scheme) Regulations 1995 →