Singapore legislation
Regulation 16
of Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995
Regulation 16
Use of amount mentioned in section 15(6C)(a) of Act
Subregulation 1
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.
Subregulation 2
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.
Subregulation 3
A member mentioned in section 27K(5) of the Act may, if the Board permits the member 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.
Subregulation 4
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.