Singapore legislation
Regulation 8A
of Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995
Regulation 8A
Payment from amount deposited with approved bank or retained in retirement account, in general
Subregulation 1
Subject to paragraphs (3), (7) and (9) and regulations 9, 10, 10B and 10C, a member (not being a relevant member) may be paid a monthly income from the member’s balance, starting on or after a date (specified by the Board) that falls in the month in which the member attains the applicable age.
Subregulation 2
The amount of the income mentioned in paragraph (1) is —
where the member’s balance is less than the amount specified in paragraph (11) — the whole of the member’s balance; or
in any other case — the amount specified in paragraph (11).
Subregulation 3
Subject to paragraphs (7) and (9), a member (being a relevant member) may be paid a monthly income from the member’s balance, starting in the later of the following months:
the month in which the member attains the applicable age;
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 is the difference between —
the member’s balance (in dollars) at the first time when an annuity plan is issued to the member; and
the total of the following amounts (in dollars):
all payments received by the member under this paragraph before the payment of the amount of 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;
N is the larger of 60 or the total number of months in the period —
beginning with (and including) either the month in which the member attains the applicable age or the month after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to the member, whichever month is later; and
ending with (and including) the month in which the member will attain 90 years of age; and
D is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —
the member’s balance;
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
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 attains 90 years of age is the month of February.
Subregulation 6
Paragraph (7) applies to a member who, before becoming a relevant member, has deposited any amount standing to the member’s credit in the member’s retirement account with an approved bank under the former section 15(6C)(b) of the Act.
Subregulation 7
Subject to paragraph (9) and regulation 10C(2), a member mentioned in paragraph (6) may be paid a monthly income from the amount mentioned in paragraph (6) (including any interest accruing on that amount), starting on or after the later of the following dates:
a date (specified by the Board) that falls in the month in which the member attains the applicable age;
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 —
where the balance of the amount mentioned in paragraph (6) (including any interest accruing on that amount) is less than the amount specified in paragraph (11) — the entire balance; or
in any other case — the amount specified in paragraph (11).
Subregulation 9
Subject to regulation 10C, 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 the member’s 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 —
one year after the last day of the month in which the relevant date falls; or
any shorter period determined by the Board.
Subregulation 11
For the purposes of paragraphs (2) and (8), the specified amount is the higher of the specified monthly payment or the subsistence amount specified in the Fourth Schedule applicable to the member.