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Payment from amount deposited with approved bank or retained in retirement account, where member has pension, annuity or other benefit or approved annuity

Central Provident Fund (Retirement Sum Scheme) Regulations 1988

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—(1) A member with partial benefits (not being a relevant member) is to be paid a monthly income of $350 starting in the month in which the member attains 60 years of age, from the amount mentioned in section 15(6C)(a) of the Act standing to the credit of the member (if any) and any interest accruing on that amount.(2) Where a member (not being a relevant member or a member with partial benefits), at any time after attaining 55 years of age, has used any amount standing to the member’s credit in his or her retirement account to purchase an approved annuity, and has any amount remaining in his or her retirement account under section 15(6C)(a) of the Act, the amount which the member is to be paid each month from the amount remaining in his or her retirement account and any interest accruing on that amount is $350.(3) A member with partial benefits may withdraw, in a lump sum, the whole or such part as the Board may determine of any amount standing to the member’s credit in the member’s retirement account, taking into account the following:(a)whether the monthly income from the member’s pension, annuity or other benefit approved by the Board is less in value than the payout benchmark applicable to the member; (b)any amount transferred to the member’s retirement account under section 18 or 18A of the Act, if any;(c)any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account under section 14(1) of the Act.(4) For the purposes of this regulation, the Board —(a)is to determine the monthly income provided or to be provided to a member by that member’s pension, annuity or other benefit from any information it may have; and(b)may, if it has information of the fixed monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed monthly income to be the monthly income provided or to be provided to the member by that pension, annuity or other benefit.

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