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Withdrawal at 55 years of age and maintenance of retirement sum by member

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) A member must on attaining 55 years of age, where the amount of moneys standing to the member’s credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than 2 times the retirement sum applicable to the member, transfer an amount that is equivalent to the retirement sum from the moneys standing to the member’s credit in the Fund (excluding the amount to be retained in the medisave account) to the member’s retirement account as maintenance of the retirement sum.(2) Where the amount of moneys standing to the member’s credit in the Fund (excluding the amount to be retained in the medisave account) at that time is 2 times the retirement sum applicable to the member or less, the member must transfer any amount in excess of that which the member may withdraw under paragraph (3) to the member’s retirement account as maintenance of the retirement sum.(3) The amount which a member, falling within paragraph (2), may withdraw from the moneys standing to the member’s credit in the Fund (excluding the amount to be retained in the medisave account) is —(a)where the amount of moneys standing to the member’s credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than $10,000 but less than or equal to 2 times the retirement sum applicable to the member — half the amount of moneys standing to the member’s credit in the Fund;(b)where the amount of moneys standing to the member’s credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than $5,000 but less than or equal to $10,000 — an amount of $5,000; or(c)where the amount of moneys standing to the member’s credit in the Fund (excluding the amount to be retained in the medisave account) at that time is $5,000 or less — the whole amount standing to the member’s credit in the Fund.(4) Despite paragraphs (1), (2) and (3), a member may (subject to any terms and conditions imposed by the Board) transfer the whole or part of the moneys standing to the member’s credit in the Fund (excluding any moneys in the member’s medisave account and any reserved amount standing to the member’s credit in the member’s ordinary account) to the member’s retirement account to meet any shortfall in the retirement sum.

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