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Transfer to retirement account for payment of additional premiums to increase monthly income under Lifelong Income Scheme

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) Paragraph (2) applies whenever, in accordance with regulation 6 of the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 and any terms and conditions imposed under regulation 6(13) of those Regulations, additional premiums are to be deducted from a relevant member’s retirement account to increase the relevant member’s monthly income under the Scheme on the Board’s own motion.(2) The Board must transfer the lower of the following amounts from the relevant member’s special account (and, if insufficient, also from the member’s ordinary account) to the member’s retirement account under section 15(6CA) of the Act:(a)the shortfall in the retirement sum applicable to the member immediately before the transfer; (b)half the amount by which A exceeds B, immediately before the transfer, where —(i)A is the total amount of moneys standing to the member’s credit in the member’s ordinary account (excluding the reserved amount standing to the member’s credit in that account) and special account; and(ii)B is the member’s remaining committed amount, if any.

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