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Payment of premium for annuity plan under Scheme

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) Where the Board has permitted a member mentioned in section 27K(5) of the Act to join the Scheme, the Board must, on the application of the member, deduct the premium payable by the member for an annuity plan under the Scheme from —(a)the whole or any part of the amount mentioned in section 15(6C)(a) of the Act and any top‑up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Retirement Sum Topping‑Up Scheme) Regulations 1995; and(b)where the premium for the annuity plan exceeds the amount mentioned in sub‑paragraph (a), any interest accrued on that amount.(2) Where the Board approves a relevant member’s application to pay additional premiums to increase his or her monthly income under the Scheme, the Board must, on the application of the member under regulation 16(4), deduct the payment for the additional premiums from —(a)the whole or any part of the amount mentioned in section 15(6C)(a) of the Act and any top‑up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Retirement Sum Topping‑Up Scheme) Regulations 1995; and(b)where the additional premiums exceed the amount mentioned in sub‑paragraph (a), any interest accrued on that amount.

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