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Setting aside of less than the aggregate of the retirement sums of both members by parties to marriage

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) Where —(a)2 members of the Fund are parties to a marriage, and neither member is a relevant member;(b)one member —(i)has already set aside an amount in part or full satisfaction of the retirement sum applicable to the member; and(ii)is not exempted under section 15AA(3) of the Act or a former provision from complying with section 15(6)(a) of the Act;(c)both members desire to set aside jointly an amount which is less than the aggregate of the retirement sums of both members;(d)each member has executed before 1 January 2013 a memorandum in accordance with section 15(6A) of the Act; and(e)both members agree, as a condition precedent to the Board permitting them to set aside jointly an amount which is less than the aggregate of the retirement sums of both members, that in the event of the death of either member, the Board may transfer to the retirement account of the surviving member such amount in cash standing to the credit of the deceased member in the deceased member’s retirement account as he or she has nominated the surviving member to receive,the Board may permit the members to set aside jointly such amount, being an amount which is less than the aggregate of the retirement sums of both members, as the Board may specify.(2) On or after the death of any one of the 2 members of the Fund mentioned in paragraph (1), the Board may —(a)transfer to the retirement account of the surviving member an amount standing to the credit of the deceased member in the deceased member’s retirement account, being an amount not exceeding the retirement sum applicable to the surviving member; and(b)pay to the surviving member the remainder (if any) of the amount that the deceased member has nominated the surviving member to receive.(3) Where 2 members of the Fund are parties to a marriage, neither member is a relevant member, the Board permits them to set aside jointly an amount which is less than the aggregate of the retirement sums of both members, and one member (called in this regulation and the Third Schedule the first member) has already set aside an amount in part or full satisfaction of the retirement sum applicable to him or her, the other member (called in this regulation and the Third Schedule the second member) must contribute —(a)where both members have attained 55 years of age on or after 1 July 1995 but before 1 July 2004, an amount computed in accordance with the formula 0.5MF + Swhere Mis the retirement sum applicable to the first member;Fis the relevant multiplying factor set out in the Third Schedule; andSis the shortfall in the retirement sum applicable to the first member; or(b)where the first member has attained 55 years of age before 1 July 1995 and the second member has attained 55 years of age on or after 1 July 1995 but before 1 July 2004, an amount computed in accordance with the formula (1.5M – C)Fwhere Mis the retirement sum applicable to the first member;Cis the amount already set aside by the first member in part or full satisfaction of the retirement sum applicable to him or her; andFis the relevant multiplying factor set out in the Third Schedule.(4) Where the Board permits 2 members of the Fund to set aside jointly an amount which is less than the aggregate of the retirement sums of both members, both members must ensure that there is no shortfall in that amount.(5) The amount which the 2 members of the Fund set aside jointly under this regulation must include —(a)a proportion in cash that is in direct proportion to that required of the first member; and(b)a proportion in cash that is in direct proportion to that required of the second member.(6) Where the amount already set aside by the first member in part or full satisfaction of the retirement sum applicable to him or her does not include the amount in cash required under paragraph (5), the second member is liable to ensure that the amount which the 2 members set aside jointly under this regulation includes the required amount in cash.(7) Subject to section 15(6)(b) of the Act, the second member may withdraw the whole of the balance of the moneys standing to the member’s credit in the Fund after he or she has made his or her contribution in accordance with this regulation.

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