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Payment from amount retained in retirement account, where 2 members have set aside jointly less than the aggregate of the retirement sums of both members

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) This regulation applies where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 7, and that amount is retained in their respective retirement accounts under section 15(6C)(a) of the Act.(2) Subject to paragraph (4) and regulation 10C, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 7, the monthly income which either member may be paid, from the amount retained in their respective retirement accounts, starting on or after a date (specified by the Board) that falls in the month in which the member attains the applicable age, is the highest of the following:(a)the amount that either member had received under this paragraph prior to 1 July 2014;(b)the specified monthly payment; (c)the subsistence amount set out in the Fourth Schedule.(3) Subject to paragraph (4) and regulation 10C, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 7, and either member dies or the members are divorced, the monthly income that the surviving member or each divorced member may be paid from the amount the 2 members have set aside jointly is the highest of the following:(a)the amount that either member had received under this paragraph prior to 1 July 2014;(b)the specified monthly payment; (c)the subsistence amount set out in the Fourth Schedule.(4) Subject to regulation 10C, the monthly income which a member may be paid under paragraph (2) or (3) is payable to the member until the amount retained in the member’s retirement account under section 15(6C)(a) of the Act (including any interest accruing on that amount) has been exhausted or until the member’s death, whichever is the earlier.

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