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Payment of lower monthly income under regulation 8A(1) or (7), 9, 10 or 10A

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) Despite regulation 8A(1) or (7), 9, 10 or 10A, a member who is entitled to receive a monthly income under any of those provisions may apply to the Board to be paid a monthly income, specified in the member’s application, of an amount less than the monthly income provided by that provision.(2) The Board may approve an application made under paragraph (1) on such terms and conditions as the Board may impose.(3) Subject to paragraph (4), where —(a)the Board has before, on or after 1 January 2020 computed the monthly income to be paid to a member under regulation 8A(1) or (7), 9, 10 or 10A; and(b)the amount standing to the credit of the member in the member’s retirement account is subsequently reduced, on or after 1 January 2020, by any factor that was not taken into account in that computation, the Board may on or after 1 April 2020 (without any application by the member) reduce the amount of the monthly income to be paid in the proportion by which the amount mentioned in sub‑paragraph (b) is reduced.(4) The reduced amount of the monthly income under paragraph (3) must not be less than $350 or the amount standing to the credit of the member in the member’s retirement account at the time the monthly income is paid, whichever is lower.

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