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Retirement sum set aside by member with partial or full benefits, or other approved benefit

Central Provident Fund (Retirement Sum Topping-Up Scheme) Regulations 1995

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—(1) The amount of the retirement sum that has been set aside by a member with partial benefits —(a)at the first computation time, is an amount calculated in accordance with the formula Ap + Bp, where —(i)Ap is the member’s benefit component at the first computation time;(ii)Bp is the higher of the following amounts:(A)the amount by which Cp exceeds Dp;(B)the lower of the following amounts:(BA)Cp;(BB)Ep;(iii)Cp is the retirement sum that has been set aside by the member immediately before the first computation time calculated in accordance with the formula in regulation 3(4);(iv)Dp is the amount by which D1 exceeds D2, where —(A)D1 is the amount by which the member’s benefit component at the first computation time exceeds the shortfall in the amount of the retirement sum that has been set aside by the member immediately before the first computation time, calculated in accordance with the formula in regulation 3(4); and(B)D2 is the amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act immediately before the first computation time; and(v)Ep is the sum of the following amounts (if any) that have been withdrawn from the member’s retirement account, but not refunded to the member’s retirement account, at the first computation time:(A)the amount of moneys deposited in a bank account with an approved bank under the former section 15(6C)(b) of the Act;(B)the amount withdrawn from the member’s retirement account to purchase an approved annuity;(C)the amount deducted from the member’s retirement account for the payment of premium for any annuity plan under the Lifelong Income Scheme established and maintained by the Board under section 27K of the Act;(b)at any recomputation time, is an amount calculated in accordance with sub‑paragraph (a) with the following modifications:(i)the references to “the first computation time” are replaced by “the recomputation time”;(ii)Cp is the retirement sum that has been set aside by the member immediately before the recomputation time, calculated in accordance with sub‑paragraph (c), less the benefit component at the last computation time;(iii)D1 is the amount by which the member’s benefit component at the recomputation time exceeds D3, where D3 is the amount by which the retirement sum applicable to the member exceeds the difference between —(A)the retirement sum set aside by the member immediately before the recomputation time, calculated in accordance with sub‑paragraph (a) or (c) (whichever applied at the last computation time); and(B)the benefit component at the last computation time; and(c)at any other computation time, is an amount calculated in accordance with the formula Fp – Gp – Hp, where —(i)Fp is the sum of —(A)the amount that has been set aside by the member with partial benefits at the last computation time; and (B)all moneys credited or transferred to the retirement account after the last computation time;(ii)Gp is an amount determined by the Board, not exceeding the total of the amounts mentioned in regulation 3(4)(b) that have been credited to the member’s retirement account after the last computation time and on or before the determination by the Board for the current computation time; and(iii)Hp is an amount determined by the Board, not exceeding the total of the amounts mentioned in regulation 3(4)(c) that have been withdrawn from the moneys standing to the credit of the member’s retirement account after the last computation time and on or before the determination by the Board for the current computation time (excluding any amount withdrawn from the amounts mentioned in sub‑paragraph (ii)).(2) In paragraph (1) —“first computation time”, in relation to a member’s approved benefits, means the time of approval by the Board of any approved benefit of the member if the member has no other approved benefit at that time;“last computation time” means the first computation time or the previous recomputation time, whichever is the later;“other computation time” means any time (other than a first computation time or recomputation time) when the Board takes a member’s approved benefit into consideration in computing the retirement sum that has been set aside by a member for the purposes of these Regulations;“recomputation time” means any time the Board recomputes a member’s benefit component for the purposes of these Regulations.(3) Paragraph (4) applies to a member who —(a)is a member with full benefits; or(b)has an approved benefit that is taken into account in computing the amount of the retirement sum that has been set aside by the member.(4) If, immediately after a member’s approved benefit is terminated or surrendered, the member has no other approved benefits, the amount of the retirement sum that has been set aside by the member immediately after such termination or surrender is calculated in accordance with the formula Afa + Bfa + (A – B – C), where —(a)Afa is —(i)for a member mentioned in paragraph (3)(a), the total amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act; or(ii)for a member mentioned in paragraph (3)(b), the retirement sum set aside by the member at that time, calculated in accordance with paragraph (1)(c), less the member’s benefit component (if any) at that time;(b)Bfa is —(i)for a member mentioned in paragraph (3)(a), the lower of the following:(A)the amount paid to the member’s account under regulation 15(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations 1988, regulation 19(3) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995 or regulation 18(3) of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004 (as the case may be) in respect of the member’s approved benefit that is terminated or surrendered;(B)the amount by which the retirement sum applicable to the member exceeds the total amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act; or(ii)for a member mentioned in paragraph (3)(b), the lower of the following:(A)the amount paid to the member’s account under regulation 15(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations 1988, regulation 19(3) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995 or regulation 18(3) of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004 (as the case may be) in respect of the member’s approved benefit that is terminated or surrendered;(B)the amount by which the retirement sum applicable to the member exceeds the total of the following amounts computed immediately before the amount mentioned in sub‑paragraph (A) is paid into the member’s account or (if no amount mentioned in sub‑paragraph (A) is to be paid) immediately before the member’s approved benefit is terminated or surrendered:(BA)the retirement sum set aside by the member calculated in accordance with paragraph (1), less the member’s benefit component, if any;(BB)any amount of the retirement sum comprised by an amount covered by any charge or undertaking in respect of that member; and(c)A, B and C refer to the corresponding amounts mentioned in regulation 3(4) —(i)immediately after payment to the member’s account of the amount payable (if any) under regulation 15(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations 1988, regulation 19(3) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995 or regulation 18(3) of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004 (as the case may be) in relation to the termination or surrender of the member’s approved benefit; or(ii)if no amount is due to be paid to the member’s account under regulation 15(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations 1988, regulation 19(3) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995 or regulation 18(3) of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004 (as the case may be), after the member’s approved benefit is terminated or surrendered.

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