Suggest a correction

Lump sum payment from amount retained in retirement account on attaining applicable age for members who attain 55 years of age in or after 2012

Central Provident Fund (New Retirement Sum Scheme) Regulations 2004

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) This regulation —(a)applies to a member who attains 55 years of age on or after 1 January 2012; but(b)does not apply to a member to whom regulation 9 applies.(2) A member mentioned in paragraph (1) may apply to withdraw under section 15(7) of the Act, one or more amounts not exceeding in total the member’s entitlement from the member’s balance retained in the member’s retirement account.(3) Subject to paragraphs (4) and (5), where a member made an application mentioned in paragraph (1) as in force immediately before 6 November 2021, paragraphs (1) and (2) as in force immediately before that date continue to apply to that application.(4) If, in relation to a member’s application mentioned in paragraph (3), the amount computed in accordance with paragraphs (1) and (2) as in force immediately before 6 November 2021 is less than the member’s entitlement determined by the Board on or after that date, the member may request the Board for payment in accordance with paragraph (5) instead.(5) Where a member applies under paragraph (2) or the Board approves a member’s request under paragraph (4), the Board may, from time to time on or after the member attains the applicable age, pay the member one or more amounts that in total do not exceed the difference between —(a)the member’s entitlement; and(b)the total of the following amounts:(i)the total amounts already paid to the member under this regulation (if any), whether before, on or after 6 November 2021;(ii)any amount of the member’s entitlement which the Board has approved, on the member’s application, to be retained in the member’s retirement account —(A)to be paid to the member as a monthly income under regulation 8A or 10 or an additional amount monthly under regulation 10A; or(B)to be deducted under section 27L(2) of the Act.(6) The Board may transfer, from time to time within the transfer period, from the member’s balance retained in the member’s retirement account to the member’s ordinary account, one or more amounts determined by the Board that in total do not exceed the difference between —(a)the member’s entitlement; and(b)the total of the following amounts:(i)the total amounts already paid to the member under this regulation (if any), whether before, on or after 6 November 2021;(ii)any amount of the member’s entitlement which the Board has approved, on the member’s application, to be retained in the member’s retirement account —(A)to be paid to the member as a monthly income under regulation 8A or 10 or an additional amount monthly under regulation 10A; or(B)to be deducted under section 27L(2) of the Act.(7) The Board’s approval mentioned in paragraphs (5)(b)(ii) and (6)(b)(ii) may be given subject to any terms and conditions that the Board may impose.(8) In this regulation, “transfer period”, in relation to the transfer from a member’s balance under paragraph (6), means the period between the following days (both inclusive):(a)the first day of the month in which the member’s monthly income under regulation 8A(1), (3) or (6) or 10(1) or (2) or regulation 8 of the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (as the case may be) starts being paid, whichever is the earliest;(b)the last day of the month immediately after the month in which the member attains 70 years of age.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.