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Further transfer to retirement account towards maintenance of retirement sum

Central Provident Fund (New Retirement Sum Scheme) Regulations 2004

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—(1) Subject to paragraph (2), for the purposes of section 15(6CA) of the Act, where a member attains 55 years of age on or after 1 January 2013, the Board must, within the transfer period, transfer to the member’s retirement account, towards the maintenance of the retirement sum applicable to the member, the amount prescribed in paragraph (3).(2) Despite paragraph (1), where —(a)the Board is notified (in the manner that the Board may require), during or after the late notice period but before 1 January 2023, that a member is an applicable member; and(b)the applicable member attains his or her 60th birthday before 1 January 2023,the Board must, within the late notice transfer period, transfer to the applicable member’s retirement account, towards the maintenance of the retirement sum applicable to the applicable member, the amount prescribed in paragraph (3).(3) The amount to be transferred under paragraph (1) or (2) (as the case may be) for a member is —(a)the shortfall in the retirement sum applicable to the member immediately before the transfer under that paragraph; or(b)where the available balance is less than the shortfall mentioned in sub‑paragraph (a), that available balance.(4) In this regulation —“60th birthday month”, in relation to a member, means the month in which the member attains 60 years of age;“65th birthday month”, in relation to a member, means the month in which the member attains 65 years of age;“available balance” means the amount by which the amount mentioned in paragraph (a) exceeds the amount mentioned in paragraph (b):(a)the total amount standing to the member’s credit immediately before the transfer under paragraph (1) or (2) in the member’s ordinary account (excluding the reserved amount standing to the member’s credit in that account) and special account;(b)the amount (if any) by which $5,000 exceeds the total amount immediately before the transfer under paragraph (1) or (2) that the member has withdrawn from the sum standing to the member’s credit in the Fund under section 15(2)(a), (3) or (4)(a) of the Act;“late notice period”, in relation to an applicable member, means the period —(a)beginning on the first day of the seventh month before the member’s 60th birthday month; and(b)ending on the last day of the eighth month before the member’s 65th birthday month;“late notice transfer period”, in relation to an applicable member mentioned in paragraph (2), means the period —(a)starting after the Board is notified that the member is an applicable member; and(b)ending as soon as it is practicable to make the transfer under paragraph (2) on or after the last working day of the month following the month in which the Board is so notified;“transfer period” means the period —(a)starting on the first day of the month immediately preceding the month of the date on which the Board intends to start paying the member’s monthly income under —(i)regulation 8A(1), (3) or (6) or 10(1) or (2); or(ii)regulation 8 of the Central Provident Fund (Lifelong Income Scheme) Regulations 2009,whichever is the earliest; and(b)ending as soon as it is practicable to make the transfer under paragraph (1) on or after the date mentioned in paragraph (a).

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