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Transfer to retirement account at 55 years of age towards maintenance of retirement sum, etc.

Central Provident Fund (New Retirement Sum Scheme) Regulations 2004

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—(1) Except where paragraph (2) requires otherwise, not earlier than 2 working days before the date on which a member attains 55 years of age and not later than that date, the Board must transfer, from the moneys standing to the member’s credit in the Fund (excluding the reserved amount standing to the member’s credit in the member’s ordinary account and the amount in the member’s medisave account) to the member’s retirement account towards the maintenance of the retirement sum —(a)where the member attains that age before 1 January 2009 —(i)if the relevant amount at the time of the transfer exceeds 2 times the retirement sum applicable to the member — an amount equivalent to the retirement sum applicable to the member;(ii)if the relevant amount at the time of the transfer does not exceed 2 times the retirement sum applicable to the member but exceeds $10,000 — any amount in excess of 50% of the relevant amount;(iii)if the relevant amount at the time of the transfer does not exceed $10,000 but exceeds $5,000 — any amount in excess of $5,000; or(iv)if the relevant amount at the time of the transfer does not exceed $5,000 — $0;(b)where the member attains that age on or after 1 January 2009 but before 1 January 2013 —(i)if the relevant amount at the time of the transfer exceeds the applicable first amount — an amount equivalent to the retirement sum applicable to the member;(ii)if the relevant amount at the time of the transfer does not exceed the applicable first amount but exceeds the applicable second amount — any amount in excess of the applicable percentage of the relevant amount;(iii)if the relevant amount at the time of the transfer does not exceed the applicable second amount but exceeds $5,000 — any amount in excess of $5,000; or(iv)if the relevant amount at the time of the transfer does not exceed $5,000 — $0; or(c)where the member attains that age on or after 1 January 2013 —(i)if the relevant amount at the time of the transfer exceeds the retirement sum applicable to the member by $5,000 or more — an amount equivalent to the retirement sum applicable to the member;(ii)if the relevant amount at the time of the transfer does not exceed the retirement sum applicable to the member by $5,000 or more but exceeds $5,000 — any amount in excess of $5,000; or(iii)if the relevant amount at the time of the transfer does not exceed $5,000 — $0.(2) Regulation 9 of the Central Provident Fund (Topping‑Up of Special Account) Regulations 2007 applies to the transfer of the moneys and interest under section 18(4) and (5) of the Act from a member’s special account to the member’s retirement account towards the maintenance of the retirement sum.(3) A member may withdraw any moneys standing to the member’s credit in the Fund (excluding the reserved amount standing to the member’s credit in the member’s ordinary account and the amount in the member’s medisave account) that will not be transferred to the member’s retirement account under paragraphs (1) and (2).(4) Despite paragraphs (1) and (2), a member may transfer the whole or part of the amount in the member’s ordinary account (excluding any reserved amount standing to the member’s credit in that account) or special account to the member’s retirement account to meet any shortfall in the retirement sum applicable to the member, but such transfer is subject to such terms and conditions as the Board may impose.(5) The total amount to be transferred under paragraphs (1), (2) and (4) must not exceed the retirement sum applicable to the member.(6) In this regulation —“applicable first amount”, in relation to a member who attains 55 years of age on or after 1 January 2009 but before 1 January 2013, means the amount of money calculated in accordance with the formula M/(1 – W), where —(a)M is the retirement sum applicable to the member; and(b)W is —(i)0.4, if the member attains that age on or after 1 January 2009 but before 1 January 2010;(ii)0.3, if the member attains that age on or after 1 January 2010 but before 1 January 2011;(iii)0.2, if the member attains that age on or after 1 January 2011 but before 1 January 2012; or(iv)0.1, if the member attains that age on or after 1 January 2012 but before 1 January 2013;“applicable percentage”, in relation to a member who attains 55 years of age on or after 1 January 2009 but before 1 January 2013, means —(a)40%, if the member attains that age on or after 1 January 2009 but before 1 January 2010;(b)30%, if the member attains that age on or after 1 January 2010 but before 1 January 2011;(c)20%, if the member attains that age on or after 1 January 2011 but before 1 January 2012; or(d)10%, if the member attains that age on or after 1 January 2012 but before 1 January 2013;“applicable second amount”, in relation to a member who attains 55 years of age on or after 1 January 2009 but before 1 January 2013, means the amount of money (in Singapore dollars) calculated in accordance with the formula 5,000/W, where W is —(a)0.4, if the member attains that age on or after 1 January 2009 but before 1 January 2010;(b)0.3, if the member attains that age on or after 1 January 2010 but before 1 January 2011;(c)0.2, if the member attains that age on or after 1 January 2011 but before 1 January 2012; or(d)0.1, if the member attains that age on or after 1 January 2012 but before 1 January 2013;“relevant amount” —(a)in relation to a member who attains 55 years of age before 1 January 2016, means the amount of moneys standing to the member’s credit in the Fund (excluding the reserved amount standing to the member’s credit in the member’s ordinary account and the amount to be retained in the member’s medisave account); and(b)in relation to a member who attains 55 years of age on or after 1 January 2016, means the amount of moneys standing to the member’s credit in the Fund (excluding the reserved amount standing to the member’s credit in the member’s ordinary account and the amount in the member’s medisave account).

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