Singapore legislation
Regulation 4
of Central Provident Fund (Medisave Account Transfers) Regulations 2016
Regulation 4
Transfer to retirement account of member who has attained 55 years of age on or after 1 July 1995
Subregulation 1
This regulation applies if, when there is an excess amount in a member’s medisave account —
the member is not an authorised member and has attained 55 years of age on or after 1 July 1995; and
there is a shortfall in the retirement sum applicable to the member.
Subregulation 2
The Board must then transfer from the member’s medisave account —
to the member’s retirement account, an amount equal to the lower of the following:
the excess amount in the member’s medisave account;
the amount of the shortfall in the retirement sum applicable to the member; and
to the member’s ordinary account, the excess amount (if any) in the member’s medisave account remaining after the transfer in accordance with sub‑paragraph (a).
Subregulation 3
In this regulation, the amount of the shortfall in the retirement sum applicable to a member is the amount (if any) by which the retirement sum applicable to the member exceeds the total of the following:
the amount of the retirement sum that has been set aside by the member (determined in accordance with regulation 4(1A) or 4A of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004 or regulation 4(1A) or 4A of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995, as the case may be);
the amount of the member’s applicable charges specified by the Board under paragraph (4), not exceeding the maximum amount of the member’s property component under regulation 4(1)(b)(ii) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995 or regulation 4(1)(b)(ii) of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004, as the case may be.
Subregulation 4
The Board is to specify an applicable charge for the purposes of paragraph (3)(b) but only if the requirement in regulation 4B(2) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995 or regulation 4B(2) of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004 (as the case may be) is satisfied.
Subregulation 5
In this regulation, “applicable charge” means any charge or undertaking under section 15(9), (9A), (10), (10A), (11D), (11E) or (11EB) of the Act as in force before 1 March 2022 or section 15AB(1), (2), (3), (4), (10), (11) or (13), 21(1), 21A(1), 21B(1), 21C(1)(d) or (2), 21D(1), 27C(1)(i), 27D(1)(j), 27DA(1)(i), 27DB(2)(e), 27E(1)(h) or 27F(1)(h) of the Act.