PART 2 | PROVISIONS RELATING TO RETIREMENT SUM |
| Maintenance of retirement sum |
4.—(1) The retirement sum which a member is required to set aside for any of the purposes mentioned in section 15(6C) of the Act is to be calculated in accordance with the First Schedule.(2) Where 2 members of the Fund are parties to a marriage and neither spouse is a relevant member, if one spouse (called in this regulation the first spouse) has already set aside a retirement sum calculated in accordance with the First Schedule, the other spouse is only required to set aside an amount calculated in accordance with the First Schedule or an amount equal to the difference between $53,100* and the retirement sum set aside by the first spouse, whichever is the less.| * With effect from 1 April 1994 to 30 June 1995 (S 304/1995). |
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(3) Where each of the 2 members of the Fund mentioned in paragraph (2) has executed before 1 January 2013 a memorandum in accordance with section 15(6A) of the Act, and both of them have agreed that in the event of the death of either member, the Board may transfer to the retirement account of the surviving member such amount in cash standing to the credit of the deceased member in the deceased member’s retirement account as he or she has nominated the surviving member to receive, then on or after the death of any one of those members, the Board may —| (a) | transfer to the retirement account of the surviving member an amount standing to the credit of the deceased member in the deceased member’s retirement account, being an amount not exceeding the retirement sum applicable to the surviving member; and | | (b) | pay to the surviving member the remainder (if any) of the amount that the deceased member has nominated the surviving member to receive. |
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| (4) Nothing in these Regulations is to be construed to prevent any married couple from being treated as separate individuals for the purposes of section 15(6) of the Act. |
(5) Where a member is in receipt of a pension, annuity or other benefit which provides him or her with a monthly income of less than $272* on attaining 60 years of age, the retirement sum which the member is required to set aside is to be calculated in accordance with the Second Schedule.| * With effect from 1 April 1994 to 30 June 1995 (S 304/1995). |
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| (6) Where a member withdraws the sum standing to the member’s credit in the Fund under section 15(2)(a) of the Act at any time after the member has attained 55 years of age, the retirement sum which the member is required to set aside under section 15(6) of the Act is to be computed as if the withdrawal had been made by the member at 55 years of age. |
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| Calculation of retirement sum, etc. |
5. In calculating the retirement sum which a member is required to set aside under section 15(6) of the Act, the Board is to take into account the following matters at the time the member attains 55 years of age:| (a) | the sum standing to the member’s credit in the Fund (excluding the balance in the member’s medisave account); | | (b) | the amount withdrawn by the member pursuant to regulations made under section 77(1)(h) of the Act (relating to the purchase of immovable properties) or the net value of the immovable property, whichever is the less; | | (c) | the amount withdrawn by the member pursuant to regulations made under section 77(1)(n) of the Act (relating to the making of investments). |
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| 6. [Deleted by S 591/2018] |
| Assessing value of immovable property |
7.—(1) For the purposes of assessing the value of any immovable property in respect of which —| (a) | a charge is to be created or constituted, or subsists, under section 15AB(1), (2), (10) or (11) of the Act or a former provision, or section 21, 21A, 21B, 27C(1)(i), 27D(1)(j)(ii), 27DA(1)(i), 27E(1)(h) or 27F(1)(h) of the Act; | | (b) | an undertaking is to be given or subsists under section 15AB(3) or (4) of the Act or a former provision, or section 27D(1)(j)(i) of the Act; | | (c) | there subsists any continued charge constituted under section 21C(1)(d) of the Act, where the relevant charge mentioned in section 21C(1)(a) of the Act in relation to the continued charge is —| (i) | a charge mentioned in sub-paragraph (a); or | | (ii) | another continued charge that satisfies sub-paragraph (c); |
| | (d) | there subsists any undertaking deemed to be given under section 21C(2) of the Act, where the relevant undertaking mentioned in section 21C(2)(a) of the Act in relation to the deemed undertaking is —| (i) | an undertaking mentioned in sub-paragraph (b); | | (ii) | an undertaking mentioned in sub-paragraph (e); or | | (iii) | another deemed undertaking that satisfies sub-paragraph (d); or |
| | (e) | there subsists any undertaking deemed to be given under section 21D(1) of the Act, where the relevant undertaking mentioned in that provision in relation to the deemed undertaking is —| (i) | an undertaking mentioned in sub-paragraph (b); | | (ii) | an undertaking mentioned in sub-paragraph (d); or | | (iii) | another undertaking deemed to be given under section 21D(1) of the Act, where the relevant undertaking mentioned in that provision in relation to the deemed undertaking is an undertaking mentioned in sub-paragraph (i) or (ii), |
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| the Board may appoint a Government valuer or a licensed valuer to value the immovable property and the expenses of such valuation are to be borne by the member concerned. |
[S 158/2026 wef 01/04/2026] | (2) Where a member is required to pay the expenses of any valuation under paragraph (1), the Board may, on application being made by the member, and subject to such terms and conditions as it may impose, permit the member to withdraw the whole or part of the amount standing to the member’s credit in the Fund for the payment of such expenses. |
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| Restriction on mortgage of property |
8.—(1) Where —| (a) | any immovable property belongs to a member or the member’s spouse or both of them jointly; and | | (b) | any of the following subsists over the immovable property:| (i) | any charge under section 15AB(1), (2), (10) or (11) of the Act or a former provision, or any section 21C(1) charge A; [S 158/2026 wef 01/04/2026] | | (ii) | any undertaking under section 15AB(3) or (4) of the Act or a former provision, or any section 21C(2) undertaking A or section 21D(1) undertaking A, [S 158/2026 wef 01/04/2026] |
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| the member or the member’s spouse or both of them must not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board. |
(2) Where —| (a) | a member is the spouse of any relevant person; | | (b) | pursuant to an order of court, the relevant person has transferred (other than by way of sale) the relevant person’s estate or interest in an immovable property to the member; and | | (c) | any of the following subsists over the immovable property:| (i) | any charge under section 27C(1)(i), 27D(1)(j)(ii) or 27DA(1)(i) of the Act, or any section 21C(1) charge C; | | (ii) | any undertaking under section 27D(1)(j)(i) of the Act, or any section 21C(2) undertaking B or section 21D(1) undertaking B, |
[S 158/2026 wef 01/04/2026] |
| the member must not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board. |
[S 158/2026 wef 01/04/2026] |
(3) In paragraph (2) —| “order of court” and “spouse” have the meanings given by section 27A of the Act; |
| “relevant person” means any member of the Fund, regardless of when the member has attained or will attain 55 years of age. |
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| Payment of amount secured by charge or undertaking |
8A.—(1) Where —| (a) | a member sells, transfers, assigns or otherwise disposes of an immovable property (or any of the member’s estate or interest in the immovable property) to any person in respect of which there subsists —| (i) | a charge created or constituted under section 15AB(1), (2), (10) or (11) of the Act or a former provision, or any section 21C(1) charge A; or [S 158/2026 wef 01/04/2026] | | (ii) | an undertaking given under section 15AB(3) or (4) of the Act or a former provision, or any section 21C(2) undertaking A or section 21D(1) undertaking A; and [S 158/2026 wef 01/04/2026] |
[S 158/2026 wef 01/04/2026] | | (b) | upon the sale, transfer, assignment or disposal, the amount secured by the charge or undertaking (or such part of the amount as the Board may determine) is paid to the Board, |
| the Board must pay that amount into the member’s ordinary account. |
(2) Where —| (a) | a member sells, transfers, assigns or otherwise disposes of an immovable property (or any of the member’s estate or interest in the immovable property) to any person in respect of which there subsists —| (i) | a charge created or constituted under section 27C(1)(i), 27D(1)(j)(ii) or 27DA(1)(i) of the Act, or any section 21C(1) charge C; or | | (ii) | an undertaking given under section 27D(1)(j)(i) of the Act, or any section 21C(2) undertaking B or section 21D(1) undertaking B; and |
[S 158/2026 wef 01/04/2026] | | (b) | upon the sale, transfer, assignment or disposal, the amount secured by the charge or undertaking (or such part of the amount as the Board may determine) is paid to the Fund, |
| the Board must pay that amount into the member’s special account. |
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| (3) Where the member voluntarily repays the whole or part of the amount in relation to any charge or undertaking under section 15AB(1), (2), (3), (4), (10) or (11) of the Act or a former provision, or section 27C(1)(i), 27D(1)(j) or 27DA(1)(i) of the Act, or any section 21C(1) charge A, section 21C(1) charge C, section 21C(2) undertaking A, section 21C(2) undertaking B, section 21D(1) undertaking A or section 21D(1) undertaking B, the Board must pay that amount into the member’s retirement account. [S 158/2026 wef 01/04/2026] |
(4) For the purposes of section 15AB(5) of the Act, each of the following is prescribed as a circumstance in which the Board must not enforce an undertaking under section 15AB(3) or (4) of the Act in respect of an immovable property in the event the immovable property is sold or otherwise disposed of:| (a) | the Board is notified of the member’s death; | | (b) | the member is entitled to withdraw the amount standing to the member’s credit in the Fund under section 15(2)(b) of the Act or a former provision, or section 15AA(1) of the Act because the member is suffering from a terminal illness or disease or a former provision, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | | (c) | the member complies with section 15(6)(a) or 15AA(5)(a) of the Act or a former provision; | | (d) | the member is exempt from complying with section 15(6)(a) of the Act by reason of section 15AA(3)(b) of the Act or a former provision; | | (e) | there is a relevant transaction in respect of the immovable property and an undertaking is deemed under section 21C(2) of the Act as a result; [S 158/2026 wef 01/04/2026] | | (f) | the member applies, in such manner as the Board may require, for the undertaking not to be enforced. |
[S 158/2026 wef 01/04/2026] |
(5) For the purposes of section 15AB(14)(e) and (15)(e) of the Act, each of the following is prescribed as an event in which a charge under section 15AB(10) or (11) of the Act does not continue in force or a charge under section 15AB(1) or (2) of the Act is cancelled, in respect of an immovable property in the event the immovable property is sold or otherwise disposed of:| (a) | the death of the member; | | (b) | the member is entitled to withdraw the amount standing to the member’s credit in the Fund under section 15(2)(b) of the Act or a former provision, or section 15AA(1) of the Act because the member is suffering from a terminal illness or disease or a former provision, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | | (c) | the member complies with section 15(6)(a) or 15AA(5)(a) of the Act or a former provision; | | (d) | the member is exempt from complying with section 15(6)(a) of the Act by reason of section 15AA(3)(b) of the Act or a former provision; | | (e) | where the charge mentioned in section 15(11F) of the Act as in force before 1 March 2022 is constituted on or after 1 January 2016, but before 1 January 2017, to secure the payment of an amount to the Board, the member has, at the time when that charge is constituted, a relevant property charge which secures an amount not less than the amount secured by the charge constituted under section 15(11D) or (11E) of the Act as in force before 1 March 2022, as the case may be; | | (f) | the member applies, in such manner as the Board may require, for the charge to be cancelled; [S 158/2026 wef 01/04/2026] | | (g) | there is a relevant transaction in respect of the immovable property and a continued charge is constituted under section 21C(1)(d) of the Act as a result. [S 158/2026 wef 01/04/2026] |
[S 158/2026 wef 01/04/2026] |
(6) Paragraph (5) applies, with the following modifications, to a charge under section 27C(1)(i), 27D(1)(j)(ii) or 27DA(1)(i) of the Act (as the case may be) constituted before, on or after 1 January 2016, or any section 21C(1) charge C:| (a) | any reference to the member is to be read as a reference to the spouse; | | (b) | sub-paragraphs (e) and (f) of paragraph (5) are replaced by the following sub‑paragraph:| “(e) | where the charge under section 27C(1)(i), 27D(1)(j)(ii) or 27DA(1)(i) of the Act is constituted, or there subsists any section 21C(1) charge C, to secure the payment of an amount to the Board, the spouse applies, in such manner as the Board may require, for the charge to be cancelled.”. |
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[S 158/2026 wef 01/04/2026] |
[S 158/2026 wef 01/04/2026] |
(7) For the purposes of section 27D(1)(k) of the Act, each of the following is prescribed as a circumstance in which the Board must not enforce an undertaking under section 27D(1)(j)(i) of the Act in respect of an immovable property in the event the immovable property is sold or otherwise disposed of:| (a) | the Board is notified of the spouse’s death; | | (b) | the spouse is entitled to withdraw the amount standing to the credit of the spouse in the Fund under section 15(2)(b) of the Act or a former provision, or section 15AA(1) of the Act because the spouse is suffering from a terminal illness or disease or a former provision, and the Board has given its authority under section 15(1) of the Act for such withdrawal; | | (c) | the spouse complies with section 15(6)(a) or 15AA(5)(a) of the Act or a former provision; | | (d) | the spouse is exempt from complying with section 15(6)(a) of the Act by reason of section 15AA(3)(b) of the Act or a former provision; | | (e) | there is a relevant transaction in respect of the immovable property and an undertaking is deemed under section 21C(2) of the Act as a result; [S 158/2026 wef 01/04/2026] | | (f) | in the case of an undertaking under section 27D(1)(j)(i) of the Act, or any section 21C(2) undertaking B or section 21D(1) undertaking B, the spouse applies, in such manner as the Board may require, for the undertaking not to be enforced. [S 158/2026 wef 01/04/2026] |
[S 158/2026 wef 01/04/2026] |
| (8) [Deleted by S 158/2026 wef 01/04/2026] |
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| Transfer to retirement account of payment in relation to charge or undertaking in respect of immovable property |
8B.—(1) Where any payment in relation to any charge or undertaking in respect of immovable property is paid into a member’s account in the Fund in accordance with regulation 8A(1) or (2) or the relevant Regulations, the Board must transfer to the member’s retirement account, towards the maintenance of the retirement sum, the amount paid.(2) In this regulation, “relevant Regulations” means any of the following Regulations as may be applicable in a particular case:| (a) | the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations 1975; | | (b) | the Central Provident Fund (Residential Properties Scheme) Regulations 1982; | | (c) | the Central Provident Fund (Non‑Residential Properties Scheme) Regulations 1986; | | (d) | the Central Provident Fund (Approved Housing Schemes) Regulations 1986; | | (e) | the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13, 2006 Revised Edition); | | (f) | the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations 1987. |
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| Transfer to ordinary account of moneys credited or refunded to retirement account |
8C.—(1) This regulation applies where —| (a) | a member’s moneys in the retirement account or special account is transferred —| (i) | to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) of the Act; or | | (ii) | to the special account of a relevant individual under section 18(3)(a) of the Act; and |
| | (b) | the transferred amount in sub‑paragraph (a), or the balance of that amount, is then —| (i) | credited to the member’s retirement account under section 19(2) or 19A(2) of the Act as in force immediately before 1 April 2022; | | (ii) | refunded to the member’s retirement account under section 19(1) of the Act as in force on or after 1 April 2022 or section 19D(2) or (7)(a) of the Act; or | | (iii) | paid to the member’s retirement account under section 19(2A) of the Act. |
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| (2) The Board must, immediately after the amount in paragraph (1)(b) is credited or refunded, transfer the credited or refunded amount to the member’s ordinary account. |
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| Transfer to retirement account when whole or part of reserved amount no longer required to be set aside |
8D. Where —| (a) | any reserved amount has been set aside in a member’s ordinary account under section 15(6) of the Act in respect of item 8 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014; and | | (b) | the whole or any part of the reserved amount mentioned in paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations, |
| the Board must transfer the whole or part of the amount mentioned in paragraph (b) (which ceases to be set aside) to the member’s retirement account towards the maintenance of the retirement sum. |
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| Transfer to retirement account of moneys credited under section 13C of Act arising from property charge that ceased to be in force |
8E.—(1) This regulation applies where moneys are paid to the Fund under the circumstances set out in regulation 3 of the Central Provident Fund (Prescribed Circumstances under Section 13C) Regulations 2022 and credited under section 13C of the Act to the member’s ordinary account or special account or both.| (2) The Board must transfer to the member’s retirement account, towards the maintenance of the retirement sum, the amount so credited under section 13C of the Act. |
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| Approved bank or approved annuity |
9.—(1) The Board may, from time to time, approve any annuity as an approved annuity for the purposes of section 15(6C)(b) of the Act.| (2) Any bank approved by the Board as an approved bank for the purposes of the former section 15(6C)(b) of the Act before 1 January 2014 or any insurer whose annuity has been approved by the Board under paragraph (1) must comply with the provisions of the Act, these Regulations and the terms, conditions and directions imposed or given by the Board relating to the retirement sum scheme. |
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| Use of amount mentioned in section 15(6C)(a) of Act |
9A.—(1) A member must, if he or she desires to deposit the amount mentioned in section 15(6C)(a) of the Act with an approved bank, use the whole of that amount at that time for such deposit.| (2) A member may, if he or she desires to use the amount mentioned in section 15(6C)(a) of the Act to purchase an approved annuity from an insurer, use the whole or any part of that amount at that time for such purchase. |
| (3) A member mentioned in section 27K(5) of the Act may, if the Board permits him or her to join the Scheme, withdraw the whole or any part of any amount mentioned in section 15(6C)(a) of the Act which is retained in the member’s retirement account at that time to pay a premium under section 27L(1) of the Act for an annuity plan under the Scheme. |
| (4) A relevant member may, if he or she desires to pay additional premiums to increase his or her monthly income under the Scheme in accordance with the Central Provident Fund (Lifelong Income Scheme) Regulations 2009, apply to the Board to withdraw the whole or any part of the amount mentioned in section 15(6C)(a) of the Act which is retained in the member’s retirement account to pay the additional premiums. |
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| Amount deposited with approved bank |
10.—(1) This regulation applies where a member has, before 1 January 2014, deposited an amount in a bank account with an approved bank under the former section 15(6C)(b) of the Act.| (2) The moneys standing to the credit of the account of the member in the approved bank bear interest at such rate as may be determined by the bank from time to time. |
| (3) No member is entitled to deposit the amount mentioned in the former section 15(6C)(b) of the Act in more than one account with any approved bank or banks at any one time unless approved by the Board. |
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| Purchase of approved annuity with amount from retirement account |
11.—(1) Where a member elects to use the amount mentioned in section 15(6C)(a) of the Act to purchase an approved annuity from an insurer, the Board must, at the request of the member, forward to the insurer in payment for such purchase —| (a) | the whole or any part of that amount and any top‑up made to meet the shortfall under the Central Provident Fund (Retirement Sum Topping‑Up Scheme) Regulations 1995; and | | (b) | where the purchase price of the approved annuity exceeds the amount mentioned in sub‑paragraph (a), any interest accrued on that amount. |
| (2) Any payment from the approved annuity is to be determined in accordance with the terms and conditions of the approved annuity. |
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| Payment of premium for annuity plan under Scheme |
11A.—(1) Where the Board has permitted a member mentioned in section 27K(5) of the Act to join the Scheme, the Board must, on the application of the member, deduct the premium payable by the member for an annuity plan under the Scheme from —| (a) | the whole or part of the amount mentioned in section 15(6C)(a) of the Act and any top‑up made to meet the shortfall under the Central Provident Fund (Retirement Sum Topping‑Up Scheme) Regulations 1995; and | | (b) | where the premium for the annuity plan exceeds the amount mentioned in sub‑paragraph (a), any interest accrued on that amount. |
(2) Where the Board approves a relevant member’s application to pay additional premiums to increase his or her monthly income under the Scheme, the Board must, on the application of the member under regulation 9A(4), deduct the payment for the additional premiums from —| (a) | the whole or any part of the amount mentioned in section 15(6C)(a) of the Act and any top‑up made to meet the shortfall under the Central Provident Fund (Retirement Sum Topping‑Up Scheme) Regulations 1995; and | | (b) | where the additional premiums exceed the amount mentioned in sub‑paragraph (a), any interest accrued on that amount. |
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| Payment from amount deposited with approved bank or retained in retirement account, in general |
12.—(1) Subject to paragraphs (3), (7) and (9) and regulations 12A, 13, 13C and 13D, a member (not being a relevant member) may be paid a monthly income from the member’s balance, starting on or after a date (specified by the Board) that falls in the month in which the member attains 60 years of age.(2) The amount of the income mentioned in paragraph (1) is —| (a) | where the member’s balance is less than the specified amount in regulation 14 — the whole of the member’s balance; or | | (b) | in any other case — the specified amount in regulation 14. |
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(3) Subject to paragraphs (7) and (9), a member (being a relevant member) may be paid a monthly income from the member’s balance, starting in the later of the following months:| (a) | the month in which the member attains 60 years of age; | | (b) | the month after the member becomes a relevant member. |
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(4) The amount of the income mentioned in paragraph (3) is an amount computed in accordance with the formula (A ÷ N) + D, where —| (a) | A is the difference between —| (i) | the member’s balance (in dollars) at the first time when an annuity plan is issued to the member; and | | (ii) | the total of the following amounts (in dollars):| (A) | all payments received by the member under this paragraph before the payment of the amount which is being computed; | | (B) | any other withdrawals or transfers from the member’s balance that are made after the annuity plan mentioned in sub‑paragraph (i) is issued to the member; |
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| | (b) | N is the larger of 60 or the total number of months in the period —| (i) | beginning with (and including) either the month in which the member attains 60 years of age or the month after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to the member, whichever month is later; and | | (ii) | ending with (and including) the month in which the member will attain 90 years of age; and |
| | (c) | D is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —| (i) | the member’s balance; | | (ii) | any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to the member; and | | (iii) | any interest which may accrue on the additional amount mentioned in sub‑paragraph (ii). |
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| (5) Despite section 2(1A)(b) of the Act, for the purposes of paragraph (4)(b)(ii), the month in which a member who is born on 29 February is deemed to attain 90 years of age is February of the year in which the member attains that age. |
| (6) Paragraph (7) applies to a member who, before becoming a relevant member, has deposited any amount standing to the member’s credit in the member’s retirement account with an approved bank under the former section 15(6C)(b) of the Act. |
(7) Subject to paragraph (9) and regulation 13D(2), a member mentioned in paragraph (6) may be paid a monthly income from the amount mentioned in paragraph (6) (including any interest accruing on that amount), starting on or after the later of the following dates:| (a) | a date (specified by the Board) that falls in the month in which the member attains 60 years of age; | | (b) | a date (specified by the Board) that falls in the month after the member becomes a relevant member. |
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(8) The amount of the monthly income mentioned in paragraph (7) is —| (a) | where the balance of the amount mentioned in paragraph (6) (including any interest accruing on that amount) is less than the amount specified in regulation 14 — the entire balance; or | | (b) | in any other case — the amount specified in regulation 14. |
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| (9) Subject to regulation 13D, the monthly income that a member may be paid under paragraph (1), (3) or (7) is payable to the member until the member’s balance has been exhausted or until the member’s death, whichever is the earlier. |
(10) Despite paragraph (2), where the amount standing to the member’s credit in the member’s retirement account is less than $350 on the date the member may be paid his or her monthly income under paragraph (1) (called in this regulation the relevant date), the Board may defer the payment for —| (a) | one year after the last day of the month in which the relevant date falls; or | | (b) | any shorter period determined by the Board. |
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| Payment from amount retained in retirement account, where 2 members have set aside jointly less than the aggregate of the retirement sums of both members |
12A.—(1) This regulation applies where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 4(2), and that amount is retained in their respective retirement accounts under section 15(6C)(a) of the Act.| (2) Subject to paragraph (4) and regulation 13D, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 4(2), the amount which each member may withdraw monthly from the amount retained in their respective retirement accounts is $350. |
| (3) Subject to paragraph (4) and regulation 13D, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is less than the aggregate of the retirement sums of both members in accordance with regulation 4(2), and either member dies or the members are divorced, the amount that the surviving or divorced member may withdraw monthly from the amount of his or her retirement sum in the member’s retirement account under section 15(6C)(a) of the Act must not exceed the amount specified in regulation 14, unless approved by the Board in any particular case. |
| (4) Subject to regulation 13D, the monthly income which a member may withdraw under paragraph (2) or (3) is payable to him or her until the amount retained in the member’s retirement account under section 15(6C)(a) of the Act (including any interest accruing on that amount) has been exhausted or until the member’s death, whichever is the earlier. |
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| Payment from amount retained in retirement account where there is relevant property charge |
12B.—(1) Paragraph (2) applies if, at the time the Board considers a member’s application under that paragraph —| (a) | the member has any relevant property charge; | | (b) | the total amount secured by the member’s relevant property charges is equal to or more than the amount to be withdrawn under the member’s application; and | | (c) | the member satisfies such terms and conditions as the Board may impose. |
| (2) The Board may, on the application of a member, allow the member to withdraw the whole or part of the amount retained in the member’s retirement account under section 15(6C)(a) of the Act. |
| (3) The Board may approve an application under paragraph (2) on such terms and conditions as the Board may impose. |
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| Payment from amount deposited with approved bank or retained in retirement account, where member has pension, annuity or other benefit or approved annuity |
13.—(1) A member with partial benefits (not being a relevant member) is to be paid a monthly income of $350 starting in the month in which the member attains 60 years of age, from the amount mentioned in section 15(6C)(a) of the Act standing to the credit of the member (if any) and any interest accruing on that amount.| (2) Where a member (not being a relevant member or a member with partial benefits), at any time after attaining 55 years of age, has used any amount standing to the member’s credit in his or her retirement account to purchase an approved annuity, and has any amount remaining in his or her retirement account under section 15(6C)(a) of the Act, the amount which the member is to be paid each month from the amount remaining in his or her retirement account and any interest accruing on that amount is $350. |
(3) A member with partial benefits may withdraw, in a lump sum, the whole or such part as the Board may determine of any amount standing to the member’s credit in the member’s retirement account, taking into account the following:| (a) | whether the monthly income from the member’s pension, annuity or other benefit approved by the Board is less in value than the payout benchmark applicable to the member; | | (b) | any amount transferred to the member’s retirement account under section 18 or 18A of the Act, if any; | | (c) | any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account under section 14(1) of the Act. |
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(4) For the purposes of this regulation, the Board —| (a) | is to determine the monthly income provided or to be provided to a member by that member’s pension, annuity or other benefit from any information it may have; and | | (b) | may, if it has information of the fixed monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed monthly income to be the monthly income provided or to be provided to the member by that pension, annuity or other benefit. |
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| 13A. [Deleted by S 735/2016] |
| Additional payment from amount deposited with approved bank or retained in retirement account |
13B.—(1) A member who is entitled to receive payment under regulation 12(1) or (7), 12A or 13 may apply to the Board, in such manner as the Board may require, to be paid an additional amount monthly from the member’s balance, which starts on or after the later of the following dates:| (a) | a date (specified by the Board) that falls in the month in which the member attains 60 years of age; | | (b) | the date on which the Board approves the application. |
(2) If the Board approves a member’s application under paragraph (1), the Board may —| (a) | impose terms and conditions; and | | (b) | subject to regulation 13D, pay the member, in accordance with paragraph (1)(a) and (b), such amounts as the Board may determine. |
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| (3) The Board may, starting on or after a date (specified by the Board) that falls in the month in which a member attains 60 years of age, pay to the member monthly such additional amounts from the member’s balance as the Board may determine. |
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| Payment of lower monthly income under regulation 12(1) or (7), 12A, 13 or 13B |
13C.—(1) Despite regulation 12(1) or (7), 12A, 13 or 13B, a member who is entitled to receive a monthly income under any of those provisions may apply to the Board to be paid a monthly income, specified in the member’s application, of an amount less than the monthly income provided by that provision.| (2) The Board may approve an application made under paragraph (1) on such terms and conditions as the Board may impose. |
(3) Subject to paragraph (4), where —| (a) | the Board has before, on or after 1 January 2020 computed the monthly income to be paid to a member under regulation 12(1) or (7), 12A, 13 or 13B; and | | (b) | the amount standing to the credit of the member in the member’s retirement account is subsequently reduced, on or after 1 January 2020, by any factor that was not taken into account in that computation, |
| the Board may on or after 1 April 2020 (without any application by the member) reduce the amount of the monthly income to be paid in the proportion by which the amount mentioned in sub‑paragraph (b) is reduced. |
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| (4) The reduced amount of the monthly income under paragraph (3) must not be less than $350 or the amount standing to the credit of the member in the member’s retirement account at the time the monthly income is paid, whichever is lower. |
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| Payment of monthly income where balance in retirement account is low |
13D.—(1) Subject to paragraph (2), where any amount is retained in a member’s retirement account under section 15(6C)(a) of the Act, and the balance of the amount so retained (including any interest accruing on that amount) is less than $20, the Board may —| (a) | if the member has applied for the monthly income which the member may be paid under regulation 12(1), 12A, 13, 13B or 13C to be paid into the member’s account with a bank by inter‑bank GIRO, pay the member the entire balance in that manner; or | | (b) | retain the entire balance in the member’s retirement account until there is a balance of not less than $20 in the amount so retained (including any interest accruing on that amount). |
| (2) Where any payment of the monthly income which a member may be paid under regulation 12(1) or (7), 12A, 13, 13B or 13C results in a balance of $350 or less in the amount retained in the member’s retirement account under section 15(6C)(a) of the Act (including any interest accruing on that amount), the Board may permit the entire balance to be paid together with the monthly income. |
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| Manner of payment from amount retained in retirement account |
13E.—(1) Paragraphs (2) and (3) apply to the payment of —| (a) | any monthly income or amount due to a member under regulation 12(1) or (3), 12A(2) or (3), 13(1) or (2) or 13C, any balance due to the member under regulation 13D(2) or any additional amount due to the member under regulation 13B(1) or (3); and | | (b) | any amount due to the member under regulation 12B. |
(2) The Board may make the payments mentioned in paragraph (1) in any manner prescribed in the following sub‑paragraphs, as the Board thinks fit:| (a) | payment into the member’s bank account; | | (b) | issuing a cheque or any other physical payment instrument to the member; | | (c) | crediting the member’s ordinary account; | | (d) | any other manner of payment applied for by the member. |
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| (3) If the Board makes payment in accordance with paragraph (2)(c), the Board may also credit to the member’s ordinary account the whole or part of the interest that would have been payable on the amount of the payment if the payment had been credited to the member’s ordinary account on becoming payable. |
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14. For the purposes of regulations 3(2), 12(2) and (7) and 12A(3), the specified amount is as follows: | | | | | | On or after 1 January 1987 but before 1 April 1994 |
| | | | On or after 1 April 1994 but before 1 April 1995 |
| | | | On or after 1 April 1995 but before 1 April 1996 |
| | | | On or after 1 April 1996 but before 1 April 1997 |
| | | | On or after 1 April 1997 but before 1 April 1998 |
| | | | On or after 1 April 1998 but before 1 April 1999 |
| | | | On or after 1 April 1999 but before 1 July 2000 |
| | | | On or after 1 July 2000 but before 1 July 2001 |
| | | | On or after 1 July 2001 but before 1 July 2002 |
| | | | On or after 1 July 2002 but before 1 July 2003 |
| | | | On or after 1 July 2003 but before 1 June 2023 |
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