Central Provident Fund (Retirement Sum Scheme) Regulations 1988

Central Provident Fund Act 1953

(Section 77(1))

Central Provident Fund
(Retirement Sum Scheme)
Regulations 1988

2025 REVISED EDITION

(17 December 2025)

[1 January 1987;

1 April 1987]

PART 1

PRELIMINARY

Citation

1.  These Regulations are the Central Provident Fund (Retirement Sum Scheme) Regulations 1988.

Application

2.—(1)  These Regulations apply to all members of the Fund who have attained 55 years of age on or after 1 January 1987 but before 1 July 1995.

(2)  Despite paragraph (1), regulations 4(2) and (3) and 12A apply to a married couple only if each spouse is a member of the Fund and has attained 55 years of age on or after 1 January 1987 but before 1 July 1995.

(3)  Despite paragraphs (1) and (2), a member of the Fund to whom section 15AA(5) of the Act or a former provision applies, and who has complied with that provision, need not comply with these Regulations.

Definitions

3.—(1)  In these Regulations —

“annuity plan” has the meaning given by section 27J of the Act;

“insurer” means any person registered under the Insurance Act 1966 to carry on insurance business in Singapore;

“Lease Buyback Scheme” means a scheme administered by the Housing and Development Board, under which a lessee of an HDB flat who has been approved by the Housing and Development Board to take part in the scheme enters into an agreement with the Housing and Development Board to reduce the term of the lease, in consideration of a sum of money —

(a) which is to be paid in accordance with the terms and conditions of the scheme; and

(b) the whole or part of which may be used for the payment of a premium for an annuity plan under the Scheme;

“member with partial benefits” means a member who has a pension, annuity or other benefit that —

(a) provides the member with a monthly income which is less in value than the payout benchmark applicable to the member; and

(b) is approved by the Board —

(i) for the purposes of section 15AA(2)(b) of the Act or a former provision; or

(ii) to be taken into account in computing the retirement sum that has been set aside, for the purposes of these Regulations;

“member’s balance” means the amount mentioned in section 15(6C)(a) of the Act, and any interest accruing on that amount, standing to the credit of the member;

“monthly income” means the income which a member is entitled —

(a) to withdraw monthly from the amount standing to the member’s credit in the member’s retirement account that is deposited with an approved bank or retained in that account under section 15(6C)(a) of the Act; or

(b) to be paid monthly under an approved annuity purchased under section 15(6C)(b) of the Act,

after the member has attained 60 years of age;

“relevant member” and “Scheme” have the meanings given by section 27J of the Act;

“relevant property charge” means a charge under section 21(1), 21A(1), 21B(1), 27E(1)(h) or 27F(1)(h) of the Act.

(2)  The amount which a member is entitled to withdraw each month under section 15(7) of the Act is as specified in regulation 14.

Former provisions

3A.  In a regulation specified in the first column of the Third Schedule, a reference to a former provision means any provision of the Act specified in the second column of that Schedule opposite that regulation.