PART 2 | MAINTENANCE OF RETIREMENT SUM |
| Retirement sum required of member |
4.—(1) The retirement sum applicable to a member —| (a) | is the appropriate amount set out in the second column of the First Schedule; and | | (b) | comprises —| (i) | the following amounts:| (A) | an amount in cash; | | (B) | where the member is a member with partial benefits, the member’s benefit component; and |
| | (ii) | the member’s property component (if any) which must not exceed 50% of the retirement sum applicable to the member. |
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(2) The amount of the retirement sum that has been set aside by a member (being a member with no approved benefit) at any time is calculated according to the formula A – B – C, where —| (a) | A is the total of the following amounts:| (i) | the total amount that has been credited into the member’s retirement account up to that time; | | (ii) | any determined amount paid to the member up to that time from moneys standing to the member’s credit in the member’s ordinary account and special account, other than any excluded paid amount; |
| | (b) | B is the total of the following amounts that have been credited into the member’s retirement account up to that time:| (i) | any interest under section 6(4) of the Act; | | (ii) | any additional interest under section 6(4B) of the Act; | | (iii) | any cash grant (within the meaning of section 14(5) of the Act) credited before 1 January 2026 into the member’s retirement account under section 14(1) of the Act, excluding all of the following:| (A) | any cash grant administered by the Ministry of National Development or the Housing and Development Board; | | (B) | any cash grant known as the Earn and Save Bonus; | | (C) | any cash grant credited into the member’s retirement account due to the closure of the member’s special account, on the direction of the Minister under section 14(1) of the Act; |
[S 892/2025 wef 01/01/2026] | | (iiia) | any cash grant under the approved scheme known as the Matched Retirement Savings Scheme, as described on the Board’s Internet website at https://cpf.gov.sg, credited into the member’s retirement account under section 14(1) of the Act on or after 1 January 2026 in respect of contributions —| (A) | paid before 1 January 2025; or | | (B) | paid on or after 1 January 2025 which, at the member’s request in any particular case, the Board treats as having been paid before that date; |
[S 892/2025 wef 01/01/2026] | | (iiib) | any cash grant under the approved scheme known as the Retirement Savings Bonus that is part of the Majulah Package, as described on the Board’s Internet website at https://cpf.gov.sg, credited into the member’s retirement account under section 14(1) of the Act on or after 1 January 2026; [S 892/2025 wef 01/01/2026] | | (iv) | any monthly income due to the member under section 27K(6) of the Act, if —| (A) | the member is a relevant member; | | (B) | the member has nominated, in accordance with section 25(1)(a)(iii) of the Act, any person to receive a portion of the amount payable on the member’s death out of the Fund; | | (C) | that nomination is not, to the best of the Board’s knowledge, revoked; and | | (D) | the member has applied to the Board under the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 for the monthly income to be paid into the member’s retirement account; |
| | (v) | any amount restored to the member’s retirement account under section 13(7H)(a) of the Act from the member’s ordinary account, being an amount which was transferred to the member’s ordinary account under regulation 9A(6); | | (vi) | any amount paid to the member’s account pursuant to regulation 18(1) and (2); | | (vii) | any excluded transferred amount; | | (viii) | any amount paid into the member’s retirement account under section 27L(5) of the Act; and |
| | (c) | C is the total of the following amounts that have been withdrawn from moneys standing to the credit of the member’s retirement account up to that time (except any amounts withdrawn from the amounts mentioned in sub‑paragraph (b)):| (i) | any amount withdrawn from the member’s retirement account under section 15AB(1), (2), (3), (4), (6), (7), (8) or (9) of the Act or a former provision; | | (ii) | any amount withdrawn from the member’s retirement account mentioned in section 21(1), 21A(1) or 21B(1) of the Act or transferred to the member’s ordinary account under any of the following regulations:| (A) | regulation 17B of the Central Provident Fund (Approved Housing Schemes) Regulations 1986; | | (B) | regulation 6B of the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations 1987; | | (C) | regulation 8A of the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations 1975; | | (D) | regulation 7A of the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13, 2006 Revised Edition); | | (E) | regulation 15A of the Central Provident Fund (Non‑Residential Properties Scheme) Regulations 1986; | | (F) | regulation 23A of the Central Provident Fund (Residential Properties Scheme) Regulations 1982; |
| | (iii) | any amount transferred or paid to the member’s spouse from the member’s retirement account under section 27B of the Act; | | (iv) | any amount restored or paid to one or more accounts (of that member or any other member) in the Fund, from that member’s retirement account under section 13(7H)(a), (7HA)(b)(i) or (c)(i) or (7HB)(a) of the Act; | | (v) | any amount refunded or paid to a person from the member’s retirement account under section 13(7I)(a) of the Act; | | (vi) | any amount transferred to a relevant individual from the member’s retirement account under section 18 of the Act; | | (vii) | any amount withdrawn under regulation 11A; | | (viii) | in relation to —| (A) | any cash grant mentioned in sub-paragraph (b)(iii)(A), (B) or (C); or | | (B) | any cash grant credited into the member’s retirement account under section 14(1) of the Act on or after 1 January 2026, other than those mentioned in sub-paragraph (b)(iiia) or (iiib), |
| any amount recovered by the Board from the member’s retirement account pursuant to section 14(3) or (3A) of the Act; |
[S 892/2025 wef 01/01/2026] | | (ix) | any amount of the remaining moneys —| (A) | refunded to a giver’s account from the member’s retirement account under section 19D(2) or (7)(a) of the Act; or | | (B) | paid to a payer, the personal representatives of the payer or a proper claimant from the member’s retirement account under section 19D(3) or (7)(b) of the Act; |
| | (x) | any amount refunded from the member’s retirement account under section 19(1) of the Act as in force on or after 1 April 2022; | | (xi) | any amount withdrawn or transferred from the member’s retirement account under section 15(1B) of the Act; | | (xii) | any amount deducted from the member’s retirement account under section 45(2) of the Act; | | (xiii) | any amount recovered by the Board from the member’s retirement account under section 57C of the Act; | | (xiv) | any amount refunded or paid from the member’s retirement account under section 71 of the Act. |
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(3) In this regulation —| “cash amount” means the retirement sum that has been set aside by the member calculated in accordance with paragraph (2) or regulation 4A, as the case may be; |
“excluded paid amount”, in relation to a determined amount paid to the member, means either of the following, as the case may be:| (a) | where the member’s cash amount is determined by the relevant check to be at least the retirement sum applicable to the member — the determined amount; | | (b) | where the member’s cash amount is determined by the relevant check to be less than the retirement sum applicable to the member — the excess of J over K, where —| (i) | J is the sum of the determined amount and the cash amount determined by that relevant check; and | | (ii) | K is the retirement sum applicable to the member; |
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“excluded transferred amount”, in relation to a determined amount transferred to the member’s retirement account, means either of the following, as the case may be:| (a) | where the member’s cash amount is determined by the relevant check to be at least the retirement sum applicable to the member — the determined amount; | | (b) | where the member’s cash amount is determined by the relevant check to be less than the retirement sum applicable to the member — the excess of J1 over K1, where —| (i) | J1 is the sum of the determined amount and the cash amount determined by that relevant check; and | | (ii) | K1 is the retirement sum applicable to the member; |
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| “giver”, “payer”, “proper claimant” and “remaining moneys” have the meanings given by section 19D(9) of the Act; |
| “relevant check” means the last check conducted by the Board for the purposes of determining the member’s cash amount before the payment or transfer (as the case may be) of the determined amount; |
| “spouse” includes a former spouse. |
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| Retirement sum set aside by member with partial or full benefits, or other approved benefit |
4A.—(1) The amount of the retirement sum that has been set aside by a member with partial benefits —| (a) | at the first computation time, is an amount calculated in accordance with the formula Ap + Bp, where —| (i) | Ap is the member’s benefit component at the first computation time; | | (ii) | Bp is the higher of the following amounts:| (A) | the amount by which Cp exceeds Dp; | | (B) | the lower of the following amounts: |
| | (iii) | Cp is the retirement sum that has been set aside by the member immediately before the first computation time, calculated in accordance with regulation 4(2); | | (iv) | Dp is the amount by which D1 exceeds D2, where —| (A) | D1 is the amount by which the member’s benefit component at the first computation time exceeds the shortfall in the amount of the retirement sum that has been set aside by the member immediately before the first computation time, calculated in accordance with regulation 4(2); and | | (B) | D2 is the amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act immediately before the first computation time; and |
| | (v) | Ep is the sum of the following amounts (if any) that have been withdrawn from the member’s retirement account, but not refunded to the member’s retirement account, at the first computation time:| (A) | the amount of moneys deposited in a bank account with an approved bank under the former section 15(6C)(b) of the Act; | | (B) | the amount withdrawn from the member’s retirement account to purchase an approved annuity; | | (C) | the amount deducted from the member’s retirement account for the payment of premium for any annuity plan under the Lifelong Income Scheme established and maintained by the Board under section 27K of the Act; |
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| | (b) | at any recomputation time, is an amount calculated in accordance with sub‑paragraph (a) with the following modifications:| (i) | the references to “the first computation time” are replaced by “the recomputation time”; | | (ii) | Cp is the retirement sum that has been set aside by the member immediately before the recomputation time, calculated in accordance with sub‑paragraph (c), less the benefit component at the last computation time; | | (iii) | D1 is the amount by which the member’s benefit component at the recomputation time exceeds D3, where D3 is the amount by which the retirement sum applicable to the member exceeds the difference between —| (A) | the retirement sum set aside by the member immediately before the recomputation time, calculated in accordance with sub‑paragraph (a) or (c) (whichever applied at the last computation time); and | | (B) | the benefit component at the last computation time; and |
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| | (c) | at any other computation time, is an amount calculated in accordance with the formula Fp – Gp − Hp, where —| (i) | Fp is the sum of —| (A) | the amount that has been set aside by the member with partial benefits at the last computation time; and | | (B) | all moneys credited or transferred to the retirement account after the last computation time; |
| | (ii) | Gp is an amount determined by the Board, not exceeding the total of the amounts mentioned in regulation 4(2)(b) that have been credited to the member’s retirement account after the last computation time and on or before the determination by the Board for the current computation time; and | | (iii) | Hp is an amount determined by the Board, not exceeding the total of the amounts mentioned in regulation 4(2)(c) that have been withdrawn from the moneys standing to the credit of the member’s retirement account after the last computation time and on or before the determination by the Board for the current computation time (excluding any amount withdrawn from the amounts mentioned in sub‑paragraph (ii)). |
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(2) In paragraph (1) —| “first computation time”, in relation to a member’s approved benefits, means the time of approval by the Board of any approved benefit of the member if the member has no other approved benefit at that time; |
| “last computation time” means the first computation time or the previous recomputation time, whichever is the later; |
| “other computation time” means any time (other than a first computation time or recomputation time) when the Board takes a member’s approved benefit into consideration in computing the retirement sum that has been set aside by a member for the purposes of these Regulations; |
| “recomputation time” means any time the Board recomputes a member’s benefit component for the purposes of these Regulations. |
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(3) Paragraph (4) applies to a member who —| (a) | is a member with full benefits; or | | (b) | has an approved benefit that is taken into account in computing the amount of the retirement sum that has been set aside by the member. |
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(4) If, immediately after a member’s approved benefit is terminated or surrendered, the member has no other approved benefits, the amount of the retirement sum that has been set aside by the member immediately after such termination or surrender is calculated in accordance with the formula Afa + Bfa + (A – B − C), where —| (a) | Afa is —| (i) | for a member mentioned in paragraph (3)(a), the total amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act; or | | (ii) | for a member mentioned in paragraph (3)(b), the retirement sum set aside by the member at that time, calculated in accordance with paragraph (1)(c), less the member’s benefit component (if any) at that time; |
| | (b) | Bfa is —| (i) | for a member mentioned in paragraph (3)(a), the lower of the following:| (A) | the amount paid to the member’s account under regulation 18(3) in respect of the member’s approved benefit that is terminated or surrendered; | | (B) | the amount by which the retirement sum applicable to the member exceeds the total amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act; or |
| | (ii) | for a member mentioned in paragraph (3)(b), the lower of the following:| (A) | the amount paid to the member’s account under regulation 18(3) in respect of the member’s approved benefit that is terminated or surrendered; | | (B) | the amount by which the retirement sum applicable to the member exceeds the total of the following amounts computed immediately before the amount mentioned in sub‑paragraph (A) is paid into the member’s account or (if no amount mentioned in sub‑paragraph (A) is to be paid) immediately before the member’s approved benefit is terminated or surrendered:| (BA) | the retirement sum set aside by the member calculated in accordance with paragraph (1), less the member’s benefit component, if any; | | (BB) | the amount mentioned in regulation 4(1)(b)(ii), in respect of that member; and |
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| | (c) | A, B and C refer to the corresponding amounts mentioned in regulation 4(2) —| (i) | immediately after payment to the member’s account of the amount payable (if any) under regulation 18(3) in relation to the termination or surrender of the member’s approved benefit; or | | (ii) | if no amount is due to be paid to the member’s account under regulation 18(3), after the member’s approved benefit is terminated or surrendered. |
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4B.—(1) Subject to paragraphs (2) and (3), the Board must specify which of a member’s applicable charges (whether in whole or in part) constitute the property component in order to compute, for the purposes of these Regulations —| (a) | the retirement sum set aside by the member; or | | (b) | the shortfall in the retirement sum applicable to a member. |
(2) The Board may specify an applicable charge under paragraph (1) only if —| (a) | the member attained 55 years of age before 10 May 2019 and the first account date of the applicable charge is before 10 May 2019; | | (b) | where sub‑paragraph (a) does not apply, and the applicable charge is in respect of a leasehold estate in an immovable property — the unexpired term of the leasehold estate, on the first account date, is —| (i) | at least (95 – T1) years, where T1 is the member’s age on the first account date; or | | (ii) | such shorter period as the Board may permit; or |
| | (c) | sub‑paragraph (a) does not apply and the applicable charge is in respect of the freehold estate of an immovable property. |
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(3) Paragraph (1) —| (a) | does not apply in computing the retirement sum set aside by a member in accordance with regulation 4(2) or 4A; | | (b) | applies in relation to regulation 5(4), 5A, 5AA or 7 only if the member requests the Board, in the manner required by the Board, to specify any applicable charge under that regulation; and | | (c) | does not apply in relation to regulation 5B, 5C, 5D, 5E or 6 if the member requests the Board, in the manner required by the Board, not to specify any applicable charge under that regulation. |
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(4) In this regulation — “applicable charge” means —| (a) | in relation to regulation 5B — any charge or undertaking under section 15AB(1), (2), (3), (4), (10), (11) or (13) of the Act or a former provision, or section 27C(1)(i), 27D(1)(j), 27DA(1)(i) or 27DB(2)(e) 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, except the charge or undertaking to which the payment mentioned in regulation 5B(1) relates; [S 156/2026 wef 01/04/2026] | | (b) | in relation to regulation 5C — any charge or undertaking under section 15AB(1), (2), (3), (4), (10), (11) or (13) of the Act or a former provision, or section 27C(1)(i), 27D(1)(j), 27DA(1)(i) or 27DB(2)(e) 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, except any such charge or undertaking in respect of any immovable property to which the reserved amount mentioned in regulation 5C(4)(b) or (6)(b) relates; [S 156/2026 wef 01/04/2026] | | (c) | in relation to regulation 5D or 5E — any charge or undertaking under section 15AB(1), (2), (3), (4), (10), (11) or (13) of the Act or a former provision, or section 27C(1)(i), 27D(1)(j), 27DA(1)(i) or 27DB(2)(e) 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; [S 156/2026 wef 01/04/2026] | | (d) | in relation to regulation 6 — any charge or undertaking mentioned in sub‑paragraph (c), except any such charge or undertaking that relates to the “relevant immovable property” mentioned in regulation 3 of the Central Provident Fund (Prescribed Circumstances under Section 13C) Regulations 2022 to which the moneys mentioned in regulation 6(1) relate; or | | (e) | in any other case — any relevant property charge, any charge or undertaking under section 15AB(1), (2), (3), (4), (10), (11) or (13) of the Act or a former provision, or section 27C(1)(i), 27D(1)(j), 27DA(1)(i) or 27DB(2)(e) 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; [S 156/2026 wef 01/04/2026] |
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| “first account date” means the date (whether before, on or after 10 May 2019) when the applicable charge is first taken into account by the Board as part of the retirement sum applicable to the member mentioned in regulation 4. |
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| Transfer to retirement account at 55 years of age towards maintenance of retirement sum, etc. |
5.—(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. |
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| (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; |
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“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; |
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“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; |
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“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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| Further transfer to retirement account towards maintenance of retirement sum |
5A.—(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). |
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(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. |
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(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; |
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“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; |
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“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; |
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“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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| Transfer to retirement account for payment of additional premiums to increase monthly income under Lifelong Income Scheme |
5AA.—(1) Paragraph (2) applies whenever, in accordance with regulation 6 of the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 and any terms and conditions imposed under regulation 6(13) of those Regulations, additional premiums are to be deducted from a relevant member’s retirement account to increase the relevant member’s monthly income under the Scheme on the Board’s own motion.(2) The Board must transfer the lower of the following amounts from the relevant member’s special account (and, if insufficient, also from the member’s ordinary account) to the member’s retirement account under section 15(6CA) of the Act:| (a) | the shortfall in the retirement sum applicable to the member immediately before the transfer; | | (b) | the applicable amount. |
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(3) In this regulation —“applicable amount” means —| (a) | if the member attains 55 years of age before 1 January 2009 — 50% of the relevant sum; | | (b) | if the member attains 55 years of age on or after 1 January 2009 but before 1 January 2010 — 60% of the relevant sum; | | (c) | if the member attains 55 years of age on or after 1 January 2010 but before 1 January 2011 — 70% of the relevant sum; | | (d) | if the member attains 55 years of age on or after 1 January 2011 but before 1 January 2012 — 80% of the relevant sum; | | (e) | if the member attains 55 years of age on or after 1 January 2012 but before 1 January 2013 — 90% of the relevant sum; and | | (f) | if the member attains 55 years of age on or after 1 January 2013 — the whole of the relevant sum; |
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“relevant sum”, in relation to a relevant member, means the amount by which A exceeds B, immediately before the transfer under paragraph (2), where —| (a) | A is the total amount of moneys standing to the member’s credit in the member’s ordinary account (excluding the reserved amount standing to the member’s credit in that account) and special account; and | | (b) | B is the member’s remaining committed amount, if any. |
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| Transfer to retirement account of payment in relation to charge or undertaking in respect of immovable property |
5B.—(1) Where any payment in relation to any charge or undertaking in respect of an immovable property is paid into a member’s account in the Fund in accordance with regulation 13A(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 lower of the following:| (a) | the shortfall in the retirement sum applicable to the member; | | (b) | 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; | | (f) | the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations 1987. |
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| Transfer to retirement account when whole or part of reserved amount no longer required to be set aside |
5C.—(1) Paragraphs (2) and (3) apply 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 items 1 to 6 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014; | | (b) | the whole or any part of the reserved amount mentioned in sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations; and | | (c) | the amount which ceases to be set aside under regulation 3(5) of those Regulations (called in this regulation the released amount) exceeds $5,000. |
(2) Subject to paragraph (3), the Board must transfer to the member’s retirement account, towards the maintenance of the retirement sum, the whole or any part of the sum standing to the member’s credit in the member’s ordinary account and special account, as the Board may determine, excluding —| (a) | the remainder (if any) of the reserved amount that the member is still required to set aside; and | | (b) | the member’s remaining committed amount, if any. |
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| (3) The sum transferred to the retirement account under paragraph (2) must not exceed the released amount. |
(4) Paragraph (5) applies 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 7 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014; | | (b) | the whole or any part of the reserved amount mentioned in sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations; and | | (c) | the released amount exceeds $5,000. |
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(5) The Board must transfer to the member’s retirement account towards the maintenance of the retirement sum, the lower of —| (a) | the shortfall in the retirement sum applicable to the member; or | | (b) | the amount mentioned in paragraph (4)(b) which ceases to be set aside, |
| excluding the member’s remaining committed amount, if any. |
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(6) Paragraph (7) applies 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 sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations. |
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(7) The Board must transfer to the member’s retirement account towards the maintenance of the retirement sum, the lower of the following:| (a) | the shortfall in the retirement sum applicable to the member; | | (b) | the amount mentioned in paragraph (6)(b) (which ceases to be set aside). |
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| Transfer to retirement account of certain moneys credited or refunded to ordinary account or special account |
5D.—(1) This regulation applies where —| (a) | an amount of money is transferred from a member’s ordinary account or special account (called in this regulation Account A) to the member’s retirement account under section 15(6) or (6CA) of the Act; | | (b) | the whole or part of the transferred amount in sub‑paragraph (a) is then restored from the member’s retirement account to Account A under section 13(7H) of the Act or paid from the member’s retirement account to one or more accounts under section 13(7HA) or (7HB) of the Act; | | (c) | the restored or paid amount in sub‑paragraph (b) is then 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 |
| | (d) | the transferred amount in sub‑paragraph (c), or the balance of that amount, is then —| (i) | credited to Account A under section 19(2) or 19A(2) of the Act as in force immediately before 1 April 2022; | | (ii) | refunded to Account A 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 transfer the lower of the following amounts under section 15(6CA) of the Act from Account A to the member’s retirement account:| (a) | the shortfall in the retirement sum applicable to the member; | | (b) | the credited or refunded amount. |
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| Transfer to ordinary account of moneys credited or refunded to retirement account in excess of retirement sum |
5E.—(1) This regulation applies where —| (a) | a member’s moneys in the retirement account or special account are 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) If, immediately after the amount in paragraph (1)(b) is credited or refunded to a member’s retirement account, the member’s retirement account balance exceeds the retirement sum applicable to the member, the Board must transfer the lower of the following amounts from the member’s retirement account to the member’s ordinary account:| (a) | the amount by which the retirement account balance exceeds the retirement sum applicable to the member; | | (b) | the credited or refunded amount in paragraph (1)(b). |
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(3) In paragraph (2), “retirement account balance”, means the sum of the following amounts (immediately after the amount in paragraph (1)(b) is credited or refunded to a member’s retirement account), if any:| (a) | the amount of the retirement sum which has been set aside by the member in accordance with regulation 4(2) or 4A, as the case may be; | | (b) | the property component. |
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| Transfer to retirement account of moneys credited under section 13C of Act |
6.—(1) This regulation applies where moneys are paid to the Fund under the circumstances set out in regulation 2 or 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 lower of the following:| (a) | the shortfall in the retirement sum applicable to the member; | | (b) | the amount so credited under section 13C of the Act. |
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| Setting aside of less than the aggregate of the retirement sums of both members by parties to marriage |
7.—(1) Where —| (a) | 2 members of the Fund are parties to a marriage, and neither member is a relevant member; | | (b) | one member —| (i) | has already set aside an amount in part or full satisfaction of the retirement sum applicable to the member; and | | (ii) | is not exempted under section 15AA(3) of the Act or a former provision from complying with section 15(6)(a) of the Act; |
| | (c) | both members desire to set aside jointly an amount which is less than the aggregate of the retirement sums of both members; | | (d) | each member has executed before 1 January 2013 a memorandum in accordance with section 15(6A) of the Act; and | | (e) | both members agree, as a condition precedent to the Board permitting them to set aside jointly an amount which is less than the aggregate of the retirement sums of both members, 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, |
| the Board may permit the members to set aside jointly such amount, being an amount which is less than the aggregate of the retirement sums of both members, as the Board may specify. |
(2) On or after the death of any one of the 2 members of the Fund mentioned in paragraph (1), 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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(3) Subject to paragraph (4), where —| (a) | the Board permits the members mentioned in paragraph (1) to set aside jointly an amount which is less than the aggregate of the retirement sums of both members; and | | (b) | one member (called in this regulation the first member) has already set aside an amount in full satisfaction of the retirement sum applicable to the first member, |
| the other member (called in this regulation the second member) must set aside the balance of the amount permitted to be set aside jointly by the Board. |
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| (4) Where the 2 members of the Fund wish to vary the amount already set aside by the first member under paragraph (3), the amount which the second member must set aside under that paragraph is to be varied accordingly. |
| (5) Where the Board permits 2 members of the Fund to set aside jointly an amount which is less than the aggregate of the retirement sums of both members, both members must ensure that there is no shortfall in that amount. |
(6) The amount which the 2 members of the Fund set aside jointly under this regulation must include —| (a) | a proportion in cash that is in direct proportion to that required of the first member; and | | (b) | a proportion in cash that is in direct proportion to that required of the second member. |
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| (7) Where the amount already set aside by the first member in part or full satisfaction of the retirement sum applicable to him or her does not include the amount in cash required under paragraph (6), the second member is liable to ensure that the amount which the 2 members set aside jointly under this regulation includes the required amount in cash. |
| (8) Subject to section 15(6)(b) of the Act, the second member may withdraw the whole of the balance of the moneys standing to his or her credit in the Fund after he or she has made his or her contribution in accordance with this regulation. |
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| Topping‑up of shortfall in retirement sum during subsequent withdrawals |
8.—(1) Subject to paragraph (2), where a member applies to make a withdrawal after the member attains 55 years of age without first setting aside the retirement sum applicable to the member, the Board must transfer to the member’s retirement account the shortfall in the retirement sum applicable to the member or the following applicable amount, whichever is lower at the time of the withdrawal:| (a) | if the member attains that age before 1 January 2009 — 50% of the relevant amount; | | (b) | if the member attains that age on or after 1 January 2009 but before 1 January 2010 — 60% of the relevant amount; | | (c) | if the member attains that age on or after 1 January 2010 but before 1 January 2011 — 70% of the relevant amount; | | (d) | if the member attains that age on or after 1 January 2011 but before 1 January 2012 — 80% of the relevant amount; | | (e) | if the member attains that age on or after 1 January 2012 but before 1 January 2013 — 90% of the relevant amount; | | (f) | if the member attains that age on or after 1 January 2013 — the whole of the relevant amount. |
| (2) Paragraph (1) does not apply if the amount to be transferred under paragraph (1) does not exceed $100. |
| (3) 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, or both accounts, to the member’s retirement account to meet the shortfall in the retirement sum subject to such terms and conditions as the Board may impose. |
(4) In this regulation, “relevant amount”, in relation to a member, is the amount of moneys standing to the member’s credit in the member’s ordinary account and special accounts, excluding —| (a) | the reserved amount standing to the member’s credit in the ordinary account; and | | (b) | the member’s remaining committed amount, if any. |
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| Payment from amount deposited with approved bank or retained in retirement account, in general |
8A.—(1) Subject to paragraphs (3), (6) and (8) and regulations 9, 10, 10B and 10C, 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 the applicable age.(2) The amount of the income mentioned in paragraph (1) is —| (a) | where the member’s balance is less than the amount specified in paragraph (10) — the whole of the member’s balance; or | | (b) | in any other case — the amount specified in paragraph (10). |
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(3) Subject to paragraphs (6) and (8), a member (being a relevant member) may be paid a monthly income from the member’s balance, starting in —| (a) | if the member becomes a relevant member before the month in which the member attains the applicable age — the month in which the member attains the applicable age; | | (b) | if the member becomes a relevant member in or after the month in which the member attains the applicable age — the month in which the member becomes a relevant member or in the following month; or | | (c) | any later month as requested by the member and approved by the Board. |
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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 (except any withdrawal or transfer made under regulation 9A) from the member’s balance that are made after the annuity plan mentioned in sub‑paragraph (i) is issued to the member; | | (C) | the member’s entitlement; |
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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 the applicable 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) Paragraph (6) 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. |
(6) Subject to paragraph (8) and regulation 10C(2), a member mentioned in paragraph (5) may be paid a monthly income from the amount mentioned in paragraph (5) (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 the applicable age; | | (b) | a date (specified by the Board) that falls in the month after the member becomes a relevant member. |
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(7) The amount of monthly income mentioned in paragraph (6) is —| (a) | where the balance of the amount mentioned in paragraph (5) (including any interest accruing on that amount) is less than the amount specified in paragraph (10) — the entire balance; or | | (b) | in any other case — the amount specified in paragraph (10). |
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| (8) Subject to regulation 10C, the monthly income that a member may be paid under paragraph (1), (3) or (6) is payable to the member until the member’s balance has been exhausted or until the member’s death, whichever is the earlier. |
(9) 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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| (10) For the purposes of paragraphs (2) and (7), the specified amount is the higher of the computed amount or $350. |
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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 |
9.—(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 7, 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 10C, 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 7, the monthly income which each of them may be paid from the amount retained in their respective retirement accounts is to be determined in the following manner:| (a) | in the case where one member (called in this paragraph the first member) attained 55 years of age before 1 July 2004 and the other member (called in this paragraph the second member) attained 55 years of age on or after 1 July 2004 —| (i) | the monthly income which the second member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350; and | | (ii) | the monthly income which the first member may be paid, starting on or after the date he or she attains —| (A) | 60 years of age, if he or she attained 55 years of age before 1 January 1999 or is an applicable member; or | | (B) | the relevant age, |
| is determined by the Board after taking into consideration the written law relating to the retirement sum to be set aside by him or her; |
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| | (b) | in the case where both members attain 55 years of age on or after 1 July 2004, the monthly income which each member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350. |
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(3) Subject to paragraph (4) and regulation 10C, 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 7, and either member dies or the members are divorced —| (a) | in the case where one member (called in this paragraph the first member) attained 55 years of age before 1 July 2004 and the other member (called in this paragraph the second member) attained 55 years of age on or after 1 July 2004 —| (i) | the monthly income which the surviving or divorced second member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350; and | | (ii) | the monthly income which the surviving or divorced first member may be paid from the amount set aside by him or her, starting on or after the date he or she attains —| (A) | 60 years of age, if he or she attained 55 years of age before 1 January 1999 or is an applicable member; or | | (B) | the relevant age, |
| is determined by the Board after taking into consideration the written law relating to the retirement sum to be set aside by him or her; and |
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| | (b) | in the case where both members attain 55 years of age on or after 1 July 2004, the monthly income which the surviving or each divorced member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350. |
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| (4) Subject to regulation 10C, the monthly income which a member may be paid under paragraph (2) or (3) is payable to him or her until the amount retained in his or her retirement account under section 15(6C)(a) of the Act (including any interest accruing on that amount) has been exhausted or until his or her death, whichever is the earlier. |
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| Lump sum payment from amount retained in retirement account on attaining applicable age for members who attain 55 years of age in or after 2012 |
9A.—(1) This regulation —| (a) | applies to a member who attains 55 years of age on or after 1 January 2012; but | | (b) | does not apply to a member to whom regulation 9 applies. |
| (2) A member mentioned in paragraph (1) may apply to withdraw under section 15(7) of the Act, one or more amounts not exceeding in total the member’s entitlement from the member’s balance retained in the member’s retirement account. |
| (3) Subject to paragraphs (4) and (5), where a member made an application mentioned in paragraph (1) as in force immediately before 6 November 2021, paragraphs (1) and (2) as in force immediately before that date continue to apply to that application. |
| (4) If, in relation to a member’s application mentioned in paragraph (3), the amount computed in accordance with paragraphs (1) and (2) as in force immediately before 6 November 2021 is less than the member’s entitlement determined by the Board on or after that date, the member may request the Board for payment in accordance with paragraph (5) instead. |
(5) Where a member applies under paragraph (2) or the Board approves a member’s request under paragraph (4), the Board may, from time to time on or after the member attains the applicable age, pay the member one or more amounts that in total do not exceed the difference between —| (a) | the member’s entitlement; and | | (b) | the total of the following amounts:| (i) | the total amounts already paid to the member under this regulation (if any), whether before, on or after 6 November 2021; | | (ii) | any amount of the member’s entitlement which the Board has approved, on the member’s application, to be retained in the member’s retirement account —| (A) | to be paid to the member as a monthly income under regulation 8A or 10 or an additional amount monthly under regulation 10A; or | | (B) | to be deducted under section 27L(2) of the Act. |
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(6) The Board may transfer, from time to time within the transfer period, from the member’s balance retained in the member’s retirement account to the member’s ordinary account, one or more amounts determined by the Board that in total do not exceed the difference between —| (a) | the member’s entitlement; and | | (b) | the total of the following amounts:| (i) | the total amounts already paid to the member under this regulation (if any), whether before, on or after 6 November 2021; | | (ii) | any amount of the member’s entitlement which the Board has approved, on the member’s application, to be retained in the member’s retirement account —| (A) | to be paid to the member as a monthly income under regulation 8A or 10 or an additional amount monthly under regulation 10A; or | | (B) | to be deducted under section 27L(2) of the Act. |
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| (7) The Board’s approval mentioned in paragraphs (5)(b)(ii) and (6)(b)(ii) may be given subject to any terms and conditions that the Board may impose. |
(8) In this regulation, “transfer period”, in relation to the transfer from a member’s balance under paragraph (6), means the period between the following days (both inclusive):| (a) | the first day of the month in which the member’s monthly income under regulation 8A(1), (3) or (6) or 10(1) or (2) or regulation 8 of the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (as the case may be) starts being paid, whichever is the earliest; | | (b) | the last day of the month immediately after the month in which the member attains 70 years of age. |
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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 |
10.—(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 the applicable 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) 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 the higher of the computed amount or $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 approved benefits is less in value than the payout benchmark applicable to the member; | | (b) | the 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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| Additional payment from amount deposited with approved bank or retained in retirement account |
10A.—(1) A member who is entitled to receive payment under regulation 8A(1) or (6), 9 or 10 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 the applicable 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 10C, pay the member, in accordance with paragraph (1), 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 the applicable age and without any application by the member under paragraph (1), 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 8A(1) or (6), 9, 10 or 10A |
10B.—(1) Despite regulation 8A(1) or (6), 9, 10 or 10A, 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 8A(1) or (6), 9, 10 or 10A; 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 |
10C.—(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 8A(1), 9(2) or (3), 10, 10A or 10B 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 8A(1) or (6), 9(2) or (3), 10, 10A or 10B 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 |
10D.—(1) Paragraphs (2) and (3) apply to the payment of —| (a) | any monthly income or amount due to a member under regulation 8A(1) or (3), 9(2) or (3), 10(1) or (2) or 10B, any balance due to the member under regulation 10C(2) or any additional amount due to the member under regulation 10A(1) or (3); and | | (b) | any amount due to the member under regulation 9A or 11A. |
(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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| Payment from retirement sum |
| 11. Any payment which a member receives in accordance with regulations 8A, 9, 10 and 10A must be out of 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. |
| Payment from amount retained in retirement account where there is relevant property charge |
11A.—(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 sum of the following amounts is equal to or more than the retirement sum applicable to the member:| (i) | the total amount secured by the member’s relevant property charges; | | (ii) | the total amount covered by all the following charges and undertakings of the member:| (A) | any charge under section 15AB(1), (2), (10), (11) or (13) of the Act or a former provision, or section 27C(1)(i), 27D(1)(j)(ii), 27DA(1)(i) or 27DB(2)(e) of the Act, or any section 21C(1) charge A or section 21C(1) charge C; | | (B) | any undertaking under section 15AB(3) or (4) of the Act or a former provision, or section 27D(1)(j)(i) of the Act, or any section 21C(2) undertaking A, section 21C(2) undertaking B, section 21D(1) undertaking A or section 21D(1) undertaking B; |
[S 156/2026 wef 01/04/2026] | | (iii) | the amount of the retirement sum the member has set aside in accordance with regulation 4(2) or 4A, as the case may be; |
| | (c) | the amount of the retirement sum the member has set aside in accordance with regulation 4(2) or 4A (as the case may be) is more than 50% of the retirement sum applicable to the member; and | | (d) | 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, as the Board may determine, of the amount retained in the member’s retirement account under section 15(6C)(a) of the Act that is in excess of 50% of the retirement sum applicable to the member. |
| (3) The Board may approve an application under paragraph (2) on such terms and conditions as the Board may impose. |
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