PART 1 | 1. These Regulations are the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004. |
2.—(1) Unless otherwise provided, these Regulations apply to all members of the Fund who have attained or will attain 55 years of age on or after 1 July 2004.| (2) Despite paragraph (1), 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. |
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3. In these Regulations —| “annuity plan” has the meaning given by section 27J of the Act; |
“applicable age”, in relation to a member, means —| (a) | in the case of an applicable member, 60 years of age; or | | (b) | in the case of a member (not being an applicable member) —| (i) | 62 years of age, if on 31 December 2007 the member is 58 years of age or older; | | (ii) | 63 years of age, if on 31 December 2007 the member is 56 years of age or older but below 58 years of age; | | (iii) | 64 years of age, if on 31 December 2007 the member is 54 years of age or older but below 56 years of age; or | | (iv) | in any other case, 65 years of age; |
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| “applicable first amount” has the meaning given by regulation 5(6); |
| “applicable member” means a member who is a person mentioned in paragraph 3(2)(b), (h), (i), (j) or (k) of the Retirement and Re‑employment (Exemption) Notification 2011; |
“approved benefit” means a pension, annuity or other benefit approved by the Board —| (a) | for the purposes of section 15AA(2)(b) or (3)(b) of the Act or a former provision; or | | (b) | to be taken into account in computing the retirement sum that has been set aside, for the purposes of these Regulations; |
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“benefit component”, in relation to a member with partial benefits at any time, means an amount computed in accordance with the formula (P ÷ Q) × R, where —| (a) | P is the monthly income that the member is receiving or will receive from all of the member’s approved benefits based on information available to the Board at that time; | | (b) | Q is the payout benchmark applicable to the member; and | | (c) | R is the retirement sum applicable to the member; |
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| “committed amount” has the meaning given by regulation 3C; |
“computed amount”, in relation to a member, means —| (a) | where the member attains the applicable age before 1 July 2020 and —| (i) | the member’s retirement sum set aside (calculated in accordance with regulation 4(2) before 1 January 2020) is less than 100% of the retirement sum applicable to the member, the higher of the following:| (A) | the amount specified in the Second Schedule corresponding to the member’s circumstances; | | (B) | the amount computed in accordance with the formula in the Fourth Schedule; or |
| | (ii) | the member’s retirement sum set aside (calculated in accordance with regulation 4(2) before 1 January 2020) is 100% of the retirement sum applicable to the member, the higher of the following:| (A) | the amount specified in the Third Schedule corresponding to the member’s circumstances; | | (B) | the amount computed in accordance with the formula in the Fourth Schedule; or |
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| | (b) | where the member attains the applicable age on or after 1 July 2020 — the amount computed in accordance with the formula in the Fourth Schedule; |
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“determined amount” means the determined amount —| (a) | paid to a member under section 15(7A)(a) of the Act; or | | (b) | transferred to a member’s retirement account under section 15(7A)(b) of the Act, |
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| “initial amount”, in relation to a member, means the amount of moneys standing to the member’s credit in the Fund immediately before the transfer of moneys to the member’s retirement account under regulation 5(1) or (2) (as the case may be), excluding any amount to be retained in the member’s medisave account at that time; |
| “insurer” means any person registered under the Insurance Act 1966 to carry on insurance business in Singapore; |
| “interest rate” means the rate per annum for the retirement account that the Board may from time to time declare by notification in the Gazette under section 6(4) of the Act; |
“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; |
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| “member with full benefits” means a member who, pursuant to section 15AA(3)(b) of the Act or a former provision, does not need to comply with section 15(6)(a) of the Act by reason of the member’s approved benefits; |
| “member with partial benefits” means a member whose approved benefits provide the member with a monthly income that is less in value than the payout benchmark applicable to the member; |
| “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; |
“member’s entitlement” means an amount that a member to whom regulation 9A applies is entitled to withdraw under that regulation as determined by the Board at the following times, as may be applicable:| (a) | at a time determined by the Board, between the first day of the month immediately preceding the month in which the member attains his or her applicable age and the last day of the month in which the member attains 70 years of age (both days inclusive); | | (b) | where the Board approves the member’s request to vary the amount determined in accordance with paragraph (a) — at the time of the Board’s approval; |
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| “property component” means the amount of the applicable charges specified by the Board under regulation 4B; |
“relevant age”, in relation to a member, means —| (a) | 62 years of age, if on 31 December 2007 the member is 58 years of age or older; | | (b) | 63 years of age, if on 31 December 2007 the member is 56 years of age or older but below 58 years of age; | | (c) | 64 years of age, if on 31 December 2007 the member is 54 years of age or older but below 56 years of age; or | | (d) | in any other case, 65 years of age; |
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| “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; |
| “remaining committed amount”, in relation to a member, means the amount (if any) by which the committed amount exceeds the total amount 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; |
| “reserved amount”, in relation to a member, means such reserved amount mentioned in section 15(6)(c) of the Act as may be applicable to that member under the Central Provident Fund (Reserved Amount) Regulations 2014; |
“shortfall in the retirement sum applicable to the member” means the amount by which the retirement sum applicable to the member exceeds the total of the following amounts:| (a) | the retirement sum that has been set aside by the member determined in accordance with regulation 4(2) or 4A, as the case may be; | | (b) | the property component, if any; |
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| “working day” means any day other than a Saturday, Sunday or public holiday. |
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| Month and deemed date of birth for members born on 29 February |
3A.—(1) Despite section 2(1A)(b) of the Act, for the purposes of regulations 8A, 9, 10 and 10A and the Second Schedule, a person who is born on 29 February is deemed to attain the applicable age in any year that is not a leap year on 28 February of the year in which the member attains that age.(2) Despite section 2(1A)(b) of the Act, the month in which a member who is born on 29 February attains the following ages is the month of February:| (a) | 65 years of age, mentioned in the definition of “65th birthday month” in regulation 5A(4); | | (b) | 90 years of age, mentioned in regulation 8A(4)(b)(ii); | | (c) | the applicable age mentioned in paragraph (a) of the definition of “member’s entitlement” in regulation 3. |
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| (3) To avoid doubt, section 2(1A)(b) of the Act applies to the determination of when a person attains the applicable age for the purposes of regulation 9A(5). |
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| 3B. In a regulation specified in the first column of the Fifth Schedule, a reference to a former provision means any provision of the Act specified in the second column of that Schedule opposite that regulation. |
3C.—(1) For the purposes of these Regulations, each member has a committed amount that is not transferred to the member’s retirement account towards the maintenance of the member’s retirement sum. (2) The committed amount for a member is calculated in the following manner: | (a) | in relation to a member who attains 55 years of age on or after 1 July 2004 but before 1 January 2009 —| (i) | in any case where the initial amount is more than 2 times the retirement sum applicable to the member, the sum of —| (A) | the retirement sum applicable to the member; and | | (B) | on or after the SAC Start Date, the sum of all additional SA‑related amounts applicable to the member; or |
| | (ii) | in any other case, the sum of —| (A) | the amount which remains standing to the member’s credit in the member’s ordinary, special and medisave accounts immediately after all the amounts to be transferred to the member’s retirement account under regulation 5(1) or (2) (as the case may be) and regulation 5AA(1) (if applicable) have been so transferred, excluding any amount to be retained in the member’s medisave account at that time; and | | (B) | on or after the SAC Start Date, the sum of all additional SA‑related amounts applicable to the member; |
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| | (b) | in relation to a member who attains 55 years of age on or after 1 January 2009 but before 1 January 2013 —| (i) | in any case where the initial amount exceeds the applicable first amount, the sum of —| (A) | the difference between the applicable first amount and the retirement sum applicable to the member; and | | (B) | on or after the SAC Start Date, the sum of all additional SA‑related amounts applicable to the member; or |
| | (ii) | in any other case, the sum of —| (A) | the amount which remains standing to the member’s credit in the member’s ordinary, special and medisave accounts immediately after all the amounts to be transferred to the member’s retirement account under regulation 5(1) or (2) (as the case may be) and regulation 5AA(1) (if applicable) have been so transferred, excluding any amount to be retained in the member’s medisave account at that time; and | | (B) | on or after the SAC Start Date, the sum of all additional SA‑related amounts applicable to the member; |
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| | (c) | in relation to a member who attains 55 years of age on or after 1 January 2013 — $5,000. |
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(3) In paragraph (2) —| “additional SA‑related amount”, in relation to a member mentioned in paragraph (2)(a) or (b) to whom any paragraph of the Sixth Schedule applies, means an amount specified as an additional SA‑related amount in that paragraph of the Sixth Schedule; |
| “SAC Start Date” has the meaning given by regulation 2 of the Central Provident Fund (Closure of Special Account) Regulations 2025. |
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