Key Benefits:
where I
|
is the amount specified in regulation 14(1);
|
M
|
is the minimum sum applicable to the member;
|
P
|
is the monthly income that the pension, annuity or other benefit provides or will provide to the member;
|
T
|
is an amount equivalent to the amount transferred to or paid into the member’s retirement account under section 18(1) or 18A(1) of the Act or the member’s special account under section 18(3) of the Act, less any amount that the member had transferred to or paid into the member’s retirement account under the Voluntary Contributions to Retirement Account Scheme; and
|
B
|
is the sum of —
|
|
(a)
the interest, on T, which has accrued (whether paid or not) from the date of the transfer or payment referred to in T to 31 December of the year before the year in which the computation of interest is made (both dates inclusive);
|
|
(b)
the interest on the amount calculated according to the formula , which would have accrued from the member’s 55th birthday to 31 December of the year before the year in which the computation of interest is made (both dates inclusive), as if such amount was set aside on the member’s 55th birthday; and
|
|
(c)
the interest on the amount standing to the member’s credit in the member’s retirement account which has accrued (whether paid or not) during the year, but before the month, in which the computation of interest is made.
|
Specified amount
|
|
Operative date
|
(a)
$230
|
|
from 1st January 1987 to 31st March 1994.
|
(b)
$237
|
|
from 1st April 1994 to 31st March 1995.
|
(c)
$243
|
|
from 1st April 1995 to 31st March 1996.
|
(d)
$251
|
|
from 1st April 1996 to 31st March 1997.
|
(e)
$260
|
|
from 1st April 1997 to 31st March 1998.
|
(f)
$266
|
|
from 1st April 1998 to 31st March 1999.
|
(g)
$272
|
|
from 1st April 1999 to 30th June 2000.
|
(h)
$282
|
|
from 1st July 2000 to 30th June 2001.
|
(i)
$287
|
|
from 1st July 2001 to 30th June 2002.
|
(j)
$291
|
|
From 1st July 2002 to 30th June 2003.
|
(k)
$297
|
|
From 1st July 2003.
|
First column
|
|
Second column
|
|
Third column
|
CPF balance as at age of 55 years (excluding amount to be retained in medisave account)
|
|
Amount entitled to be withdrawn
|
|
Amount to be deposited or used in accordance with section 15 (6C) of the Act
|
(1)
$11,900 or less
|
|
All
|
|
Nil
|
(2)
More than $11,900 but not more than $23,800
|
|
$11,900
|
|
The remainder
|
(3)
More than $23,800 but not more than $70,800
|
|
Half
|
|
Half
|
(4)
More than $70,800
|
|
All except $35,400
|
|
$35,400.
|
LEGISLATIVE HISTORY
This Legislative History is provided for the convenience of users of the Central Provident Fund (Minimum Sum Scheme) Regulations. It is not part of this Scheme.
|
|||
1.
|
G. N. No. S 11/1988—Central Provident Fund (Minimum Sum Scheme) Regulations 1988
|
||
Date of commencement
|
:
|
1 January 1987
|
|
2.
|
G. N. No. S 111/1989—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1989
|
||
Date of commencement
|
:
|
1 April 1989
(Regulations 3, 4, 5, 7, 8 and 9)
|
|
3.
|
G. N. No. S 228/1990—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1990
|
||
Date of commencement
|
:
|
1 April 1990
|
|
4.
|
1990 Revised Edition—Central Provident Fund (Minimum Sum Scheme) Regulations
|
||
Date of commencement
|
:
|
25 March 1992
|
|
5.
|
G. N. No. S 121/1992—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1992
|
||
Date of commencement
|
:
|
1 April 1992
|
|
6.
|
1993 Revised Edition—Central Provident Fund (Minimum Sum Scheme) Regulations
|
||
Date of operation
|
:
|
1 April 1993
|
|
7.
|
G. N. No. S 77/1993—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1993
|
||
Date of commencement
|
:
|
1 April 1993
|
|
8.
|
G. N. No. S 111/1989—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1989
|
||
Date of commencement
|
:
|
1 April 1994
(Regulations 2 and 6)
|
|
9.
|
G. N. No. S 111/1994—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1994
|
||
Date of commencement
|
:
|
1 April 1994
|
|
10.
|
G. N. No. S 304/1995—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1995
|
||
Date of commencement
|
:
|
1 July 1995
|
|
11.
|
G. N. No. S 282/1996—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1996
|
||
Date of commencement
|
:
|
1 July 1996
|
|
12.
|
G. N. No. S 323/1997—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1997
|
||
Date of commencement
|
:
|
1 July 1997
|
|
13.
|
1998 Revised Edition—Central Provident Fund (Minimum Sum Scheme) Regulations
|
||
Date of operation
|
:
|
1 January 1998
|
|
14.
|
G. N. No. S 350/1998—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1998
|
||
Date of commencement
|
:
|
1 July 1998
|
|
15.
|
G. N. No. S 299/1999—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 1999
|
||
Date of commencement
|
:
|
1 July 1999
|
|
16.
|
G. N. No. S 574/2003—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2003
|
||
Date of commencement
|
:
|
9 December 2003
|
|
17.
|
G. N. No. S 389/2004—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2004
|
||
Date of commencement
|
:
|
1 July 2004
|
|
18.
|
G. N. No. S 759/2005—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2005
|
||
Date of commencement
|
:
|
1 December 2005
|
|
19.
|
G. N. No. S 370/2006—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2006
|
||
Date of commencement
|
:
|
1 July 2006
|
|
20.
|
2006 Revised Edition—Central Provident Fund (Minimum Sum Scheme) Regulations
|
||
Date of operation
|
:
|
30 November 2006
|
|
21.
|
G. N. No. S 503/2007—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2007
|
||
Date of commencement
|
:
|
1 October 2007
|
|
22.
|
G. N. No. S 707/2007—Central Provident Fund (Minimum Sum Scheme) (Amendment No. 2) Regulations 2007
|
||
Date of commencement
|
:
|
1 January 2008
|
|
23.
|
G. N. No. S 396/2009—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2009
|
||
Date of commencement
|
:
|
1 September 2009
|
|
24.
|
G. N. No. S 341/2010—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2010
|
||
Date of commencement
|
:
|
1 July 2010
|
|
25.
|
G.N. No. S 263/2012—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2012
|
||
Date of commencement
|
:
|
1 June 2012
|
|
26.
|
G.N. No. S 708/2012—Central Provident Fund (Minimum Sum Scheme) (Amendment No. 2) Regulations 2012
|
||
Date of commencement
|
:
|
1 January 2013
|
|
27.
|
G.N. No. S 481/2013—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2013
|
||
Date of commencement
|
:
|
1 August 2013
|
|
28.
|
G.N. No. S 850/2013—Central Provident Fund (Minimum Sum Scheme) (Amendment No. 2) Regulations 2013
|
||
Date of commencement
|
:
|
1 January 2014
|
|
29.
|
G.N. No. S 443/2014—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2014
|
||
Date of commencement
|
:
|
1 July 2014
|
|
30.
|
G. N. No. S 34/2015—Central Provident Fund (Minimum Sum Scheme) (Amendment) Regulations 2015
|
||
Date of commencement
|
:
|
31 January 2015
|