1. These Regulations may be cited as the Central Provident Fund (New Minimum Sum Scheme) Regulations.
—(1) Unless otherwise provided, these Regulations shall apply to all members of the Fund who have attained or will attain the age of 55 years on or after 1st July 2004.
3. In these Regulations, unless the context otherwise requires —
“applicable age”, in relation to a member, means —
in any case where the member is an applicable member, the age of 60 years; or
in any other case, the relevant age;
“applicable member” means a member who is a person referred to in paragraph 3(2)(b), (h), (i), (j) or (k) of the Retirement and Re-employment (Exemption) Notification 2011 (G.N. No. S 560/2011);
“approved annuity” means an annuity for life, purchased from an insurer, which is approved by the Board;
“approved bank” means any bank approved by the Board;
“bank” has the same meaning as in the Banking Act (Cap. 19);
“basic monthly income” means the monthly income payable to a member under regulation 8A(1), (2) or (3) or 9(2) or (3), as the case may be, from the amount deposited with an approved bank or retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon);
“insurer” means any person registered under the Insurance Act (Cap. 142) 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 published 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 part of which is to be used for the payment of the premium for an annuity plan under the Scheme;
“relevant age”, in relation to a member, means —
in the case of a member who has attained the age of 58 years on 31st December 2007, the age of 62 years;
in the case of a member who has attained the age of 56 years but is below the age of 58 years on 31st December 2007, the age of 63 years;
in the case of a member who has attained the age of 54 years but is below the age of 56 years on 31st December 2007, the age of 64 years; or
“relevant member” and “Scheme” have the same meanings as in section 27J of the Act;
“working day” means any day other than a Saturday, Sunday or public holiday.