Singapore legislation
Section 15
Section 15
Authorisation and conditions for withdrawal from Fund
(1)
No sum of money standing to the credit of a member of the Fund may be withdrawn from the Fund except with the authority of the Board.
(1A)
The Board may give its authority under subsection (1) —
for the withdrawal of money standing to a member’s credit in the Fund, on the application of a person who —
is entitled or allowed to withdraw the money; or
will be entitled to withdraw the money under subsection (2)(a), (3) or (7) within such period as the Board may determine; or
without any application mentioned in paragraph (a), for the withdrawal of —
the whole or part of an amount referred to in subsection (6C)(a) that a member is entitled to withdraw under subsection (7);
the whole or part of any money that the Board may allow the member to withdraw under subsection (4)(b);
the amount standing to the credit of a deceased member in the Fund that a person nominated by the deceased member in accordance with section 25(1) is entitled to withdraw under subsection (5); or
such other amounts standing to the credit of a member in the Fund for payment to the member as may be prescribed by regulations made under section 77(1).
(1B)
[Deleted by Act 26 of 2017]
(1C)
[Deleted by Act 26 of 2017]
(1D)
[Deleted by Act 26 of 2017]
(2)
Subject to this section and sections 16, 19 and 19A, a member of the Fund is entitled to withdraw the sum standing to the credit of the member in the Fund at any time after the Board is satisfied that the member —
has attained the age of 55 years;
not being a citizen of Singapore, has left or is about to leave Singapore and the States of Malaya permanently with no intention to return thereto;
being a citizen of Malaysia has left or is about to leave Singapore permanently for the States of Malaya in such circumstances as the Minister may approve;
is physically or mentally incapacitated —
from ever continuing in any employment; or
in such other manner as the Minister may approve;
lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008;
is suffering from a medical condition leading to a severely impaired life expectancy; or
is suffering from a terminal illness or disease.
(2A)
Where a member of the Fund is entitled under subsection (2)(d), (e) or (f) to withdraw the sum standing to the member’s credit in the Fund, at the time of the withdrawal and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —
such amount as the Minister may specify must be set aside or topped‑up in the member’s retirement account —
by the member; or
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his or her ordinary account; and
[Deleted by Act 26 of 2016](c)if there exist such circumstances as may be prescribed by any regulations made under section 77(1) and the member is thereby required to reserve any amount in his or her ordinary account, such reserved amount must be set aside or topped‑up in that account —
by the member; or
from the sum standing to the member’s credit in that account.
(2B)
Where any amount has been set aside or topped‑up in the member’s retirement account for the purposes of subsection (2A)(a), the amount standing to the credit of the member in his or her retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(3)
Subject to subsection (6) and section 16, a member of the Fund who has withdrawn any money from the Fund on the ground that he or she has attained the age of 55 years is entitled to make one further withdrawal of the sum standing to his or her credit in the Fund on or after every first anniversary of his or her date of birth after he or she has attained the age of 55 years or such other period as the Minister may direct.
(4)
Despite subsection (3) but subject to subsection (6) and section 16, the Board may —
where a member has withdrawn any money from the Fund on the ground that he or she has attained the age of 55 years, allow him or her to withdraw, at any time, the sum standing to his or her credit in the Fund if he or she satisfies such conditions as the Board may impose in any particular case; and
where a member has attained the age of 55 years, allow him or her to withdraw, within such time as the Board may permit, the whole or any part of the amount of any money that is paid, repaid or refunded into his or her account in the Fund pursuant to a charge under subsection (9), (9A), (11D), (11E) or (11EB) or section 21(1), 21A(1), 21B(1), 27C(1)(i)(i) or (ii), 27D(1)(j)(ii), 27DA(1)(i), 27DB(2)(e), 27E(1)(h) or 27F(1)(h), or pursuant to an undertaking given under subsection (10) or (10A) or section 27D(1)(j)(i).
(5)
Subject to section 25(3), after the death of a member of the Fund, a person who is nominated by the deceased member, by a memorandum executed in accordance with section 25(1), is entitled to withdraw, in the manner provided for in the memorandum, from the balance standing to the credit of the deceased member in the Fund, such portion of the amount payable on the deceased member’s death out of the Fund as the person has been nominated to receive under the memorandum.
(6)
Subject to subsections (6A), (8) and (8A), where a member of the Fund is entitled under subsection (2)(a) or (3), or is allowed under subsection (4), to withdraw the sum standing to the member’s credit in the Fund, at the time of the withdrawal and in accordance with any regulations made under this Act —
such retirement sum applicable to the member as may be prescribed must be set aside or topped‑up —
by the member; or
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his or her ordinary account; and
[Deleted by Act 26 of 2016](c)if there exist such circumstances as may be prescribed by any regulations made under section 77(1) and the member is thereby required to reserve any amount in his or her ordinary account, such reserved amount must be set aside or topped‑up in that account —
by the member; or
from the sum standing to the member’s credit in that account.
(6A)
Where 2 members of the Fund are parties to a marriage, and neither member is a relevant member, the Board may, on a joint application made by them before 1 January 2013, permit them to set aside jointly an amount which is less than 2 times the retirement sum if each member has executed a memorandum under section 25(1) nominating the other member to receive, on his or her death, an amount belonging to him or her which is not less than such amount as the Board may specify.
(6B)
Any memorandum executed under subsection (6A) by 2 members of the Fund who are parties to a marriage —
is not revocable during the subsistence of the marriage, unless the Board is satisfied that —
either member is, or both members are, physically or mentally incapacitated —
from ever continuing in any employment; or
in such other manner as the Minister may approve;
either member lacks, or both members lack, capacity within the meaning of section 4 of the Mental Capacity Act 2008;
either member is, or both members are, suffering from a medical condition leading to a severely impaired life expectancy; or
either member is, or both members are, suffering from a terminal illness or disease; and
is, where the marriage has been dissolved (otherwise than by death) or has been annulled, revoked upon the Board being notified of the dissolution or annulment of the marriage.
(6C)
The amount standing to the credit of a member in the member’s retirement account may, in accordance with such terms and conditions as the Board may impose, be used or withdrawn in all or any of the following manner:
deposited before 1 January 2014 with an approved bank or retained in the member’s retirement account;
withdrawn to purchase an approved annuity from an insurer;
withdrawn to pay a premium referred to in section 27L(1) or (1A);
used, transferred or withdrawn in any other circumstances as permitted under this Act.
(6CA)
6CA
For the purposes of subsections (6)(a) and (6C), the Board must, if required by any regulations made under section 77(1), transfer from the sum standing to the credit of a member in the Fund to his or her retirement account, towards the maintenance of the retirement sum, such amount at such time as may be prescribed in those regulations.
(6CB)
6CB
For the purposes of subsection (6CA), different amounts and times may be prescribed for different classes of members.
(6D)
[Deleted by Act 26 of 2016]
(7)
Where a member has deposited the amount referred to in subsection (6C)(a) with an approved bank or retained that amount in the member’s retirement account, the member is entitled, at any time on or after the entitlement date, to withdraw that amount or such part of that amount and any interest accruing on that amount, as the Board may determine, in accordance with any regulations made under section 77(1).
(7A)
A member who has attained the age of 55 years but has not attained the prescribed age is entitled, in accordance with any regulations made under section 77(1), to withdraw the amount referred to in subsection (6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or such part of that amount as the Board may determine, or to surrender his or her approved annuity from an insurer, if the Board is satisfied that the member —
is physically or mentally incapacitated —
from ever continuing in any employment; or
in such other manner as the Minister may approve;
lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008;
is suffering from a medical condition leading to a severely impaired life expectancy;
is suffering from a terminal illness or disease; or
is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income, whether or not the monthly income is less in value than the payout benchmark applicable to the member.
(7B)
Where a member of the Fund is entitled under subsection (7A)(a), (b) or (c) to withdraw the amount referred to in subsection (6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount or surrender his or her approved annuity from an insurer, at the time of the withdrawal or surrender (as the case may be) and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —
such amount as the Minister may specify must be set aside or topped‑up in the member’s retirement account —
by the member; or
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his or her ordinary account; and
[Deleted by Act 26 of 2016](c)if there exist such circumstances as may be prescribed by any regulations made under section 77(1) and the member is thereby required to reserve any amount in his or her ordinary account, such reserved amount must be set aside or topped‑up in that account —
by the member; or
from the sum standing to the member’s credit in that account.
(7C)
Where any amount has been set aside or topped‑up in the member’s retirement account for the purposes of subsection (7B)(a), the amount standing to the credit of the member in his or her retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(8)
A member need not comply with subsection (6)(a) if the Board is satisfied that the member —
is physically or mentally incapacitated —
from ever continuing in any employment; or
in such other manner as the Minister may approve;
lacks capacity within the meaning of section 4 of the Mental Capacity Act 2008;
is suffering from a medical condition leading to a severely impaired life expectancy;
is suffering from a terminal illness or disease;
is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income not less in value than the payout benchmark applicable to the member; or
has attained the age of 55 years before 1 January 1987.
(8A)
Where a member of the Fund is entitled under subsection (2)(a) or (3), or is allowed under subsection (4) to withdraw the sum standing to the member’s credit in the Fund and, under subsection (8)(a), (b) or (c), need not comply with subsection (6)(a), at the time of the withdrawal and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —
such amount as the Minister may specify must be set aside or topped‑up in the member’s retirement account —
by the member; or
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his or her ordinary account; and
[Deleted by Act 26 of 2016](c)if there exist such circumstances as may be prescribed by any regulations made under section 77(1) and the member is thereby required to reserve any amount in his or her ordinary account, such reserved amount must be set aside or topped‑up in that account —
by the member; or
from the sum standing to the member’s credit in that account.
(8B)
Where any amount has been set aside or topped‑up in the member’s retirement account for the purposes of subsection (8A)(a), the amount standing to the credit of the member in his or her retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(8C)
A member who has attained the prescribed age and who need not comply with subsection (6)(a) by reason of subsection (8)(e) is entitled, in accordance with any regulations made under section 77(1) —
where any amount standing to the member’s credit in the member’s retirement account is deposited with an approved bank or retained in the member’s retirement account under subsection (6C)(a), to withdraw the amount or such part of the amount, as the Board may determine, which was so deposited or retained; and
where any amount standing to the member’s credit in the member’s retirement account is used to purchase an approved annuity under subsection (6C)(b), to surrender the approved annuity.
(8CA)
8CA
For the purposes of subsections (7A)(e) and (8)(e), the Minister —
may specify different amounts of payout benchmark for different classes of members, taking into account the life expectancy of the different classes of members;
must publish the payout benchmark applicable to each class of members in a manner accessible to the public; and
may, on the application of a member, specify a payout benchmark for that member that is less than the payout benchmark published under paragraph (b) for the class of members to which the member belongs.
(8D)
Despite sections 14(2), 15(2), (2A), (6), (6C), (7), (7B) and (8A) and 27, where the Board has transferred or paid any amount into a member’s account in the Fund (called in this section the transferred amount), the Board may, on the member’s application, permit the member to withdraw an amount determined by the Board —
from one or more accounts in the Fund as the Board may determine;
in circumstances prescribed by regulations made under section 77(1); and
if the member satisfies such requirements as the Board may specify.
(8E)
An application under subsection (8D) must be made within such time as may be prescribed by regulations made under section 77(1), and different times may be prescribed for different types of withdrawals.
(8F)
The amount that the Board may permit a member to withdraw under subsection (8D) must not exceed the transferred amount.
(9)
Where a member or his or her spouse owns any immovable property of a value equal to or exceeding the retirement sum, the Board may, on an application made before 1 January 2013, permit the member —
to withdraw the amount referred to in the former subsection (6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or
to surrender his or her approved annuity,if the member or his or her spouse (as the case may be) agrees to the creation of a charge on the immovable property owned by him or her or his or her spouse, to secure the payment to the Board of the retirement sum.
(9A)
Where a member and one or more related persons jointly own any immovable property of a value equal to or exceeding the retirement sum, the Board may, on an application made before 1 January 2013, permit the member —
to withdraw the amount referred to in the former subsection (6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or
to surrender his or her approved annuity,if the member and the related person or persons (as the case may be) agree to the creation of a charge on the immovable property owned by them to secure the payment to the Board of the retirement sum.
(10)
Where a member or his or her spouse or both of them jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made before 1 January 2013, permit the member —
to withdraw the amount referred to in the former subsection (6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or
to surrender his or her approved annuity,if the member or his or her spouse (or both of them), as the case may be, gives an undertaking to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the property is sold or otherwise disposed of.
(10A)
Where a member and one or more persons jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made before 1 January 2013, permit the member —
to withdraw the amount referred to in the former subsection (6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or
to surrender his or her approved annuity,if the member and the person or persons (as the case may be) give an undertaking to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the property is sold or otherwise disposed of.
(10B)
The Board must not enforce any undertaking under subsection (10) or (10A) if there exist such circumstances as may be prescribed in any regulations made under section 77(1) for the purposes of this subsection.
(10C)
[Deleted by Act 23 of 2012]
(11)
Where a member owns any immovable property of a value equal to or exceeding the retirement sum, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —
to withdraw the amount referred to in subsection (6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or
to surrender his or her approved annuity.
(11A)
Where a member and one or more persons jointly own any immovable property of a value equal to or exceeding the retirement sum, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —
to withdraw the amount referred to in subsection (6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or
to surrender his or her approved annuity.
(11B)
Where a member owns any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —
to withdraw the amount referred to in subsection (6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or
to surrender his or her approved annuity.
(11C)
Where a member and one or more persons jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —
to withdraw the amount referred to in subsection (6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or
to surrender his or her approved annuity.
(11D)
Where a member, with the permission of the Board under subsection (11), (11A), (11B) or (11C), has withdrawn the amount referred to in subsection (6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount, a charge is constituted on the immovable property referred to in subsection (11), (11A), (11B) or (11C), as the case may be, to secure the payment to the Board of the amount withdrawn.
(11E)
Where a member, with the permission of the Board under subsection (11), (11A), (11B) or (11C), has surrendered his or her approved annuity, a charge is constituted on the immovable property referred to in subsection (11), (11A), (11B) or (11C), as the case may be, to secure the payment to the Board of the entire surrender value of the approved annuity.
(11EA)
11EA
Subject to any regulations made under section 77(1), the Board may, on an application made on or after 1 April 2021, permit the member to use any immovable property (owned by the member, or by the member and one or more persons jointly) to secure the whole or part of the retirement sum applicable to the member.
(11EB)
11EB
Where the Board approves the member’s application under subsection (11EA), a charge is constituted on the immovable property mentioned in subsection (11EA) to secure the payment to the Board of an amount determined by the Board, not exceeding the amount of the retirement sum applicable to the member.
(11F)
The following provisions apply to a charge constituted on any immovable property under subsection (11D), (11E) or (11EB):
the charge is subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the constitution of the charge;
upon the constitution of the charge, the Board has the power of sale and all other powers relating or incidental thereto to sell and effectually transfer the immovable property to any purchaser as if the Board were a registered mortgagee and, in any case where the immovable property is registered land within the meaning of the Land Titles Act 1993, even though the charge is not registered under that Act;
the charge extends to all the rights, benefits and interests of the member, or of the member and the other person or persons who jointly own the immovable property (as the case may be), under his or her or their agreement for sale and purchase of the immovable property;
where the Board has lodged with the Registrar an instrument (which must be in such form as the Registrar may require) for the purpose of registering or notifying the charge, the Registrar need not be concerned to enquire into the regularity or validity of the charge and must, on acceptance of the instrument, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 or the Registration of Deeds Act 1988, as the case may be;
the charge continues in force until the Board is satisfied of the occurrence of any event prescribed in any regulations made under section 77(1) for the purposes of this paragraph.
(12)
[Deleted by Act 24 of 2013]
(13)
[Deleted by Act 24 of 2013]
(14)
[Deleted by Act 24 of 2013]
(15)
The following provisions apply to a charge created over any immovable property under subsection (9) or (9A):
the charge is subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the notification of the charge;
upon lodgment by the Board with the Registrar of an instrument (which must be in such form as the Registrar may require) for the purpose of registering or notifying the charge and the acceptance of the instrument by the Registrar, the Board has —
the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee; and
the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property;
the charge extends to all the rights, benefits and interests of the member or his or her spouse, or the member and the related person or persons (as the case may be), under his or her or their agreement for sale and purchase of the immovable property;
the Registrar need not be concerned to enquire into the regularity or validity of the charge and must, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 or the Registration of Deeds Act 1988, as the case may be;
the charge is, on the application of the member or any other person having an interest in the property, cancelled if the Board is satisfied of the occurrence of any event prescribed in any regulations made under section 77(1) for the purposes of this paragraph.
(15A)
Section 73 of the Conveyancing and Law of Property Act 1886 and sections 132 and 133 of the Insurance Act 1966 do not apply to any annuity purchased with any amount standing to the credit of a member in his or her retirement account.
(16)
In this section —
Definition
“approved developer” means an approved developer under Part 4B of the Housing and Development Act 1959;
Definition
“entitlement date”, in relation to a member, means a date specified by the Board, for the purposes of subsection (7), that falls in the month in which the member attains the prescribed age;
Definition
“Housing Authority” has the meaning given by section 28;
Definition
“related person”, in relation to a member, means —
his or her spouse;
a child of the member, including an adopted child and a stepchild;
a father or mother of the member;
a brother or sister of the member;
a grandchild of the member;
a grandparent of the member; or
any other person who in the opinion of the Board should be regarded as a related person for the purposes of this section;
Definition
“relevant member” has the meaning given by section 27J.