Singapore legislation
Section 71
Section 71
Refund of moneys from Fund
(1)
Where the Board is satisfied that the prescribed circumstances are met in relation to a prescribed payment, the Board may (on its own motion or an application under subsection (2), and on any terms and conditions that the Board may impose) refund or pay to a prescribed person —
the whole or part of the amount of the prescribed payment credited to a member’s account in the Fund, from any account in the Fund of that member; or
the whole or part of the amount of the prescribed payment credited to the general moneys of the Fund, from the general moneys of the Fund.
(2)
The Board may require a person claiming a refund or payment under subsection (1) —
to make an application in the form and manner required by the Board; and
to provide such information as the Board considers necessary.
(3)
Where any deductible sum is due, or may become due, to the Fund from a prescribed person, the Board —
may retain from any amount to be refunded or paid to the prescribed person under subsection (1) an amount not exceeding that deductible sum;
may set off the whole or part of the retained amount against the deductible sum, when the deductible sum is or becomes payable to the Fund; and
must refund or pay to the prescribed person any of the retained amount remaining after it has been used to set off against the deductible sum under paragraph (b).
(4)
Where an application to claim a refund or payment of a prescribed payment is required under subsection (2) to be made within a prescribed time and such an application is not made within the prescribed time, then the amount of the prescribed payment is not to be refunded or paid under subsection (1) and —
except in the prescribed circumstances mentioned in paragraph (b), is deemed to have been properly paid under this Act and cannot be set off against any deductible sum; and (b)in the circumstances prescribed by regulations made under section 77(1), the amount of the prescribed payment may be retained to set off against any of the following deductible sums (whether the deductible sum became due before, on or after the expiry of the prescribed time):
where the retained amount is in a member’s account in the Fund — any deductible sum payable to any account of the member in the Fund;
where the retained amount is in the general moneys of the Fund — any deductible sum payable to the Fund from the prescribed person.
(5)
Every payment or transfer made by the Board under section 20(1)(b) or (1A) or 25 (whether before, on or after 1 January 2020 but before the Board approves the application under subsection (2) to refund or pay the amount claimed) is taken to have been properly made under this Act.
(6)
Where the Board makes any refund or payment to a prescribed person under subsection (1), the Board may —
retain in the member’s account;
transfer to the general moneys of the Fund; or
pay the prescribed person,the whole or part of any interest that has been credited to the member’s account in respect of the amount of the refund or payment.
(7)
In this section, unless the context otherwise requires —
Definition
“deductible sum”, in relation to any retained amount, means any class of payments due, or that may become due, to the Fund that is prescribed to be set off against the retained amount under subsection (3)(b) or (4)(b), as the case may be;
Definition
“prescribed payment” means any payment or class of payments credited (whether before, on or after 1 January 2020) to a member’s account in the Fund or the general moneys of the Fund (as the case may be), that is prescribed by regulations made under section 77(1) for the purposes of this section;
Definition
“prescribed person”, in relation to a prescribed payment, means any of the following persons:
a person who made the prescribed payment to the Fund;
where the prescribed payment was credited to a member’s account in the Fund — that member;
where the prescribed payment was credited to the general moneys of the Fund — any other person;
any other person whom the Board is satisfied is entitled to receive the refund or payment under subsection (1) on behalf of a prescribed person under paragraph (a), (b) or (c);
Definition
“retained amount” means the amount retained under subsection (3)(a) or (4)(b) (as the case may be) to be set off against any deductible sum.
(8)
This section applies despite sections 20(1)(b) and (1A) and 25.