Clause 5

by deleting subsection (1A) and substituting the following subsections:“(1A) Subject to subsection (1B), sections 14, 14A, 15A and 25(2) and (3) and any regulations and rules made under section 77, the authority under subsection (1) shall not be given except on the application of a person entitled to withdraw the money from the Fund.(1B) The authority under subsection (1) may be given for a withdrawal from the Fund by a relevant member under subsection (7), or for the payment by a relevant member of the premium referred to in section 27L(1) from any amount deposited in his retirement account under subsection (6C)(a), without any application being made by the relevant member under subsection (1A).”;

by deleting the words “, or a committee of his person or of his estate appointed under the provisions of the Mental Disorders and Treatment Act (Cap. 178),” in subsection (2);

by deleting the word “After” in subsection (5) and substituting the words “Subject to section 25(3), after”;

by inserting, immediately after the word “marriage,” in subsection (6A), the words “and neither member is a relevant member,”;

by deleting subsection (6C) and substituting the following subsection:“(6C) The minimum sum set aside or topped-up by a member shall be utilised as follows:

such amount (if any) as the Board may determine shall be deposited in the member’s retirement account for the payment of the premium referred to in section 27L(1); and

any remaining amount may be —

deposited with an approved bank or in the member’s retirement account; or

used to purchase an approved annuity from an insurer.”;

by inserting, immediately after subsection (6C), the following subsection:“(6CA) For the purposes of subsections (6)(a) and (6C), where a member becomes entitled under subsection (2)(a) to withdraw the sum standing to his credit in the Fund, the Board shall, if required by any regulations made under section 77(1), transfer from that sum to his retirement account, towards the maintenance of the minimum sum, such amount as may be prescribed in those regulations.”;

by deleting subsection (7) and substituting the following subsection:“(7) Where a member has deposited the amount referred to in subsection (6C)(b) with an approved bank or in his retirement account, the member shall, on attaining the prescribed age, be entitled to withdraw from that amount and any interest accruing thereon in accordance with any regulations made under section 77(1).”;

by deleting the words “the minimum sum” in subsections (7A), (7B), (9)(a), (9A)(a), (10)(a) and (10A)(a) and substituting in each case the words “the amount referred to in subsection (6C)(b)”;

by deleting the words “deposit the minimum sum with an approved bank or in his retirement account, or use the minimum sum to purchase an approved annuity from an insurer,” in subsection (8) and substituting the words “comply with subsection (6)(a)”;

by deleting the words “deposit the minimum sum with an approved bank or in his retirement account or use the minimum sum to purchase an approved annuity from an insurer” in subsection (8A) and substituting the words “comply with subsection (6)(a)”;

by inserting, immediately after subsection (8B), the following subsection:“(8C) Notwithstanding subsections (2A), (6), (7B) and (8A) and section 27, where any amount which a relevant member is entitled to withdraw from his retirement account under subsection (7), or which is due to a relevant member under section 27K(6), has been transferred or paid by the Board into his ordinary account, the Board may, on his application, permit him to withdraw that amount.”;

by deleting the words “subsection (6)” in subsections (9), (9A), (10) and (10A) and substituting in each case the words “subsection (6C)”;

by inserting, immediately after subsection (10B), the following subsection:“(10C) The Board shall not enforce an undertaking given by a member under subsection (10), or by a member and one or more other persons under subsection (10) or (10A), if —

the immovable property concerned is an HDB flat; and

the disposal of the immovable property consists only of a reduction of the term of the lease in the HDB flat pursuant to an agreement entered into by the member, or by the member and the other person or persons, with the Housing and Development Board under the Lease Buyback Scheme.”;

by inserting, immediately after the words “subsection (7)” in subsection (15)(e)(iv), the words “, the payment by him of the premium referred to in section 27L(1), or both”;

by inserting, immediately after the definition of “Housing Authority” in subsection (16), the following definition:“ “Lease Buyback Scheme” means a scheme by that name 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 Lifelong Income Scheme established and maintained by the Board under section 27K;”; and

by deleting the full-stop at the end of the definition of “related person” in subsection (16) and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “relevant member” has the same meaning as in section 27J.”.