Singapore legislation

Clause 9

of Central Provident Fund (Amendment) Bill

Clause 9

Amendment of section 15

(1)

Section 15 of the principal Act is amended —

(a)

by deleting subsection (6C) and substituting the following subsection:“(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the member’s retirement account may, in accordance with such terms and conditions as the Board may impose, be used or withdrawn in all or any of the following manner:

(a)

deposited before 1 January 2014 with an approved bank or retained in the member’s retirement account;

(b)

withdrawn to purchase an approved annuity from an insurer;

(c)

withdrawn to pay a premium referred to in section 27L(1) or (1A);

(d)

used, transferred or withdrawn in any other circumstances as permitted under this Act.”;

(b)

by deleting subsection (7) and substituting the following subsection:“(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, on attaining the prescribed age, entitled 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).”;

(c)

by deleting the words “shall be entitled to withdraw the amount referred to in subsection (6C)(b), or such part thereof as the Board may determine, from his account with an approved bank or his retirement account” in subsection (7A) and substituting the words “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”;

(d)

by deleting the words “referred to in subsection (6C)(b) or any part thereof from his account with an approved bank or his retirement account” in subsection (7B) and substituting the words “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”;

(e)

by deleting subsection (8C) and substituting the following subsection:“(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) —

(a)

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

(b)

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.”;

(f)

by inserting, immediately after the words “referred to in” in subsections (9)(a), (9A)(a), (10)(a) and (10A)(a), the words “the former”;

(g)

by inserting, immediately after the words “permit the member” in subsections (11), (11A), (11B) and (11C), the words “, in accordance with any regulations made under section 77(1)”;

(h)

by deleting paragraph (a) of subsection (11) and substituting the following paragraph:“(a)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”;

(i)

by deleting paragraph (a) of subsection (11A) and substituting the following paragraph:“(a)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”;

(j)

by deleting paragraph (a) of subsection (11B) and substituting the following paragraph:“(a)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”;

(k)

by deleting paragraph (a) of subsection (11C) and substituting the following paragraph:“(a)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”; and

(l)

by deleting the words “subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account” in subsection (11D) and substituting the words “subsection (6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount”.

(2)

Section 15 of the principal Act, as amended by subsection (1), is amended by inserting, immediately after subsection (8C), the following subsections:“(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 —

(a)

from one or more accounts in the Fund as the Board may determine;

(b)

in circumstances prescribed by regulations made under section 77(1); and

(c)

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.”.

Read in full context — Central Provident Fund (Amendment) Bill →