Clause 57

The Board may, in the approved circumstances, refund the whole or part of any moneys transferred on or after 4 October 2021 to a relevant individual’s account in the Fund (called in this section Account A) under section 18(1)(a), (2)(a) or (3)(a); and the refund must be made to the account of the member from which the moneys were transferred (called in this section Account B).(2) Where the Board has refunded any moneys from Account A to Account B under subsection (1), the Board may —

pay into Account B the whole or such part, as the Board may determine, of any interest that would have been payable on the refunded amount if the refunded amount had remained in Account B; and

deduct from Account A and pay into the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid into Account A that accrued to the refunded amount while the refunded amount was in Account A.(3) This section applies despite the relevant individual’s death or the Board’s receipt of the relevant individual’s application to withdraw any sum from the Fund under section 15(2)(b) or (c) on or after the commencement date.(4) In this section —“approved circumstances” means circumstances approved by the Minister or a person specified by the Minister;“commencement date” means the date of commencement of section 57 of the Central Provident Fund (Amendment) Act 2021;“refunded amount” means the amount of moneys refunded from Account A to Account B under subsection (1).”.