Singapore legislation

Clause 16

of Central Provident Fund (Amendment) Bill

Clause 16

Amendment of section 77

In the principal Act, in section 77(1), after paragraph (ka), insert —“(kb)for the purposes of sections 13(5AA), 13AA and 15(1B) and (7E) and other provisions of this Act relating to the use of a special account or its closure, including in relation to —

(i)

the transfer of moneys from a member’s special account to the member’s retirement account or ordinary account, or both, in connection with the closure of the special account;

(ii)

the transfer of moneys between subsidiary accounts of a member;

(iii)

the transfer of moneys from a member’s subsidiary account to another member’s subsidiary account, or to the general moneys of the Fund;

(iv)

the order in which moneys or interest (or both) may be paid to, or deducted, transferred or withdrawn from, a member’s retirement account or ordinary account, or both;

(v)

the allocation between the retirement account and ordinary account of a member of moneys or interest (or both) that may be paid to, or deducted, transferred or withdrawn from, either or both of those accounts;

(vi)

the different application of any of the matters described in sub‑paragraphs (i) to (v) in different circumstances or for different classes of members; and

(vii)

any transitional, saving and other consequential, incidental and supplemental provisions in connection with the closure of the special account that are necessary or expedient;”.

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