In forceAmended2020 Revised Edition

Contents

Central Provident Fund Act 1953 · 2020 Revised Edition · Part 3 · Withdrawal of Contributions

19. Board’s discretion to refund moneys transferred under section 18

Amended

Last amended by an amending law of 2024. 3 amendments in all.

(1)

Subject to subsections (2A) and (2B), 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 —

(a)

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

(b)

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.

(2A)

Where either Account A or Account B (mentioned in subsection (1)) or both are special accounts that have since been closed under section 13AA(1), subsections (1) and (2) apply with the following modifications:

(a)

if only Account A is closed —

(i)

any refund to Account B under subsection (1) must be deducted from the relevant individual’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable; and

(ii)

any interest in respect of the refunded amount under subsection (2)(b) must be deducted from the relevant individual’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;

(b)

if only Account B is closed —

(i)

any refund to Account B under subsection (1) must be paid to the member’s accounts in the Fund in accordance with section 13AA(4); and

(ii)

any interest in respect of the refunded amount under subsection (2)(a) must be paid to the member’s accounts in the Fund in accordance with section 13AA(5) or (6), whichever is applicable;

(c)

if both Account A and Account B are closed —

(i)

any refund to Account B under subsection (1) must be paid to the member’s accounts in the Fund in accordance with section 13AA(4) by deducting that refund from the relevant individual’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;

(ii)

subsection (2)(a) applies as modified by paragraph (b)(ii); and

(iii)

subsection (2)(b) applies as modified by paragraph (a)(ii).

(2B)

Where the moneys transferred to Account A mentioned in subsection (1) have been transferred to another account in the Fund of the relevant individual (called in this subsection Account C) pursuant to section 13(7C), 15(6CA), 15AA(5) or 18(4), subsections (1) and (2) apply with the following modifications:

(a)

any refund to Account B under subsection (1) must be deducted from Account C;

(b)

any interest in respect of the refunded amount to be deducted under subsection (2)(b) must be deducted from Account C, and is the whole or any part, as the Board may determine, of —

(i)

any interest paid into Account A and Account C that accrued to the refunded amount while the refunded amount was in Account A and Account C; and

(ii)

if applicable, any interest paid in respect of the refunded amount in connection with an initial transfer specified in section 13(7D).

(3)

This section applies despite —

(a)

the relevant individual’s death on or after 1 April 2022; or

(b)

the Board’s receipt of the relevant individual’s application on or after 1 April 2022 to withdraw any sum from the Fund under section 15(2)(b) or (c) as in force before 1 April 2024 or section 15(2)(b) as in force on or after 1 April 2024.

(4)

In this section —[Deleted by Act 36 of 2023 wef 01/04/2024]

“approved circumstances” means circumstances approved by the Minister or a person specified by the Minister;

“refunded amount” means the amount of moneys refunded from Account A to Account B under subsection (1), as modified by subsection (2A) or (2B), if applicable.