Central Provident Fund (Amendment) Bill

by inserting, immediately after the definition of “approved corporation”, the following definition:“ “approved developer” means an approved developer under Part 4B of the Housing and Development Act 1959;”;

by inserting, immediately after the definition of “employer”, the following definition:“ “entitlement date” means a date specified by the Board, for the purposes of section 15(7) and (7B)(a), that falls in the month in which the member attains the prescribed age;”;

by inserting, immediately after the definition of “Housing and Development Board”, the following definition:“ “Housing Authority” means any of the following:

the Housing and Development Board;

the Jurong Town Corporation established by section 3 of the Jurong Town Corporation Act 1968;

the Minister for Finance incorporated under the Minister for Finance (Incorporation) Act 1959;

the Housing and Urban Development Company Private Limited, a company incorporated under the Companies Act 1967;”;

by deleting the words “section 15(8CA)(a) or (c)” in the definition of “payout benchmark applicable to the member” and substituting the words “section 15AA(8)(a) or (c)”; and

by deleting the words “section 15(2A)(c), (6)(c), (7B)(c) or (8A)(c)” in the definition of “reserved amount” and substituting the words “section 15(6)(c) or 15AA(5)(b)”.

by deleting subsection (1A) and substituting the following subsection:“(1A) The Board may give its authority under subsection (1) for the withdrawal of money standing to a member’s credit in the Fund —

on the application of a person who —

is entitled or allowed to withdraw the money; or

will be entitled to withdraw the money within such period as the Board may determine; or

without any application by a person mentioned in paragraph (a) —

for payment to such a person of the whole or part of any amount that the person would have been entitled or allowed to withdraw on application under this Act; or

for the purposes of subsection (7A)(a).”;

by deleting the words “this section and” in subsection (2);

by inserting the word “or” at the end of subsection (2)(b);

by deleting the semi‑colon at the end of subsection (2)(c) and substituting a full‑stop;

by deleting paragraphs (d), (e), (f) and (g) of subsection (2);

by deleting subsections (2A) and (2B);

by deleting subsection (3) and substituting the following subsection:“(3) Subject to subsection (6) and section 16, a member of the Fund who has withdrawn any money from the Fund on the ground that he or she has attained 55 years of age is entitled to make a further withdrawal of the sum standing to his or her credit in the Fund on or after each subsequent anniversary of his or her date of birth or such other period as the Minister may direct.”;

by deleting the words “subsection (9), (9A), (11D), (11E) or (11EB) or section” in subsection (4)(b) and substituting the words “section 15AB(1), (2), (10), (11) or (13),”;

by deleting the words “subsection (10) or (10A) or section” in subsection (4)(b) and substituting the words “section 15AB(3) or (4) or”;

by deleting the words “subsections (6A), (8) and (8A)” in subsection (6) and substituting the words “subsection (6A) and section 15AA(3) and (5)”;

by inserting, immediately after the words “relevant member” in subsection (6A), the words “as defined in section 27J”;

by deleting the words “2 times the retirement sum” in subsection (6A) and substituting the words “the aggregate of the retirement sums of both members”;

by deleting paragraph (a) of subsection (6B) and substituting the following paragraph:“(a)is not revocable during the subsistence of the marriage, unless the Board is satisfied that either member is, or both members are, suffering from any significant condition; and”;

by deleting subsections (7A), (7B), (7C), (8), (8A), (8B), (8C) and (8CA) and substituting the following subsections:“(7A) Subject to subsection (7B) or (7C) and regulations made under section 77(1), the Board may, without any application by a member —

pay the determined amount to the member from any moneys standing to the member’s credit in the Fund; or

transfer the determined amount from the moneys standing to the member’s credit in the Fund to the member’s retirement account for payment to the member under paragraph (a).(7B) Where the member is entitled to make a withdrawal under subsection (2)(a) —

subsection (7A) applies on or after the entitlement date; and

the determined amount is an amount determined by the Board.(7C) Where the member is entitled to make a withdrawal under section 15AA(1) by reason of a specified significant condition —

subsection (7A) applies on or after the Board is satisfied that the member is suffering from a specified significant condition as defined in section 15AA(9); and

the determined amount is an amount determined by the Minister.(7D) Subsection (6)(a) and section 15AA(5) do not apply to a payment under subsection (7A)(a).(7E) Except for the determined amount referred to in subsection (7B)(b) or (7C)(b) and subject to regulations made under section 77(1), other limits imposed on the amount of moneys that may be transferred to or maintained in the member’s retirement account do not apply to any transfer to a member’s retirement account under subsection (7A)(b).”;

by deleting the words “(2A), (6), (6C), (7), (7B) and (8A)” in subsection (8D) and substituting the words “(6), (6C) and (7), 15AA(1) and (5)”; (p)by deleting subsections (9), (9A), (10), (10A), (10B), (11), (11A), (11B), (11C), (11D), (11E), (11EA), (11EB), (11F), (15), (15A) and (16); and

by deleting the section heading and substituting the following section heading:“General provisions on withdrawal from Fund”.

Subject to sections 16, 19 and 19A, a member of the Fund is entitled to withdraw the sum standing to the credit of the member in the Fund if the Board is satisfied that the member is suffering from a significant condition.(2) Without limiting subsection (1), a member who has attained 55 years of age but has not attained the prescribed age is entitled, in accordance with regulations made under section 77(1), to withdraw the amount referred to in section 15(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, or to surrender his or her approved annuity from an insurer, if the Board is satisfied that the member —

is suffering from a significant condition; or

is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income, whether or not the monthly income is less in value than the payout benchmark applicable to the member.(3) A member need not comply with section 15(6)(a) if the Board is satisfied that the member —

is suffering from a significant condition;

is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income not less in value than the payout benchmark applicable to the member; or

has attained 55 years of age before 1 January 1987.(4) Subsection (5) applies to a member of the Fund who —

is entitled to withdraw the sum standing to his or her credit in the Fund under subsection (1) by reason of a specified significant condition;

is entitled under subsection (2)(a) by reason of a specified significant condition to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account, or any part of that amount, or surrender his or her approved annuity from an insurer; or

is entitled under section 15(2)(a) or (3), or is allowed under section 15(4), to withdraw the sum standing to his or her credit in the Fund and, under subsection (3)(a), need not comply with section 15(6)(a) by reason of a specified significant condition.(5) At the time of the withdrawal or surrender (as the case may be) mentioned in subsection (4) and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —

such amount as the Minister may specify must be set aside or topped‑up in the member’s retirement account —

by the member; or

from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his or her ordinary account; and

if there exist such circumstances as may be prescribed by regulations made under section 77(1) and the member is thereby required to reserve any amount in his or her ordinary account, such reserved amount must be set aside or topped‑up in that account —

by the member; or

from the sum standing to the member’s credit in that account.(6) Where any amount has been set aside or topped‑up in the member’s retirement account for the purposes of subsection (5)(a), the amount standing to the credit of the member in his or her retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.(7) A member who has attained the prescribed age and who need not comply with section 15(6)(a) by reason of subsection (3)(b) is entitled, in accordance with regulations made under section 77(1) —

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 section 15(6C)(a), to withdraw the amount or such part of the amount, as the Board may determine, which was so deposited or retained; and

where any amount standing to the member’s credit in the member’s retirement account is used to purchase an approved annuity under section 15(6C)(b), to surrender the approved annuity.(8) For the purposes of subsections (2)(b) and (3)(b), the Minister —

may specify different amounts of payout benchmark for different classes of members, taking into account the life expectancy of the different classes of members;

must publish the payout benchmark applicable to each class of members in a manner accessible to the public; and

may, on the application of a member, specify a payout benchmark for that member that is less than the payout benchmark published under paragraph (b) for the class of members to which the member belongs.(9) In this section —“significant condition” means any physical or mental condition prescribed as a significant condition by regulations made under section 77(1);“specified significant condition” means any significant condition prescribed as a specified significant condition by regulations made under section 77(1).Charge or undertaking on immovable property to secure retirement sum15AB.—

Where a member or his or her spouse owns any immovable property of a value equal to or exceeding the member’s retirement sum, the Board may, on an application made before 1 January 2013, permit the member —

to withdraw the amount referred to in the former section 15(6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or

to surrender his or her approved annuity,if the member or his or her spouse (as the case may be) agrees to the creation of a charge on the immovable property owned by the member or his or her spouse, to secure the payment to the Board of the member’s retirement sum.(2) Where a member and one or more related persons jointly own any immovable property of a value equal to or exceeding the member’s retirement sum, the Board may, on an application made before 1 January 2013, permit the member —

to withdraw the amount referred to in the former section 15(6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or

to surrender his or her approved annuity,if the member and the related person or persons (as the case may be) agree to the creation of a charge on the immovable property owned by them to secure the payment to the Board of the member’s retirement sum.(3) Where a member or his or her spouse or both of them jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made before 1 January 2013, permit the member —

to withdraw the amount referred to in the former section 15(6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or

to surrender his or her approved annuity,if the member or his or her spouse (or both of them), as the case may be, gives an undertaking to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the property is sold or otherwise disposed of.(4) Where a member and one or more persons (other than the member’s spouse) jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made before 1 January 2013, permit the member —

to withdraw the amount referred to in the former section 15(6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or

to surrender his or her approved annuity,if the member and the person or persons (as the case may be) give an undertaking to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the property is sold or otherwise disposed of.(5) The Board must not enforce any undertaking under subsection (3) or (4) if there exist such circumstances as may be prescribed in regulations made under section 77(1) for the purposes of this subsection.(6) Where a member owns any immovable property of a value equal to or exceeding the retirement sum, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —

to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or

to surrender his or her approved annuity.(7) Where a member and one or more persons jointly own any immovable property of a value equal to or exceeding the retirement sum, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —

to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or

to surrender his or her approved annuity.(8) Where a member owns any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —

to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or

to surrender his or her approved annuity.(9) Where a member and one or more persons jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —

to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or

to surrender his or her approved annuity.(10) Where a member, with the Board’s permission under subsection (6), (7), (8) or (9), has withdrawn the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount, a charge is constituted on the immovable property referred to in subsection (6), (7), (8) or (9) (as the case may be) to secure the payment to the Board of the amount withdrawn.(11) Where a member, with the Board’s permission under subsection (6), (7), (8) or (9), has surrendered his or her approved annuity, a charge is constituted on the immovable property referred to in subsection (6), (7), (8) or (9) (as the case may be) to secure the payment to the Board of the entire surrender value of the approved annuity.(12) Subject to regulations made under section 77(1), the Board may, on an application made on or after 1 April 2021, permit the member to use any immovable property (owned by the member, or by the member and one or more persons jointly) to secure the whole or part of the retirement sum applicable to the member.(13) Where the Board approves the member’s application under subsection (12), a charge is constituted on the immovable property mentioned in that subsection to secure the payment to the Board of an amount determined by the Board, not exceeding the amount of the retirement sum applicable to the member.(14) The following provisions apply to a charge constituted on any immovable property under subsection (10), (11) or (13):

the charge is subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the constitution of the charge;

upon the constitution of the charge, the Board has the power of sale and all other powers relating or incidental thereto to sell and effectually transfer the immovable property to any purchaser as if the Board were a registered mortgagee and, in any case where the immovable property is registered land within the meaning of the Land Titles Act 1993, even though the charge is not registered under that Act;

the charge extends to all the rights, benefits and interests of the member, or of the member and the other person or persons who jointly own the immovable property (as the case may be) under his or her or their agreement for sale and purchase of the immovable property;

where the Board has lodged with the Registrar an instrument (which must be in such form as the Registrar may require) for the purpose of registering or notifying the charge, the Registrar need not be concerned to enquire into the regularity or validity of the charge and must, on acceptance of the instrument, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 or the Registration of Deeds Act 1988, as the case may be;

the charge continues in force until the Board is satisfied of the occurrence of any event prescribed in regulations made under section 77(1) for the purposes of this paragraph.(15) The following provisions apply to a charge created over any immovable property under subsection (1) or (2):

the charge is subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the notification of the charge;

upon lodgment by the Board with the Registrar of an instrument (which must be in such form as the Registrar may require) for the purpose of registering or notifying the charge and the acceptance of the instrument by the Registrar, the Board has —

the power of sale and all other powers relating or incidental thereto as if the Board were a registered mortgagee; and

the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property;

the charge extends to all the rights, benefits and interests of the member or his or her spouse, or the member and the related person or persons (as the case may be), under his or her or their agreement for sale and purchase of the immovable property;

the Registrar need not be concerned to enquire into the regularity or validity of the charge and must, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 or the Registration of Deeds Act 1988, as the case may be;

the charge must, on the application of the member or any other person having an interest in the property, be cancelled if the Board is satisfied of the occurrence of any event prescribed in regulations made under section 77(1) for the purposes of this paragraph.(16) Section 73 of the Conveyancing and Law of Property Act 1886 and sections 49L and 49M of the Insurance Act 1966 do not apply to any annuity purchased with any amount standing to the credit of a member in his or her retirement account.(17) In this section, “related person”, in relation to a member, means —

his or her spouse;

a child of the member, including an adopted child and a stepchild;

a father or mother of the member;

a brother or sister of the member;

a grandchild of the member;

a grandparent of the member; or

any other person who in the opinion of the Board should be regarded as a related person for the purposes of this section.”.

by deleting the words “in section 15” and substituting the words “in sections 15, 15AA and 15AB”; and (b)by deleting the words “section 15(2)(b), (c), (d), (e), (f) or (g)” and substituting the words “section 15(2)(b) or (c) or 15AA(1)”.

by deleting the words “section 15(9), (9A), (11D), (11E) or (11EB)” in paragraph (c)(iii) and substituting the words “section 15AB(1), (2), (10), (11) or (13)”; and

by deleting the words “15(10) or (10A)” in paragraph (d) and substituting the words “15AB(3) or (4)”.

by inserting, immediately after the words “section 15(2)” in subsection (1)(a)(ii)(A) and (b)(i), “, 15AA(1)”;

by inserting, immediately after the words “section 15” in subsection (3)(c), the words “or 15AA”; and

by inserting, immediately after the words “section 15,” in subsection (6)(a), “15AA, 15AB,”.

by deleting the words “15(9) or (9A)” in subsections (1)(a), (b) and (vi)(A) and (2)(a) and (b) and in the section heading and substituting in each case the words “15AB(1) or (2)”;

by deleting the words “section 15(15)(e)” in subsection (1)(iv) and substituting the words “section 15AB(15)(e)”;

by deleting the words “sections 15(15)(b) to (e)” in subsection (1)(vi) and substituting the words “sections 15AB(15)(b) to (e)”;

by deleting the words “sections 15(11F)(b) to (e)” in subsection (1)(via) and substituting the words “sections 15AB(14)(b) to (e)”; and

by deleting the words “section 15(11D) or (11E)” in subsection (1)(via)(A) and substituting the words “section 15AB(10) or (11)”.

by deleting the words “section 15(10) or (10A)” in subsections (1)(a), (c) and (iv) and (2)(a) and (c) and in the section heading and substituting in each case the words “section 15AB(3) or (4)”;

by deleting the words “section 15(10),” in subsections (1)(c) and (2)(c) and substituting in each case the words “section 15AB(3),”;

by deleting the words “sections 15(11F)(a) to (e)” in subsection (1)(vii) and substituting the words “sections 15AB(14)(a) to (e)”; and

by deleting the words “section 15(11D) or (11E)” in subsection (1)(vii)(A) and substituting the words “section 15AB(10) or (11)”.

by deleting the words “section 15(11), (11A), (11B) or (11C)” in subsections (1)(a) and (2)(a) and substituting in each case the words “section 15AB(6), (7), (8) or (9)”;

by deleting the words “section 15(11D) or (11E)” in subsections (1)(b) and (vi)(A) and (2)(b) and in the section heading and substituting in each case the words “section 15AB(10) or (11)”;

by deleting the words “section 15(11F)(e)” in subsection (1)(iv) and substituting the words “section 15AB(14)(e)”; and

by deleting the words “sections 15(11F)(b) to (e)” in subsection (1)(vi) and substituting the words “sections 15AB(14)(b) to (e)”.

by deleting the words “section 15(11EA)” in subsections (1)(a) and (3)(a) and substituting in each case the words “section 15AB(12)”;

by deleting the words “section 15(11EB)” in the following provisions and substituting in each case the words “section 15AB(13)”:Subsections (1)(b), (2)(f)(i), (3)(b) and (4)(a);

by deleting the words “section 15(11F)(e)” in subsection (2)(d) and substituting the words “section 15AB(14)(e)”;

by deleting the words “15(11F)(b) to (e)” in subsection (2)(f) and substituting the words “15AB(14)(b) to (e)”; and

by deleting the words “section 15(11EB)” in the section heading and substituting the words “section 15AB(13)”.

by inserting, immediately after the definition of “contract” in subsection (1), the following definitions:“ “designated shareholder” means a person who has withdrawn all or part of the amount standing to his or her credit in the Fund to purchase designated shares;“designated shares” means such shares or class of shares in any approved corporation as the Minister may designate which are purchased with moneys withdrawn under this Act;“designated shares payment” means —

the proceeds of the sale of vested shares;

dividends, returned paid‑up share capital or other moneys in respect of the vested shares; or

the proceeds of the sale of designated shares that are paid into the Fund under this Act after the Board is notified that the designated shareholder in respect of those shares has died;”;

by inserting, immediately after the definition of “Town Council” in subsection (1), the following definition:“ “vested shares” means designated shares that are vested in the Board under section 26(1), or section 26, 26A or 26B as in force immediately before the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2021;”; and

by deleting the words “sections 6(4C) and (4D), 13(7A), (7B) and (7C)” in subsection (7) and substituting the words “sections 6, 13”.

by deleting subsections (4C), (4D), (4E), (4F), (4G), (4H) and (4I) and substituting the following subsections:“(4C) Subject to subsection (4D), the Board may suspend the payment of interest on any amount standing to the credit of a member in the Fund on the transfer or crediting of that amount to the general moneys of the Fund on or after the effective date.(4D) Where the Board is notified on or after the effective date that a member has died, the Board may cease to pay interest on —

any amount standing to the credit of the member in the Fund that is or has been transferred or credited to the general moneys of the Fund under section 13(7B) as in force immediately before the effective date or section 13 or 26; and

any designated shares payments paid to the general moneys of the Fund under section 26B as in force immediately before the effective date,on or after either of the following dates:

the date of the transfer of the amount or payment of the designated shares payments (as the case may be) to the general moneys of the Fund before, on or after the effective date;

if the date of the member’s death is later than the date of transfer or payment mentioned in paragraph (c) — the date of the member’s death before, on or after the effective date.(4E) Where —

the Board is notified before the effective date that a member has died;

any amount standing to the credit of that member has not been transferred to the general moneys of the Fund under section 13(7B) as in force immediately before the effective date; and

the Board transfers that amount to the general moneys of the Fund under section 13 on or after the effective date,the Board may cease to pay interest on that amount after that amount is transferred to the general moneys of the Fund.(4F) The Board need not pay interest on the designated shares payments of a deceased designated shareholder that are paid into the general moneys of the Fund under section 26(7)(a) on or after the effective date.(4G) Subsection (4D) does not apply to the amount mentioned in subsection (4D)(a) or designated shares payments mentioned in subsection (4D)(b) if the Board has, under subsection (4C), (4D), (4F) or (4I) as in force immediately before the effective date, ceased to pay interest on that amount or designated shares payments, as the case may be.(4H) Where, immediately before the effective date, the Board has, under subsection (4E), (4G) or (4H) as in force immediately before that date, suspended the payment of interest on any of the following amounts, the payment of interest continues to be so suspended on or after that date as if that subsection had not been deleted, subject to the application of subsection (4D) or the restoration of interest under this Act:

any amount standing to the credit of a member in the Fund that has been transferred to the general moneys of the Fund before the effective date;

any designated shares payments that were credited into the general moneys of the Fund before the effective date.(4I) Where, immediately before the effective date, the Board has, under subsection (4C), (4D), (4F) or (4I) as in force immediately before that date, ceased the payment of interest on any of the amounts mentioned in subsection (4H)(a) or (b), the payment of interest continues to be ceased on or after that date as if that subsection had not been deleted, subject to the restoration of interest under this Act.”; and

by inserting, immediately after subsection (5), the following subsection:“(6) In this section, “effective date” means the date of commencement of section 26 of the Central Provident Fund (Amendment) Act 2021.”.

by deleting the words “subsections (7A) to (7G)” in subsection (1) and substituting the words “subsections (7A), (7C), (7D) and (7G)”;

by deleting subsections (7A) and (7B) and substituting the following subsection: “(7A) The Board may transfer any moneys standing in a member’s account in the Fund (other than a nominee account, if any) to the general moneys of the Fund in accordance with regulations made under section 77(1) if before, on or after the effective date —

the Board is notified that the member has died;

the member’s accounts in the Fund are deemed to be dormant under section 2(1B); or

the Board is unable to ascertain the member’s identity.”;

by deleting subsection (7D) and substituting the following subsection:“(7D) The initial transfer referred to in subsection (7C) is a transfer to the general moneys of the Fund under subsection (7B) as in force before the effective date, subsection (7A) or regulations made under section 77(1).”;

by deleting subsections (7E) and (7F);

by inserting, immediately after the words “Subsections (7A) to (7F)” in subsection (7G), the words “as in force immediately before the effective date and subsections (7A), (7C) and (7D) as in force on or after that date”; and

by inserting, immediately after subsection (8), the following subsection:“(9) In this section, “effective date” means the date of commencement of section 27 of the Central Provident Fund (Amendment) Act 2021.”.

The designated shares of a designated shareholder vest in the Board in the following circumstances and at the times prescribed by regulations made under section 77(1):

the Board is notified that the designated shareholder has died;

any other circumstances prescribed by regulations made under section 77(1).(2) Where the Board is notified that a designated shareholder has died and the designated shareholder died before 1 January 1996 or did not execute a memorandum under section 25(1), the Board must transfer the designated shareholder’s designated shares to —

the securities account (if any) belonging to and in the sole name of the deceased designated shareholder; or

if the deceased designated shareholder does not have any securities account in his or her sole name, the securities account opened and operated by the personal representatives of the deceased designated shareholder on behalf and for the benefit of the estate of the deceased designated shareholder, if any.(3) The following is a discharge to the Board in respect of a designated shareholder’s vested shares:

the transfer of the vested shares under subsection (2)(a);

the transfer of the vested shares under subsection (2)(b), and the receipt of the personal representatives of the deceased designated shareholder in respect of those shares.(4) Where subsection (2) does not apply in respect of a deceased designated shareholder, the following persons may instruct the Board, in the manner required by the Board, as follows:

a relevant person in respect of the deceased designated shareholder — to sell the deceased designated shareholder’s vested shares;

the deceased designated shareholder’s nominee — to transfer the deceased designated shareholder’s vested shares to the nominee’s securities account; (c)if the deceased designated shareholder’s nominee has died on or after the designated shareholder’s death, that nominee’s personal representatives — to transfer the deceased designated shareholder’s vested shares to a securities account opened and operated by the nominee’s personal representatives on behalf and for the benefit of the estate of that nominee.(5) Subject to subsection (6), the Board must transfer or sell the vested shares according to the instructions given under subsection (4).(6) Subject to regulations made under section 77(1), the Board may sell a designated shareholder’s vested shares and credit the designated shares payments in accordance with subsection (7) if —

the Board has not, within the prescribed time, received any instructions under subsection (4) in respect of the vested shares; or

there exist such other circumstances as may be prescribed by such regulations.(7) Subject to regulations made under section 77(1) —

if the Board is notified that the designated shareholder has died — the Board may credit the deceased designated shareholder’s designated shares payments into the general moneys of the Fund to the credit of the deceased designated shareholder or into one or more accounts of the relevant person in relation to the deceased designated shareholder;

if the designated shareholder’s account in the Fund has been deemed dormant under section 2(1B) — the Board may credit the designated shareholder’s designated shares payments into the general moneys of the Fund to the credit of the designated shareholder; and

in any other case — the Board must credit a designated shareholder’s designated shares payments into one or more accounts of the designated shareholder.(8) Subsection (9) applies where —

the Board is notified that the designated shareholder has died and the designated shareholder has executed a memorandum under section 25(1) that provides for payment to a nominee in accordance with section 25(1)(a)(iii); or

a designated shareholder’s designated shares payments have been credited to the general moneys of the Fund under subsection (7)(b) and the Board is satisfied that the designated shareholder is still alive.(9) Where the Board has credited any designated shares payments into the general moneys of the Fund under subsection (7)(a) or (b), or section 26, 26A, 26B or 26D as in force immediately before the commencement date, the Board must, in the circumstances set out in subsection (8), transfer or pay (as the case may be) the following amounts to a nominee account or such other account of the designated shareholder in the Fund as may be prescribed:

the designated shares payments;

the whole or such part of the interest, as the Board may determine, that would have been payable if the designated shares payments had not been credited into the general moneys of the Fund.(10) The whole or any part of any fee or charge in connection with —

the transfer of vested shares mentioned in subsection (2)(a) or (b) or (4)(c) — may be recovered by the Board from the relevant person mentioned in those subsections;

the transfer of vested shares to the nominee mentioned in subsection (4)(b) — may be deducted by the Board from any amount payable to the nominee from the member’s account in the Fund; or

the sale of any vested shares — may be deducted by the Board from the proceeds of the sale of those vested shares.(11) The Board is discharged —

in respect of vested shares transferred by the Board according to instructions under subsection (4)(b) or (c) — by that transfer, and the receipt of the relevant persons mentioned in those subsections for those vested shares; and

in respect of any designated shares payment where the account of the designated shareholder has been deemed dormant under section 2(1B) — by the transfer of the designated shares payment to an account in the Fund of the designated shareholder under subsection (9).(12) Where any document or information is necessary for the Board to effect the transfer of vested shares under subsection (2) or (4), the Board may by notice to any person who possesses the document or information, require that person to provide the document or information to the Board within a reasonable time specified in the notice.(13) This section applies despite any other written law or rule of law, except regulations made for the purposes of this section under section 77(1) or as expressly provided to the contrary in this section.(14) In this section —“commencement date” means the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2021;“nominee”, in relation to a deceased designated shareholder, is a person who is entitled to receive the designated shareholder’s vested shares under a memorandum executed under section 25(1);“prescribed time” means the time prescribed under section 77(1), which may differ in relation to different classes of designated shareholders or relevant persons, as the case may be;“relevant person”, in relation to a designated shareholder who has died before, on or after the commencement date, means —

a nominee of the deceased designated shareholder;

where the nominee of a deceased designated shareholder has died on or after the designated shareholder’s death — the nominee’s personal representatives; or

where the deceased designated shareholder died before 1 January 1996 or did not execute a memorandum under section 25(1) — the designated shareholder’s personal representatives.Transfer or payment of deceased designated shareholder’s moneys26A.—

Where the Board is notified that a designated shareholder has died on or after 1 January 1996 and the designated shareholder has executed a memorandum under section 25(1), the Board must transfer or pay (as the case may be) the following amounts (if any) in accordance with sections 20(1)(b) and (1A) and 25:

designated shares payments that have been credited to the general moneys of the Fund to the credit of a deceased designated shareholder under section 26(7)(a) or (b) or section 26, 26A, 26B or 26D as in force immediately before the commencement date;

moneys transferred or paid to a nominee account of a deceased designated shareholder under section 26(9).(2) Where a designated shareholder died before 1 January 1996 or has not executed a memorandum under section 25(1), the Board must pay the amounts mentioned in subsection (1)(a) —

to the personal representatives of the deceased designated shareholder; or (b)if to the best of the Board’s knowledge the deceased designated shareholder does not have any personal representatives, and if the proceeds of the sale of the shares do not exceed such amount as the Minister may specify — to a proper claimant.(3) The transfer or payment under subsection (1) or (2) may be made subject to any terms and conditions imposed by the Board.(4) The Board is discharged, in respect of any designated shares payment, by the receipt of a person to whom the designated shares payment is payable under subsection (1) or (2), for the designated shares payment.(5) Where any designated shares payment has been paid to a proper claimant under subsection (2), this section does not affect any recourse that any person may have against the proper claimant for that amount.(6) This section applies despite any other written law or rule of law, except regulations made for the purposes of this section under section 77(1) or as expressly provided to the contrary in this section.(7) In this section —“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;“commencement date” means the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2021;“parent” includes an adoptive parent;“proper claimant”, in relation to any designated shares payment, means a person who —

claims to be entitled to the designated shares payment as executor of a deceased designated shareholder; or

claims to be entitled to the designated shares payment (whether for his or her own benefit or not) and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased designated shareholder.”.

by deleting the words “13(7A) to (7G)” in paragraph (ba) and substituting the words “13(7A), (7C), (7D) and (7G)”; and

by deleting the words “sections 26 to 26D” in paragraph (na) and substituting the words “sections 26 and 26A”.

by inserting, immediately after the words “subject to” in subsection (4), the words “section 13B(2) and”; and

by deleting subsection (4A).

Without affecting section 7(4), any person may voluntarily pay to the Fund contributions for the benefit of any member of the Fund (including himself or herself), subject to regulations made under section 77(1) and any terms and conditions imposed by the Board.(2) Subject to regulations made under section 77(1), the Board must credit every voluntary contribution under subsection (1) or section 7(4) into an ordinary account, a medisave account or a special account of the member in such manner and at such rate as the Minister may direct.(3) The Minister may give different directions under subsection (2) in respect of different classes of members.”.

by deleting sub‑paragraph (ii) of paragraph (e);

by renumbering the existing paragraph (g) as paragraph (fa);

by inserting, immediately after paragraph (fa), the following paragraph:“(fb)for the purposes of section 13B, including requiring or permitting the Board to refuse to credit any voluntary contribution made under section 13B(1) in prescribed circumstances;”; and

by inserting, immediately before paragraph (ga), the following paragraph:“(g)for the purposes of section 13D, including the contributions to be aggregated and the sum mentioned in that section or the manner of computation of that sum;”.

by deleting subsections (1) and (2) and substituting the following subsection:“(1) Except as specifically provided under this Act, the Board may permit a person to pay to the Fund contributions for himself or herself under prescribed circumstances, if the person satisfies the conditions (if any) imposed by the Board in any particular case.”; and

by deleting subsection (4) and substituting the following subsection:“(4) This section applies subject to any regulations made under section 77(1) and any terms and conditions imposed by the Board.”.

by deleting subsections (1A), (2) and (3) and substituting the following subsections:“(1A) The Board may, in the circumstances approved by the Minister, credit the amount of a specified payment to be paid to a person into such account of that person in the Fund as the Minister may direct, instead of paying the specified payment directly to the person.(2) A cash grant or specified payment credited into a member’s account in the Fund under subsection (1) or (1A) (as the case may be) is deemed to be a contribution to the member for the purposes of this Act.(2A) Any cash grant or specified payment credited into a member’s account in the Fund under subsection (1) or (1A) or interest thereon may be withdrawn by the member under this Act for the purposes of the cash grant or specified payment (as the case may be) and in such manner as the Board may determine.(3) Subject to any limitations prescribed by regulations made under section 77(1), in the circumstances mentioned in subsection (3AA), the Board is entitled to recover on behalf of the Government the following amounts from any moneys standing to the credit of any person in the Fund:

the whole or part of the amount of any cash grant or specified payment credited into the Fund under subsection (1) or (1A) (as the case may be) for the benefit of the person;

any interest which the person is liable to pay to the Government under the terms of any cash grant or specified payment mentioned in paragraph (a).(3AA) The following circumstances are specified for the purposes of subsection (3):

before, on or after the date of commencement of section 42 of the Central Provident Fund (Amendment) Act 2021, the person mentioned in subsection (3) —

has obtained the cash grant or specified payment mentioned in that subsection, by means of any false or misleading statement or any document that is false or misleading in any particular;

has committed a breach of any of the terms and conditions of the cash grant or specified payment mentioned in that subsection; or

is eligible to receive another cash grant or specified payment, or a cash grant or specified payment of a different amount, in place of the cash grant or specified payment to be recovered;

the person mentioned in subsection (3) no longer satisfies a continuing condition (if any) of the cash grant or specified payment mentioned in that subsection.”;

by deleting the word “payment” wherever it appears in subsection (3A) and substituting in each case the words “specified payment”;

by deleting the full‑stop at the end of the definition of “cash grant” in subsection (5) and substituting a semi‑colon, and by inserting immediately thereafter the following definitions:“ “continuing condition”, in relation to a cash grant or specified payment, means a condition that —

a person must continue to satisfy after the cash grant or specified payment is credited into the account of the person in the Fund; and

on or before the crediting of that cash grant or specified payment into the account of the member in the Fund, has been —

made known to the person; or

publicised in a prescribed manner (which may include publication on a website);“specified payment” means any payment to be made by the Board to a person pursuant to —

any activity engaged in by the Board under section 76(1)(a) whether before, on or after the date of commencement of section 42 of the Central Provident Fund (Amendment) Act 2021; or

any written law other than this Act.”; and

by deleting the section heading and substituting the following section heading:“Crediting of cash grant or specified payment to Fund”.

any limitation on recovery by the Board mentioned in section 14(3); and

the prescribed period mentioned in section 14(3A)(b) and different periods for different types of cash grants or specified payments;”.

by deleting “25(2A)” and substituting “25A(3)”; and

by deleting paragraph (b) and substituting the following paragraph:“(b)the person or persons who are entitled to the whole or a share of the moneys payable to the Public Trustee under section 25A(1),”.

by deleting subsections (2) and (2A); (b)by deleting the words “(2) or” in subsection (4); and

by deleting the section heading and substituting the following section heading:“Payment on death of member to nominated person”.

Where, at the time of a member’s death before, on or after the effective date, no person has been nominated by the member under section 25(1), the Board must pay all the moneys payable on the member’s death out of the Fund to the Public Trustee for disposal in accordance with —

the Intestate Succession Act 1967, if the member is not a Muslim at the time of his or her death; or

section 112 of the Administration of Muslim Law Act 1966, if the member is a Muslim at the time of his or her death.(2) The receipt of the Public Trustee is a discharge to the Board for the portion of the amount payable out of the Fund on the death of a member which is paid to the Public Trustee under subsection (1) or section 25(2) as in force immediately before the effective date, as the case may be.(3) Despite subsection (1) and section 24(3A), where any beneficiary of a deceased member has incurred any reasonable funeral expenses in respect of the deceased member, the Public Trustee —

may pay to that beneficiary, from the deceased member’s relevant moneys, an amount that the Public Trustee determines to be reasonable to defray those funeral expenses; and

must pay the remainder of the deceased member’s relevant moneys in accordance with paragraph (a) or (b) of subsection (1).(4) Subject to subsections (3)(a) and (5), instead of paying the deceased member’s relevant moneys to the beneficiaries of the deceased member directly in accordance with subsection (1)(a) or (b) or (3)(b) (as the case may be), the Public Trustee may pay the whole or part of those moneys to a beneficiary representative, on such terms and conditions as the Public Trustee may impose, for disposal to the beneficiaries in accordance with paragraph (a) or (b) of subsection (1).(5) Subsection (4) does not apply if the deceased member’s relevant moneys exceed the specified limit at the relevant time, unless the Public Trustee is satisfied that the amount in excess of the specified limit is immaterial.(6) The receipt of a beneficiary representative of an amount of moneys payable to the beneficiaries under subsection (1) or (3)(b) (as the case may be) is a discharge to the Public Trustee for that amount.(7) Subsection (6) does not affect any recourse which any person may have against the beneficiary representative for any amount paid to the beneficiary representative under subsection (4).(8) To avoid doubt, a beneficiary representative must not, in respect of the disposal of any amount paid to the beneficiary representative under subsection (4) —

act in the capacity of an executor of any will of the deceased member or an administrator of the estate of the deceased member; or

set off the moneys paid to him or her under subsection (4) against the debts of the estate of the deceased member.(9) In this section —“beneficiary”, in relation to a deceased member, means any person who is entitled to the whole or a share of the moneys payable on the member’s death in accordance with paragraph (a) or (b) of subsection (1);“beneficiary representative”, in relation to a deceased member, means a beneficiary of the deceased member —

who has applied, in the manner required by the Public Trustee, to be paid the whole or part of the deceased member’s relevant moneys for the purposes of subsection (4); and

whose application mentioned in paragraph (a) has been approved by the Public Trustee;“deceased member’s relevant moneys” means moneys payable on the member’s death out of the Fund that are paid to the Public Trustee under subsection (1) or section 25(2) as in force immediately before the effective date;“effective date” means the date of commencement of section 50 of the Central Provident Fund (Amendment) Act 2021;“relevant time”, in relation to a deceased member’s relevant moneys, means the time of the Public Trustee’s receipt of the latest payment of the deceased member’s relevant moneys under subsection (1) or section 25(2) as in force immediately before the effective date;“specified limit” means the amount specified by the Minister charged with the responsibility for the Public Trustee Office for the purposes of subsection (5).”.

by deleting the words “or 25” in subsection (5) and substituting the words “, 25 or 25A”; and

by deleting the words “and 25” in subsection (8) and substituting the words “, 25 and 25A”.

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).”.

A person may apply, on or after the commencement date but before 1 April 2022 and in the manner specified by the Board, for the refund of any of the following moneys:

moneys transferred by the person before the commencement date to the retirement account or special account of a relevant individual under section 18(1)(a), (2)(a) or (3)(a), as the case may be;

moneys paid by the person before 1 November 2008 to his or her parent’s, grandparent’s, spouse’s or sibling’s retirement account under section 18(1)(b) or (2)(b) as in force immediately before 1 November 2008;

moneys paid by the person before 1 November 2008 to his or her spouse’s or sibling’s special account under section 18(3)(b) as in force immediately before 1 November 2008.(2) On an application for the refund of moneys mentioned in subsection (1)(a), the Board must refund the remaining moneys to the giver’s account from which such moneys were transferred, if the conditions specified by the Board are met.(3) On an application for the refund of moneys mentioned in subsection (1)(b) or (c), the Board —

must pay the remaining moneys to the payer, if the conditions specified by the Board are met; or

if the payer has died at the time of payment, may pay the remaining moneys —

to the personal representatives of the deceased payer; or

if to the best of the Board’s knowledge the deceased payer does not have any personal representatives, and if the amount that the payer would have received does not exceed such amount as the Minister may specify — to a proper claimant.(4) The receipt of the proper claimant is a discharge to the Board for the payment to the proper claimant under subsection (3)(b)(ii).(5) Where payment has been made to a proper claimant under subsection (3)(b)(ii), this section does not affect any recourse that any person may have against the proper claimant for that amount.(6) Subsections (2) and (3) apply on or after the commencement date despite —

the death of the recipient of the moneys mentioned in subsection (1)(a), (b) or (c), as the case may be; or

the Board’s receipt of the recipient’s application to withdraw any sum from the Fund under section 15(2)(b) or (c),on or after the Board receives the application under subsection (1).(7) The Board may without any application under subsection (1) —

refund the remaining moneys in relation to moneys mentioned in subsection (1)(a) in accordance with subsection (2); or

pay the remaining moneys in relation to moneys mentioned in subsection (1)(b) or (c) in accordance with subsection (3).(8) Subsections (2), (3) and (7) do not apply if an event mentioned in subsection (6)(a) or (b) has occurred before the commencement date.(9) In this section —“applicable provision” means section 15(2)(d), (e), (f) or (g), (2B), (7), (7C) or (8B);“child” means a legitimate child and includes any child adopted by virtue of an order of court under any written law for the time being in force in Singapore, Malaysia or Brunei Darussalam;“commencement date” means the date of commencement of section 58 of the Central Provident Fund (Amendment) Act 2021;“giver”, in relation to moneys mentioned in subsection (1)(a), means the person from whom those moneys were transferred to the recipient’s retirement account or special account;“parent” includes an adoptive parent;“payer”, in relation to moneys mentioned in subsection (1)(b) or (c), means the person who paid those moneys to the recipient’s retirement account or special account;“proper claimant” means a person who —

claims to be entitled to the remaining moneys on the death of the payer mentioned in subsection (3) as executor of the deceased payer; or

claims to be entitled to the remaining moneys on the death of the payer mentioned in subsection (3) (whether for his or her own benefit or not), and is the widower, widow, child, grandchild, parent, brother, sister, nephew, niece, grandparent, uncle or aunt of the deceased payer;“recipient”, in relation to moneys mentioned in subsection (1)(a), (b) or (c), means the person to whose retirement account or special account those moneys were transferred or paid;“remaining moneys” means the moneys mentioned in subsection (1)(a), (b) or (c) (as the case may be) that remain standing in the recipient’s account mentioned in that subsection immediately before the refund is made, but excludes any of those moneys that had been withdrawn from the recipient’s account under an applicable provision before the refund and then restored to the recipient’s account because —

the payment of the withdrawn moneys was unsuccessful; or

the instrument in respect of that payment was returned to the Board or has expired.”.

by deleting the words “in ignorance” in subsection (6) and substituting the words “without notice”; and

by inserting, immediately after subsection (6), the following subsection:“(6AA) The Board has notice of a marriage for the purposes of subsection (6) —

where notice of the marriage is given in the form and manner specified by the Board on a publicly accessible website designated by regulations made under section 77(1) — only after the expiry of the notice period so specified by the Board; or

where the notice is given in any other manner — only if and when the Board approves the notice for the purposes of subsection (6).”.

the relevant individual or payee (as the case may be) died before that date; or

the Board has, before that date, received the application of the relevant individual or payee (as the case may be) to withdraw any sum from the Fund under section 15(2)(b) or (c) of the principal Act.