Is Central Provident Fund (Amendment) Bill still in force?

Yes — Central Provident Fund (Amendment) Bill is currently in force.

When did Central Provident Fund (Amendment) Bill take effect?

Central Provident Fund (Amendment) Bill was first recorded in 2023.

How many clauses does Central Provident Fund (Amendment) Bill have?

Central Provident Fund (Amendment) Bill contains 37 clauses.

Where can I read the official version of Central Provident Fund (Amendment) Bill?

The official text of Central Provident Fund (Amendment) Bill is published at sso.agc.gov.sg.

/akn/sg/act/bill/2023/34

Central Provident Fund (Amendment) Bill

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Type: Bill
Status: In force
Enacted: 2023
Sections: 37

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About this bill

Central Provident Fund (Amendment) Bill is Singapore Bill, cited as Bill 34 2023, currently marked in force and first recorded in 2023.

Part 1

AMENDMENTS RELATING TO CPF SCHEMES PRIMARILY LIMITED TO CITIZENS AND PERMANENT RESIDENTS OF SINGAPORE

Clause 2

Amendment of section 2

In the Central Provident Fund Act 1953 (called in this Act the principal Act), in section 2(1), after the definition of “additional interest”, insert —“ “applicable person” means —

(a)

a citizen or permanent resident of Singapore; or (b)for the purposes of a provision of this Act or subsidiary legislation made under this Act in which the term appears, any other person of a class prescribed by regulations made under section 77(1) for the purposes of that provision;”.

Clause 3

Amendment of section 6

In the principal Act, in section 6 —

(a)

in subsections (4C), (4D), (4E)(a), (b) and (c), (4F), (4G), (4H) and (4I), replace “the effective date” wherever it appears with “1 April 2022”; and

(b)

delete subsection (6).

Clause 4

Amendment of section 13

In the principal Act, in section 13 —

(a)

in subsection (1), after “subsections (7A),”, insert “(7B),”;

(b)

in subsections (7A) and (7G), replace “the effective date” with “1 April 2022”;

(c)

after subsection (7A), insert —“(7B) The Board may, on or after 1 April 2024, 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 the Board is satisfied that the member is not an applicable person.”; (d)in subsection (7D), replace “the effective date” with “1 April 2022 or on or after 1 April 2024”;

(e)

after subsection (7D), insert —“(7E) Where the Board —

(a)

restores or transfers the sum of any initial transfers to a member’s account in the Fund under subsection (7C)(a) (called in this subsection and subsection (7F) S); and

(b)

is satisfied that while any part of S was standing to the credit of the member in the general moneys of the Fund, the member was not an applicable person, for any period, on or after 1 April 2024 (called in subsection (7F) the non‑applicable period),the amount of interest that the Board may pay under subsection (7C)(b) in respect of S must not exceed the reduced amount.(7F) In subsection (7E), the “reduced amount” in respect of S is B + C, where —

(a)

B is the amount that the Board determines under subsection (7C)(b) in respect of S for the period that any part of S was standing to the credit of the member in the general moneys of the Fund (excluding the non‑applicable period); and

(b)

C is the amount computed as if —

(i)

the reduced rate prescribed by regulations made under section 77(1) applies to S for the non‑applicable period that is before 1 April 2027 (if any); and

(ii)

the reduced rate applicable to S for the non‑applicable period that is on or after 1 April 2027 (if any) is nil.”; and

(f)

delete subsection (9).

Clause 5

Amendment of section 15

In the principal Act, in section 15(2) —

(a)

in paragraph (a), insert “or” at the end; and

(b)

replace paragraphs (b) and (c) with —“(b)is not an applicable person.”.

Clause 6

Amendment of section 15A

In the principal Act, in section 15A, delete “or (c)”.

Clause 7

Amendment of section 19

In the principal Act, in section 19 —

(a)

replace subsection (3) with —“(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.”; and

(b)

in subsection (4), delete the definition of “commencement date”.

Clause 8

Amendment of section 19D

In the principal Act, in section 19D(6)(b), after “section 15(2)(b) or (c)”, insert “as in force before 1 April 2024”.

Clause 9

Amendment of section 20

In the principal Act, in section 20(1B) —

(a)

in paragraph (b), after “section 15(2)(b) or (c)”, insert “as in force before 1 April 2024 or section 15(2)(b) as in force on or after 1 April 2024”; and

(b)

replace paragraph (c) with —“(c)the person has applied to the Board to withdraw such portion of the amount payable on the member’s death out of the Fund as the person is nominated to receive, and the Board is satisfied that the person is not an applicable person for the purposes of section 15(2)(b);”.

Clause 10

Amendment of section 22

In the principal Act, in section 22 —

(a)

after subsection (4A), insert —“(4B) Subsection (4C) applies where —

(a)

a member’s child or relative has given an undertaking under subsection (3) for the repayment of an amount to the member’s account in the Fund or payment of an amount to the Fund; and

(b)

the Board is satisfied that the member is an applicable person and that the member’s child or relative is not an applicable person.(4C) Subject to subsection (4D), if —

(a)

the member’s child or relative (as the case may be) withdraws the sum standing to his or her credit in the Fund under section 15(2)(b); or

(b)

any moneys are to be transferred from an account in the Fund of the member’s child or relative (as the case may be) to the general moneys of the Fund under section 13(7B),the Board may recover from the sum to be withdrawn or transferred (as the case may be) the whole or part of the amount repayable or payable pursuant to the undertaking given by the child or relative.(4D) An undertaking given, or a guarantee furnished, under subsection (3) for the repayment of an amount to the member’s account in the Fund or payment of an amount to the Fund is deemed to lapse when the Board is satisfied that the member has ceased to be an applicable person.”; and

(b)

in subsection (5), after “this Act”, insert “but subject to subsection (4D)”.

Clause 11

Amendment of section 24

In the principal Act, in section 24(2) —

(a)

after “14A,”, insert “22,”; and

(b)

after “24A,”, insert “27,”.

Clause 12

Amendment of section 25

In the principal Act, in section 25(1) and (1A), after “member of the Fund”, insert “(being an applicable person)”.

Clause 13

Amendment of section 26

In the principal Act, in section 26 —

(a)

in subsection (1), replace “The” with “Subject to regulations made under section 77(1), the”;

(b)

in subsection (1), after paragraph (a), insert —“(aa)on or after 1 May 2024, where —

(i)

the Board is satisfied that the member is not an applicable person; and

(ii)

the member has not instructed the Board to transfer the designated shares to the member’s securities account or to sell the designated shares;”;

(c)

in subsection (6)(a), delete “or” at the end;

(d)

in subsection (6), after paragraph (a), insert —“(aa)the designated shares are vested in the Board under subsection (1)(aa); or”;

(e)

in subsection (9), replace “the commencement date” with “1 April 2022”;

(f)

in subsection (14), delete the definition of “commencement date”; and

(g)

in subsection (14), in the definition of “relevant person”, replace “the commencement date” with “1 April 2022”.

Clause 14

New section 26B

In the principal Act, after section 26A, insert —“Withdrawal from investment schemes26B.—

(1)

This section applies where —

(a)

a member has —

(i)

a CPF Investment Account; or

(ii)

any securities purchased or acquired under an investment scheme introduced under Part II or III of the Investment Regulations; and

(b)

the Board is satisfied that the member is not an applicable person.(2) The Board may, on its own motion, declare that —

(a)

the member is authorised to withdraw all moneys standing to the member’s credit in the member’s CPF Investment Account, if any; and (b)all of the member’s securities mentioned in subsection (1)(a)(ii) (if any) are withdrawn from those investment schemes.(3) The member is not obliged to repay to the Fund —

(a)

any moneys withdrawn from the member’s CPF Investment Account pursuant to the Board’s declaration under subsection (2); or

(b)

any proceeds or benefits of any securities withdrawn pursuant to the Board’s declaration under subsection (2).(4) In this section —“CPF Investment Account” has the meaning given by the Investment Regulations;“Investment Regulations” means the Central Provident Fund (Investment Schemes) Regulations (Rg 9).”.

Clause 15

Amendment of section 27

In the principal Act, in section 27, delete subsection (2A).

Clause 16

Amendment of section 27K

In the principal Act, in section 27K, after subsection (5C), insert —“(5D) Where the Board is satisfied that a member is not a citizen or permanent resident of Singapore —

(a)

the Scheme ceases to apply to the member; and (b)the member’s annuity plan (if any) is deemed to be terminated,within the period prescribed in the relevant regulations.(5E) The period prescribed for the Scheme to cease or the annuity plan to be terminated under subsection (5D) may differ for different classes of members.”.

Clause 17

Amendment of section 27L

In the principal Act, in section 27L —

(a)

in subsection (5), after “amount to be refunded”, insert “(including any goodwill sum the Board may, in its discretion, determine)”; and

(b)

in subsection (7), replace “which the Board is liable to refund under” with “to be refunded mentioned in”.

Clause 18

Amendment of section 29

In the principal Act, in section 29 —

(a)

in subsection (5)(a), delete “and” at the end;

(b)

in subsection (5), after paragraph (a), insert —“(aa)any member who is not a citizen or permanent resident of Singapore at the time the member is required to join the Scheme; and”;

(c)

in subsection (7), after “The Board may”, insert “, subject to such terms, conditions and restrictions as the Board may impose,”; and

(d)

after subsection (7), insert —“(8) Where the Board is satisfied that a member of the Scheme is not a citizen or permanent resident of Singapore, the member’s cover under the Scheme is deemed to be terminated at the time prescribed by regulations made under section 39.(9) The time prescribed for the termination under subsection (8) may differ for different classes of members.”.

Clause 19

Amendment of section 77

In the principal Act, in section 77(1) —

(a)

in paragraph (ba), replace “13(7A), (7C), (7D) and (7G)” with “13(7A) to (7G)”; and

(b)

in paragraph (s), replace “as are” with “to prescribe anything that is required or permitted to be prescribed by regulations under this Act or that is”.

Part 2

AMENDMENTS RELATING TO DISCLOSURE OF INFORMATION AFTER NOTIFICATION OF MEMBER’S DEATH

Clause 20

Amendment of section 25

In the principal Act, in section 25, delete subsection (6A).

Clause 21

Amendment of section 59

In the principal Act, in section 59, after subsection (9), insert —“(10) Where the Board has been notified of a member’s death, the Board may, in the course of performing its functions under section 25 or 25A in relation to any amount payable on the member’s death, or performing its functions under section 26 or 26A in relation to any vested shares or designated shares payments, disclose the information relating to the deceased member as set out in subsection (11) to any of the following persons, as the case may be:

(a)

any person the Board has reason to believe is entitled to receive an amount payable out of the Fund on the deceased member’s death under a memorandum executed under section 25(1);

(b)

any person who may be entitled to receive an amount payable on the deceased member’s death in accordance with section 25A(1), on the assumption that no person has been nominated by the deceased member under section 25(1);

(c)

any other persons as may be prescribed in regulations made under section 77(1).(11) The Board may disclose the information relating to the following under subsection (10):

(a)

the member’s accounts in the Fund;

(b)

the memorandum executed under section 25(1);

(c)

any other information as may be prescribed in regulations made under section 77(1).”.

Part 3

AMENDMENTS RELATING TO TRANSACTIONS FOR DECEASED MEMBER

Clause 22

Amendment of section 2

In the principal Act, in section 2, replace subsection (6) with —“(6) In this Act, a reference to the amount payable on a member’s death out of the Fund is to be construed as a reference to the balance standing to the credit of the member in the Fund —

(a)

as computed from time to time by the Board after being notified of the member’s death; and

(b)

taking into account anything done under section 75.”.

Clause 23

Amendment of section 19D

In the principal Act, in section 19D(3)(b), before “the payer has died”, insert “the Board has been notified that”.

Clause 24

Amendment of section 20

In the principal Act, in section 20(1)(b), before “the member has died”, insert “the Board has been notified that”.

Clause 25

Amendment of section 24

In the principal Act, in section 24 —

(a)

in subsection (3A), replace “and 57C” with “, 57C and 75”; and

(b)

in subsections (3A) and (3B), replace “on the death” with “on or after the death”.

Clause 26

Amendment of section 25

In the principal Act, in section 25(4A), before “a person nominated”, insert “the Board has been notified that”.

Clause 27

Amendment of section 27B

In the principal Act, in section 27B(1) —

(a)

in paragraph (a)(ii), replace sub‑paragraph (A) with —“(A)after the member has become entitled to withdraw the sum standing to the credit of the member under section 15(2), 15AA(1) or 27 or the Board has been notified that the member has died, whichever is the earliest in time; and”; and

(b)

in paragraph (b), replace sub‑paragraph (i) with —“(i)after the member has become entitled to withdraw the sum standing to the credit of the member under section 15(2), 15AA(1) or 27 or the Board has been notified that the member has died, whichever is the earliest in time; and”.

Clause 28

Amendment of section 27Q

In the principal Act, in section 27Q(2)(h), replace “on the death” with “on account of the death”.

Clause 29

Amendment of section 57C

In the principal Act, in section 57C(4), (5) and (6), replace “on the death” with “on or after the death”.

Clause 30

New section 75

In the principal Act, before section 76, insert —“Transactions by Board on or after member’s death75.—

(1)

The Board may, before being notified of a member’s death, do anything that the Board is required or empowered to do under this Act or a relevant Act as if the member has not died.(2) Despite being notified of a member’s death and subject to regulations made under section 77(1), the Board may do any of the following things that the Board is required or empowered to do under this Act or a relevant Act as if the member has not died:

(a)

approve and give effect to applications permitted under this Act or a relevant Act made by or for the member;

(b)

in relation to any insurance scheme referred to in this Act or a relevant Act —

(i)

issue, renew or reinstate the insurance cover for any insurance period starting before the member’s death;

(ii)

deduct premiums for any insurance period starting before the member’s death from moneys standing to the credit of the member in the Fund; or

(iii)

pay refunds in the manner provided under this Act or a relevant Act, as the case may be;

(c)

do any of the following transactions:

(i)

permit a withdrawal under section 16A;

(ii)

a transaction under section 13(7H) or (7I) or 71;

(iii)

a refund under section 19;

(iv)

the crediting of any sum under section 19(2) or (6) or 19A(2) or (6), as in force immediately before 1 April 2022;

(v)

a refund or payment under section 19D;

(vi)

a transfer or payment under section 14(3C) or 27B;

(vii)

the recovery of moneys by the Board under section 14(3) or (3A), 27N(4) or 57C(5) or (6);

(viii)

make any payment, transfer, withdrawal, deduction or refund under this Act that is specified in regulations made under section 77(1) for the purposes of this paragraph;

(d)

make any other payment, transfer, withdrawal, deduction or refund under this Act or a relevant Act —

(i)

to correct any mistake or error;

(ii)

that the Board cannot stop for practical or operational reasons; (iii)that would benefit the member (if he or she had not died) or an intended beneficiary; or

(iv)

that is necessary or incidental to a transaction permitted under paragraph (a), (b), (c) or (d)(i), (ii) or (iii).(3) Where the Board has done anything (whether before, on or after the date of commencement of section 30 of the Central Provident Fund (Amendment) Act 2023) on or after a member’s death as if the member has not died —

(a)

the Board may reverse the act to the extent that it is expedient; and

(b)

no legal proceedings may be instituted in any court of law on account of or in respect of the reversal.(4) Where the Board has done any act before the date of commencement of section 30 of the Central Provident Fund (Amendment) Act 2023 (called in this subsection the past act) which would be permitted if done under subsection (1), (2) or (3) on that date —

(a)

the past act is and is taken always to have been validly done; and

(b)

no legal proceedings may be instituted in any court of law on account of or in respect of the past act.(5) Subsections (1) to (4) do not affect any recourse that any person may have against another person to whom the Board has paid any money or transferred any designated shares by an act permitted or validated by this section.(6) Where the Board or any other person has a duty, power or right to carry out any transaction on or after a member’s death under any written law or rule of law, this section does not prevent the Board or that person (as the case may be) from carrying out that transaction.(7) In this section —“intended beneficiary” means —

(a)

any person nominated by a member by a memorandum under section 25(1) or either of their estates;

(b)

a beneficiary mentioned in section 25A; or

(c)

any other person specified in regulations made under section 77(1) for the purposes of subsection (2)(d)(iii);“relevant Act” means the CareShield Life and Long‑Term Care Act 2019 or the MediShield Life Scheme Act 2015.”.

Part 4

AMENDMENTS RELATING TO NOTICES AND SERVICE METHODS

Clause 31

Amendment of section 62

In the principal Act, in section 62 —

(a)

in subsection (1), replace “prescribed notice” with “notice”; and

(b)

replace subsection (8) with —“(8) The form of the notice to be utilised for the purposes of subsection (1) must be in a form determined by the Board.”.

Clause 32

Amendment of section 62A

In the principal Act, in section 62A —

(a)

in subsection (1)(b), delete “or” at the end;

(b)

in subsection (1)(c)(ii), replace the full‑stop at the end with a semi‑colon;

(c)

in subsection (1), after paragraph (c), insert —“(d)by transmitting it to an electronic mail address specified in accordance with subsection (1A); or

(e)

by serving it through the electronic service platform mentioned in section 74 with the person’s consent, if so provided by regulations made for the purposes of section 74(4)(b).”;

(d)

after subsection (1), insert —“(1A) A notice to attend court or summons may be served in the manner specified in subsection (1)(d) only if a person mentioned in section 116(5) of the Criminal Procedure Code 2010 who may consent to the mode of service of a summons —

(a)

gives prior written consent for the notice to attend court or summons (as the case may be) to be served in that manner; and

(b)

specifies, in that written consent, the electronic mail address to which the notice to attend court or summons (as the case may be) is to be transmitted.”; and

(e)

in subsection (2), replace “the summons” wherever it appears with “the notice or summons (as the case may be)”.

Clause 33

New section 74

In the principal Act, after section 73, insert —“Electronic service platform74.—

(1)

The Board may provide an electronic service platform for the Board to serve documents required or permitted to be served under this Act.(2) For the purposes of the electronic service platform, the Board may assign to any person an account with the electronic service platform. (3) Where regulations made under section 77(1) permit the Board to serve any document through the electronic service platform on a person who has been assigned an account with the electronic service platform, the Board may serve the document on the person by transmitting an electronic record of the document to that account.(4) The Minister may make regulations under section 77(1) which are necessary or expedient for carrying out the purposes of this section, including regulations prescribing —

(a)

the procedure for the use of the electronic service platform, including the procedure in circumstances where there is a breakdown or interruption of the electronic service platform;

(b)

the circumstances in which the Board may serve any document through the electronic service platform on a person assigned an account with the electronic service platform; and

(c)

the manner in which a person who has been served a document through the electronic service platform is to be notified of the transmission of an electronic record of the document to the person’s account with the electronic service platform.(5) Regulations made for the purpose of subsection (4)(b) —

(a)

may provide for service of any document through the electronic service platform in circumstances where —

(i)

the person consents to such service; or

(ii)

the Board gives the person notice of the Board’s intention of such service and the person does not refuse such service;

(b)

may make provision with respect to the giving of any notice of the Board’s intention, or the person’s consent or refusal, mentioned in paragraph (a), including —

(i)

the matters that must be contained in the notice; and

(ii)

the time within which, and the form and manner in which, the consent or refusal must be received by the Board;

(c)

may provide when the consent or refusal of the person takes effect and when the Board must give effect to such consent or refusal; and

(d)

may provide for any other matter necessary or incidental to the purposes in paragraphs (a), (b) and (c) and subsection (4)(b).”.

Clause 34

Amendment of section 77

In the principal Act, in section 77(1), after paragraph (qa), insert —“(r)without affecting service under sections 62A and 74, to provide for the service by any other means of any document that is required or permitted to be served under this Act, except a notice to attend court or a summons mentioned in section 62A and any document to be served in proceedings in court;”.

Part 5

SAVING AND TRANSITIONAL PROVISIONS

Clause 35

Saving and transitional provision for Part 1

(1)

Every application to withdraw the sum standing to the credit of a member in the Fund made or purporting to be made on the grounds of section 15(2)(b) or (c) of the principal Act as in force before the date of commencement of section 5 that is —

(a)

pending on that date; or

(b)

received by the Board on or after that date,is, on or after that date, deemed to be an application to withdraw that sum on the grounds of section 15(2)(b) of the principal Act as in force on or after that date.

(2)

Section 12 does not affect the validity of any nomination made before the date of commencement of that section.

Clause 36

Saving and transitional provision for Part 2

(1)

Despite sections 20 and 21, where the Board has been notified of a member’s death before the date of commencement of section 21 —

(a)

the member’s consent (if any) given under section 25(6A) of the principal Act as in force immediately before that date continues to apply; and

(b)

section 59(10) and (11) of the principal Act does not apply to the deceased member.

(2)

Where the Board is notified of a member’s death on or after the date of commencement of section 21, section 59 of the principal Act as amended by section 21 applies to the deceased member —

(a)

whether the member died before, on or after that date; and

(b)

whether or not the member has given consent under section 25(6A) of the principal Act before that date.

(3)

Where the Board has not been notified of a member’s death before the date of commencement of section 21, the member’s consent (if any) given under section 25(6A) of the principal Act that is in force immediately before the date of commencement of section 20 is deemed revoked with effect from that date.

Clause 37

General saving and transitional provision

For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent on the enactment of that provision as the Minister may consider necessary or expedient.

Clause 1

Short title and commencement

This Act is the Central Provident Fund (Amendment) Act 2023 and comes into operation on a date that the Minister appoints by notification in the Gazette.

Common questions

What is Central Provident Fund (Amendment) Bill?: Central Provident Fund (Amendment) Bill is Singapore Bill, cited as Bill 34 2023, currently marked in force and first recorded in 2023.
Is Central Provident Fund (Amendment) Bill still in force?: Yes — Central Provident Fund (Amendment) Bill is currently in force.
When did Central Provident Fund (Amendment) Bill take effect?: Central Provident Fund (Amendment) Bill was first recorded in 2023.
How many clauses does Central Provident Fund (Amendment) Bill have?: Central Provident Fund (Amendment) Bill contains 37 clauses.
Where can I read the official version of Central Provident Fund (Amendment) Bill?: The official text of Central Provident Fund (Amendment) Bill is published at sso.agc.gov.sg.