Central Provident Fund (Amendment) Bill

in subsection (1), replace “subsections (7A), (7B), (7C), (7D) and (7G)” with “this Act”;

in subsection (1)(c), after “special account”, insert “or a retirement account, or both”;

after subsection (5), insert —“(5AA) Despite subsection (5), where a member’s special account is closed under section 13AA(1), the Board may credit any interest mentioned in section 6(4) that had accrued to the amount standing to the credit of the member in the member’s special account in the following manner:

if there is a shortfall in the retirement sum applicable to the member, or in the amount specified by the Minister for the member pursuant to section 15AA(5)(a) — credit the interest to the member’s retirement account, even if the interest so credited exceeds that shortfall;

in any other case or if (despite paragraph (a)) the prescribed circumstances apply — credit the interest to the member’s ordinary account.”;

after subsection (7C), insert —“(7CA) Where Account A mentioned in subsection (7C) is a special account that has since been closed under section 13AA(1), subsection (7C) applies with the following modifications:

any amount to be restored to Account A under subsection (7C)(a) may be paid to the member’s accounts in the Fund in accordance with section 13AA(4);

any interest (in respect of the restored amount) to be paid into Account A under subsection (7C)(b) may be paid to the member’s accounts in the Fund in accordance with section 13AA(5) or (6), whichever is applicable.”;

after subsection (7G), insert —“(7GA) Subsections (7E), (7F) and (7G) apply in respect of the restoration of any amount or payment of any interest under subsection (7C) read with subsection (7CA), and a reference in subsections (7E), (7F) and (7G) to subsection (7C)(a) or (b) or subsection (7C) includes a reference to any of those provisions as modified by subsection (7CA).”;

after subsection (7H), insert —“(7HA) Where either Account A or Account B (mentioned in subsection (7H)) or both are special accounts that have since been closed under section 13AA(1), subsection (7H) applies with the following modifications:

if only Account A is closed —

any amount to be restored to Account A under subsection (7H)(a) may be paid to the member’s accounts in the Fund in accordance with section 13AA(4); and

any interest (in respect of the restored amount) to be paid to Account A under subsection (7H)(b) may be paid to the member’s accounts in the Fund in accordance with section 13AA(5) or (6), whichever is applicable;

if only Account B is closed —

any amount to be restored to Account A under subsection (7H)(a) may be deducted from the accounts in the Fund of the member for whom Account B was maintained, in accordance with section 13AA(7) or (8), whichever is applicable; and

any interest to be transferred to the general moneys of the Fund under subsection (7H)(c) may be transferred from the accounts in the Fund of the member for whom Account B was maintained, in accordance with section 13AA(7) or (8), whichever is applicable;

if both Account A of a member (called Member A) and Account B of another member (called Member B) are closed —

any amount to be restored to Account A under subsection (7H)(a) may be paid to Member A’s accounts in the Fund in accordance with section 13AA(4), by a deduction from Member B’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;

subsection (7H)(b) applies, in relation to Member A, as modified by paragraph (a)(ii); and

subsection (7H)(c) applies, in relation to Member B, as modified by paragraph (b)(ii).(7HB) Where the money transferred to Account B mentioned in subsection (7H) has been transferred to another account in the Fund of the member (called in this subsection Account C) pursuant to subsection (7C), section 15(6CA), 15AA(5) or 18(4), subsection (7H) applies with the following modifications:

any amount to be restored to Account A under subsection (7H)(a) may be deducted from Account C;

any interest to be transferred to the general moneys of the Fund under subsection (7H)(c) may be transferred from Account C, and is the whole or any part, as the Board may determine, of —

any interest paid on the restored amount while the restored amount was in Account B and Account C; and

if applicable, any interest paid in respect of the restored amount in connection with an initial transfer specified in subsection (7D).”;

replace subsection (7I) with —“(7I) Where the Board has credited any money to a member’s account in the Fund (called in this subsection Account A) under section 13(4), 13B(2) or 13C, or where any money has been paid into Account A under section 18(1)(b) or (c), (2)(b) or (3)(b) or any regulations made under section 77(1), the Board may, on the Board’s own motion or on an application to the Board, and subject to any terms and conditions that the Board may impose —

refund to the person who paid the money, or pay to any person whom the Board is satisfied is entitled to that payment, the whole or any part of the money (called in this subsection the relevant amount) by a deduction from any of the following accounts in the Fund of the member:

Account A;

if Account A is a special account that has since been closed under section 13AA(1) — the member’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;

if the money credited or paid into Account A has been transferred from Account A to another account in the Fund of the member (called in this subsection Account B) pursuant to subsection (7C), section 15(6CA), 15AA(5) or 18(5) — Account B; and

transfer interest to the general moneys of the Fund in the following manner:

if paragraph (a)(i) applies — transfer from Account A, the whole or any part, as the Board may determine, of the interest paid on the relevant amount while the relevant amount was in Account A;

if paragraph (a)(ii) applies — transfer any interest in respect of the relevant amount from the member’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable;

if paragraph (a)(iii) applies — transfer from Account B, the whole or any part, as the Board may determine, of —

the interest paid on the relevant amount while the relevant amount was in Account A and Account B; and

if applicable, any interest paid in respect of the relevant amount in connection with an initial transfer specified in subsection (7D).”; and

in subsection (8), delete “(if any)”.

The Board may, on or after the date of commencement of section 3 of the Central Provident Fund (Amendment) Act 2024, close the special account of a member who has attained the age of 55 years (whether before, on or after that date), unless any prescribed circumstances apply.(2) In connection with the closure of the member’s special account under subsection (1), the Board must transfer the moneys standing to the credit of the member in the special account to the ordinary account or retirement account of the member (or both) in accordance with regulations made under section 77(1).(3) Subsections (4) to (9) apply where the member’s special account has been closed under subsection (1).(4) Where any amount (P) would have been payable to the member’s special account if not for its closure, the Board may pay P in the following manner:

if there is a shortfall in the retirement sum applicable to the member or in the amount specified by the Minister for the member pursuant to section 15AA(5)(a) — pay P (in whole or in part) to the member’s retirement account towards the maintenance of that retirement sum or specified amount (as the case may be), and the remaining part (if any) of P to the member’s ordinary account;

in any other case or if (despite paragraph (a)) the prescribed circumstances apply — pay P to the member’s ordinary account.(5) Subject to subsection (6), the Board may pay the whole or any part, as the Board may determine, of any interest payable on P paid under subsection (4) as if P were in the member’s special account for the relevant period and the special account had not been closed, in the following manner:

if the shortfall mentioned in subsection (4)(a) remains after the payment to the member’s retirement account under subsection (4)(a) — to the member’s retirement account, even if the interest so paid exceeds that shortfall;

if there is no longer any shortfall mentioned in subsection (4)(a) after the payment to the member’s retirement account under subsection (4)(a), or if P was paid under subsection (4)(b) — to the member’s ordinary account.(6) Where —

P is a refund arising from the request of the member to vary or cancel the member’s application to withdraw moneys from the member’s special account; or

the Board considers it reasonable to do so in the circumstances,the Board may, instead of making any payment of interest under subsection (5), pay interest in the following manner:

if P was paid (in whole or in part) to the member’s retirement account under subsection (4)(a) — pay to the member’s retirement account the whole or any part, as the Board may determine, of any interest payable on the amount of P so paid as if that amount were in the member’s retirement account for the relevant period, even if the interest so paid exceeds the shortfall mentioned in subsection (4)(a);

if P was paid (in whole or in part) to the member’s ordinary account under subsection (4)(a) or (b) — pay to the member’s ordinary account the whole or any part, as the Board may determine, of any interest payable on the amount of P so paid as if that amount were in the member’s ordinary account for the relevant period.(7) Subject to subsection (8), where any amount (D) would have been deducted or transferred from the member’s special account if not for its closure, the Board may —

deduct or transfer both of the following from the member’s available ordinary account balance:

D, in whole or in part;

the whole or any part, as the Board may determine, of any interest payable on the amount of D so deducted or transferred, as if that amount were in the member’s ordinary account for the relevant period; and

if D is not deducted or transferred under paragraph (a)(i) in whole — deduct or transfer both of the following from the amount standing to the credit of the member in the member’s retirement account:

the remaining part of D, in whole or in part;

the whole or any part, as the Board may determine, of any interest payable on the amount of the remaining part of D so deducted or transferred, as if that amount were in the member’s retirement account for the relevant period.(8) If the prescribed circumstances apply, the Board may instead of making any deduction or transfer under subsection (7) —

deduct or transfer D (in whole or in part) from the amount standing to the credit of the member in the member’s retirement account; and

deduct or transfer the interest paid (if any) on the amount of D so deducted or transferred, in the following manner:

deduct or transfer from the amount standing to the credit of the member in the member’s retirement account — the whole or any part, as the Board may determine, of the interest paid on D —

while D was in the member’s special account before its closure; and

while D was in the member’s retirement account after the closure of the member’s special account, and before such deduction or transfer of interest from the retirement account;

deduct or transfer from the member’s available ordinary account balance — the whole or any part, as the Board may determine, of the interest paid on D while D was in the ordinary account after the closure of the special account, and before such deduction or transfer of interest from the ordinary account.(9) Unless otherwise provided by or under this Act, where a member’s special account has since been closed under subsection (1) and the Board is required or permitted to determine the whole or any part of any interest that would have been payable on —

an amount standing to the credit of the member in the member’s special account;

an amount that is treated as if it had not been deducted, transferred or withdrawn from the member’s special account;

an amount (including an amount equivalent to the value of an instrument) that is treated as if it had been restored to the member’s special account and not debited from that account;

an amount that is treated as if it had been transferred to the member’s special account upon the occurrence of any event;

an amount that is treated as if it had been paid on its due date to the member’s special account; or

an amount that is treated as if it were in the member’s special account by way of any other transaction,the Board may make that determination by reference to any interest that would have been payable on that amount as if that amount were standing to the credit of the member in the member’s special account, and the special account had not been closed.(10) In this section —“available ordinary account balance”, in relation to a member, means the amount standing to the credit of the member in the member’s ordinary account, after excluding any reserved amount standing to the credit of that member in his or her ordinary account;“relevant period” means —

in a case of any amount mentioned in subsection (4) that was withdrawn or transferred from the member’s special account before its closure — the period starting on the date of the withdrawal or transfer (as the case may be) and ending on the date immediately before the date the amount is paid (in whole or in part) to the member’s retirement account or ordinary account under subsection (4);

in a case of any amount mentioned in subsection (4) that does not fall under paragraph (a) but would otherwise have been payable to the member’s special account — the period starting on the date the amount was payable to the member’s special account and ending on the date immediately before the date the amount is paid (in whole or in part) to the member’s retirement account or ordinary account under subsection (4); or

in a case of any amount mentioned in subsection (7) that would have been deducted or transferred from the member’s special account — the period starting on the date the amount was in the special account or transferred to the special account (as the case may be) and ending on the date immediately before the amount was deducted or transferred (in whole or in part) from the member’s ordinary account or retirement account under subsection (7).(11) For the purposes of this section and section 77(1)(kb), a reference to a payment of any amount to a special account, an ordinary account or a retirement account includes a reference to the refund, restoration or crediting of the amount to, or the retention of the amount in, any of those accounts.”.

after subsection (1A), insert —“(1B) Where a member’s special account is closed under section 13AA(1), the Board may, with the approval of the Minister, give its authority for the withdrawal or transfer of any amount from the moneys standing to the credit of the member in the member’s ordinary account or retirement account, or both —

on the application of a person who would have been entitled or allowed to withdraw or transfer moneys from the member’s special account if the special account had not been closed; or

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

the withdrawal relates to any prescribed class of payments; and

before the date of closure of the member’s special account, the Board had authorised the withdrawal of moneys from the member’s special account for such payments.(1C) Subsection (1B) applies despite section 13AA(7) and (8), and the requirements under sections 15(6)(a) and (7) and 15AA(5)(a) and (6) do not apply to the withdrawals or transfers authorised under subsection (1B).”;

in subsection (6CA), replace “such amount at such time as may be prescribed in those regulations” with “any amount prescribed by those regulations at any time determined by the Board”;

in subsection (6CB), replace “and times may be prescribed for different classes of members” with “may be prescribed, and different times may be determined by the Board, for different classes of members”; and

replace subsection (7E) with —“(7E) Except for the determined amount mentioned 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); or

any crediting of interest to a member’s retirement account under section 13(5AA), or payment of interest to a member’s retirement account under section 13AA(5) or (6).”.

in subsection (1), replace “The” with “Subject to subsections (2A) and (2B), the”;

after subsection (2), insert —“(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:

if only Account A is closed —

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

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;

if only Account B is closed —

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

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;

if both Account A and Account B are closed —

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;

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

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:

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

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 —

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

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

in subsection (4), in the definition of “refunded amount”, after “subsection (1)”, insert “, as modified by subsection (2A) or (2B), if applicable”.

in paragraph (a)(iii), after “account”, insert “, if the member had a special account at the time of his or her death”; and

in paragraph (b), after “special account”, insert “(if any)”.

replace subsection (2) with —“(2) Despite anything in this Act but subject to subsection (4), the Board is entitled to deduct the whole or any part of a premium payable by an insured person from the moneys standing to the credit of the insured person in any of his or her accounts in the Fund.(2A) For the purposes of subsection (2), the deduction may be made from different accounts in the Fund for different classes of members or a particular member.”; and

replace subsection (4) with —“(4) Where any premium payable by an insured person under the Scheme is not paid in the manner or within the time prescribed by regulations made under section 51, either or both of the following apply:

the Board or appointed insurer may deduct the unpaid amount (in whole or in part) from any payment for an insured sum that the Board or appointed insurer (as the case may be) may make under the Scheme under section 49;

the unpaid amount (in whole or in part) may be paid in such other manner and within such time as the Board may allow.”.

in sub-paragraph (ii), replace “section 13(7H)” with “section 13(7H), (7HA), (7HB)”; and

after sub-paragraph (ii), insert —“(iia)a transaction under section 13AA or in accordance with that section;”.

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;

the transfer of moneys between subsidiary accounts of a member;

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

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;

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;

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

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

after the definition of “approved mortgagee”, insert —“ “assessed risk” means the risk that a person’s health condition may result in death or incapacity, as assessed by the Board;”; and

after the definition of “premium”, insert —“ “premium loading” means any additional amount payable as a premium imposed in accordance with section 32A, over and above the premium payable by a member of the Scheme under section 32(1);”.

in the section heading, replace “Medical” with “Health”; and

after subsection (2), insert —“(2A) The terms and conditions mentioned in subsection (2) may provide for all or any of the following matters:

exclude coverage for claims arising from any of the person’s pre‑existing health conditions;

impose premium loading;

any other matter prescribed by regulations made under section 39.”.

the Board may deduct the unpaid amount (in whole or in part) from any payment from the insured sum which the Board may make under the Scheme under section 36(1), (2) or (6);

the unpaid amount (in whole or in part) may be paid in such other manner and within such time as the Board may allow.”.

The Board may impose premium loading as a term and condition under section 31(2A) if —

the person’s assessed risk exceeds the threshold determined by the Board; and

the Board is satisfied that any other criteria determined by the Board, which may affect the person’s health, are met.(2) If the Board is satisfied that a member’s assessed risk has been reduced, the Board may reduce or waive the premium loading payable by the member.(3) Where the member applies to adjust his or her existing insurance cover under the Scheme, the Board may allow the adjustment with an increase in the amount of premium loading payable by the member if the member’s assessed risk has increased.(4) Sections 32 (except for subsection (1)), 33 and 37 apply to a member’s premium loading as if references to premiums include the amount of the member’s premium loading.”.

after paragraph (a), insert —“(aa)provide for the maximum amount of premium loading payable by members;”;

in paragraph (b), after “premiums”, insert “and premium loading”; and

replace paragraph (f) with —“(f)provide the circumstances for the refund of any premium or premium loading (and the whole or such part, as the Board may determine, of any interest that would have been payable on the amount of the premium or premium loading if that amount had been standing to a person’s credit in the person’s account in the Fund), and the manner and rate of such refunds;”.

the other members appointed under section 4(4).”.

in subsection (1), replace “shall appoint a” with “must appoint a person (who is not the chief executive officer) as the”;

replace subsection (2) with —“(2) The Minister, with the President’s concurrence under Article 22A(1)(b) of the Constitution, may appoint any other member of the Board appointed under subsection (4) (who is not the chief executive officer) as the Deputy Chairperson of the Board.”;

replace subsection (3A) with —“(3A) The Minister, with the President’s concurrence under Article 22A(1)(b) of the Constitution, may appoint any other member of the Board appointed under subsection (4) (who is not the chief executive officer) to act temporarily as —

the Chairperson; or

the Deputy Chairperson,during the temporary incapacity from illness or otherwise, or during the temporary absence from Singapore, of the Chairperson or Deputy Chairperson, as the case may be.”;

in subsection (4)(a), replace “persons holding office of emolument under the Government” with “public officers representing the Government”;

in subsection (4)(d), replace “7” with “8”;

in subsection (4A), after “Board”, insert “under subsection (4)(d)”;

after subsection (4A), insert —“(4B) Any appointment under subsection (2) or (4) may be for a term of 3 years or a shorter term determined by the Minister in any case, and each member so appointed is eligible for re‑appointment.”;

replace subsection (6) with —“(6) At a meeting of the Board in relation to any matter, the following person presides:

if the Chairperson is present and is not interested (within the meaning given by Part 4 of the Public Sector (Governance) Act 2018) in the matter — the Chairperson;

if the Chairperson is not present or is interested (within the meaning given by Part 4 of the Public Sector (Governance) Act 2018) in the matter, and the Deputy Chairperson who is not so interested in the matter is present — the Deputy Chairperson;

in any other case — the member elected from among the members present at the meeting.(6A) The person specified in subsection (6)(b) or (c) may exercise the powers and perform the functions of the Chairperson for the purposes of the meeting.”; and

replace subsections (8) and (9) with —“(8) The Minister may, at any time, accept the resignation of the Chairperson or any other member of the Board.(9) The Minister, with the President’s concurrence under Article 22A(1)(b) of the Constitution, may at any time revoke the appointment of the Chairperson or any other member of the Board.”.

after “21B(1),”, insert “21C(1),”; and

after “27D(1)(j)(i)”, insert “or deemed to be given under section 21C(2) or 21D(1)”.

Subject to subsection (3), where —

there is a relevant charge on any immovable property (called in this subsection the original property) which secures a corresponding payment;

the original property is disposed of in a relevant transaction; and

the relevant owner acquires an interest or estate in a replacement property as a result of the relevant transaction,then, subject to any regulations made under section 77(1), the following provisions apply:

a charge (called in this subsection a continued charge) is constituted on the replacement property to continue to secure the corresponding payment;

the continued charge extends to all the rights, benefits and interests, in relation to the replacement property, of the relevant owner and all other persons who jointly own the replacement property;

despite anything in the Land Titles Act 1993 or the Registration of Deeds Act 1988, the continued charge is deemed to have the same order of priority as the relevant charge, as if the continued charge had been constituted when the relevant charge was constituted;

the applicable provisions apply to the continued charge and the replacement property, as they would have applied to the relevant charge and the original property mentioned in paragraph (a) if the relevant transaction had not occurred, with the modifications (if any) prescribed by regulations made under section 77(1).(2) Subject to subsection (3), where —

there is a relevant undertaking given by the relevant owner in respect of any immovable property (called in this subsection the original property) for the refund or payment of an amount mentioned in paragraph (a), (b), (c) or (d) of the definition of “relevant undertaking” in section 21E(1) (called in this section a corresponding payment);

the original property is disposed of in a relevant transaction; and

the relevant owner acquires an interest or estate in a replacement property as a result of the relevant transaction,then, subject to any regulations made under section 77(1), the relevant owner and every other person who acquires an interest or estate in the replacement property as a result of the relevant transaction is deemed to have given an undertaking for the corresponding payment to be made, in the event that the replacement property is subsequently disposed of, from the proceeds of the disposal of the replacement property.(3) Subsections (1) and (2) do not apply if, before the relevant owner acquires an interest or estate in the replacement property, the corresponding payments secured by the relevant charge or the subject of the relevant undertaking (as the case may be) —

have been paid to the Board; or

by virtue of any regulations made under section 77(1), are no longer required to be paid.(4) The applicable provisions apply to the deemed undertaking under subsection (2) and the replacement property, as they would have applied to the relevant undertaking and the original property if the relevant transaction had not occurred, with the modifications (if any) prescribed by regulations made under section 77(1).(5) Where, before the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2024 —

an original property was disposed of in a relevant transaction which resulted in a relevant owner acquiring a replacement property;

on the subsequent disposal of the replacement property, a corresponding payment (purported to be secured by a relevant charge on, or payable under a relevant undertaking in respect of, the original property) was paid from any person’s share of the proceeds of the disposal of the replacement property; and

that payment would have been valid if this section had been in force when the relevant transaction occurred,then the following apply:

that payment is taken to be and always to have been validly made;

no legal proceedings lie, or may be instituted or maintained, in any court of law on account of or in respect of that payment.(6) To avoid doubt —

where the relevant undertaking is an undertaking mentioned in paragraph (c) or (d) of the definition of “relevant undertaking” in section 21E(1), references in this section to immovable property and original property in relation to the relevant undertaking refer to the replacement property the proceeds of disposal from which the corresponding payment is undertaken to be paid under the relevant undertaking; and

where the relevant charge is a charge mentioned in paragraph (g) of the definition of “relevant charge” in section 21E(1), references in this section to immovable property and original property in relation to the relevant charge refer to the replacement property on which the relevant charge was constituted.Deemed undertaking by subsequent owner of immovable property with relevant undertaking21D.—

Subject to regulations made under section 77(1), every person, on becoming a joint tenant or a tenant‑in‑common of an immovable property (whether before, on or after the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2024) in respect of which there is a relevant undertaking for a refund or payment, is deemed to have given an undertaking for the refund or payment to be made from the proceeds of the disposal of the immovable property in the event that the immovable property is subsequently disposed of.(2) The applicable provisions apply to the deemed undertaking under subsection (1), as they would have applied to the relevant undertaking, with the modifications (if any) prescribed by regulations made under section 77(1).(3) Where, before the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2024 —

a refund or payment under a relevant undertaking in respect of an immovable property was made from any person’s share of the proceeds of the disposal of the immovable property; and

that refund or payment would have been valid if this section had been in force when the person mentioned in paragraph (a) acquired his or her interest or estate in the immovable property,then the following apply:

the refund or payment is taken to be and always to have been validly made;

no legal proceedings lie, or may be instituted or maintained, in any court of law on account of or in respect of such refund or payment.(4) To avoid doubt, where the relevant undertaking is an undertaking mentioned in paragraph (c) or (d) of the definition of “relevant undertaking” in section 21E(1), references in this section to immovable property refer to the replacement property the proceeds of disposal from which the corresponding payment is undertaken to be paid under the relevant undertaking.Definitions and interpretation of provisions relating to immovable property21E.—

In this section, sections 21C and 21D and Part 3A —“applicable provision” —

in relation to a continued charge constituted under section 21C(1), means the following provisions corresponding to the relevant charge referred to in section 21C(1)(a):

if the relevant charge is a charge under section 15AB(1) or (2), or under section 15(9) or (9A) of the Act as in force before 1 March 2022 — section 15AB(15);

if the relevant charge is a charge under section 15AB(10), (11) or (13) or under section 15(11D), (11E) or (11EB) of the Act as in force before 1 March 2022 — section 15AB(14);

if the relevant charge is a charge under section 21(1) — section 21(1A) to (12);

if the relevant charge is a charge under section 21A(1) — section 21A(1A) to (10) and section 21(12);

if the relevant charge is a charge under section 21B(1) — section 21B(2) to (11B) and section 21(12);

if the relevant charge is a charge under section 27C(1)(i) — section 27C(1)(g), (j), (k) and (l);

if the relevant charge is a charge under section 27D(1)(j)(ii) — section 27D(1)(h) and (l);

if the relevant charge is a charge under section 27DA(1)(i) — section 27DA(1)(g), (j) and (k);

if the relevant charge is a charge under section 27DB(2)(e) — section 27DB(2)(c), (f) and (g);

if the relevant charge is a charge under section 27E(1)(h) — section 27E(1)(f), (i) and (j);

if the relevant charge is a charge under section 27F(1)(h) — section 27F(1)(f), (i), (j) and (k);

if the relevant charge is a charge under section 21C(1) (called in this sub‑paragraph the earlier continued charge) — the applicable provisions in relation to that earlier continued charge; and

in relation to a deemed undertaking under section 21C(2) or 21D(1), means the following provisions corresponding to the relevant undertaking referred to in sections 21C(2)(a) and 21D(1):

if the relevant undertaking is an undertaking under section 15AB(3) or (4), or under section 15(10) or (10A) of the Act as in force before 1 March 2022 — section 15AB(5);

if the relevant undertaking is an undertaking under section 27D(1)(j)(i) — section 27D(1)(k);

if the relevant undertaking is a deemed undertaking under section 21C(2) or 21D(1) (called in this sub‑paragraph the earlier deemed undertaking) — the applicable provisions in relation to that earlier deemed undertaking;“original property”, in relation to a relevant charge or relevant undertaking, means any immovable property on which the relevant charge is constituted or in respect of which a relevant undertaking is given;“relevant charge” means a charge mentioned in the following paragraphs (constituted before, on or after the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2024) which secures payment to the Board, on the disposal of an immovable property, of the payment mentioned in the same paragraph (called the corresponding payment):

a charge under section 15AB(1) or (2), or under section 15(9) or (9A) of the Act as in force before 1 March 2022 — payment of the whole or part of the member’s retirement sum;

a charge under section 15AB(10), or under section 15(11D) of the Act as in force before 1 March 2022 — payment of an amount withdrawn by a member;

a charge under section 15AB(11), or under section 15(11E) of the Act as in force before 1 March 2022 — payment of the entire surrender value of a member’s approved annuity;

a charge under section 15AB(13), or under section 15(11EB) of the Act as in force before 1 March 2022 — payment of the whole or part of the retirement sum applicable to a member;

a charge under section 21(1), 21A(1) or 21B(1) — repayment of the money withdrawn from the Fund including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made;

a charge under section 27C(1)(i), 27D(1)(j)(ii), 27DA(1)(i), 27DB(2)(e), 27E(1)(h) or 27F(1)(h) — payment of an amount referred to in section 27C(1)(g), 27D(1)(h), 27DA(1)(g), 27DB(2)(c), 27E(1)(f) or 27F(1)(f), respectively, to be credited to one or more designated accounts maintained, or to be maintained, for a member’s spouse;

a charge under section 21C(1) where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in paragraph (a), (b), (c), (d), (e) or (f) or this paragraph — payment of the corresponding payment mentioned in paragraph (a), (b), (c), (d), (e) or (f) (as the case may be) applicable to that relevant charge;“relevant owner” means —

in relation to an immovable property on which there is a relevant charge — all persons to whose rights, benefits and interest the relevant charge extends; and

in relation to an immovable property in respect of which there is a relevant undertaking — all persons who have given or consented to, or are deemed to have given, the relevant undertaking;“relevant transaction” means —

the surrender of the certificate of title, subsidiary certificate of title or duplicate lease of the original property for a new certificate of title, subsidiary certificate of title or duplicate lease of a replacement property; or

any other transaction prescribed by regulations made under section 77(1) in which the original property is disposed of and results in a relevant owner acquiring an interest or estate in a replacement property;“relevant undertaking” means any of the following undertakings given before, on or after the date of commencement of section 29 of the Central Provident Fund (Amendment) Act 2024:

an undertaking by a member under section 15AB(3) or (4), or section 15(10) or (10A) of the Act as in force before 1 March 2022, to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside;

an undertaking by a member’s spouse under section 27D(1)(j)(i) to pay to the Board an amount referred to in section 27D(1)(h) to be credited to one or more designated accounts maintained, or to be maintained, for the member’s spouse;

an undertaking deemed to be given under section 21C(2), where the relevant undertaking referred to in that provision is an undertaking mentioned in paragraph (a), (b) or (d) or this paragraph, to pay to the Board the amount mentioned in paragraph (a) or (b) (as the case may be) applicable to that relevant undertaking;

an undertaking deemed to be given under section 21D(1), where the relevant undertaking referred to in that provision is an undertaking mentioned in paragraph (a), (b) or (c), to pay to the Board the amount mentioned in paragraph (a) or (b) (as the case may be) applicable to that relevant undertaking;“replacement property” means immovable property which —

includes the whole or part of an original property; and

is acquired by a relevant owner as a result of a relevant transaction;“spouse” includes a former spouse.(2) In this section, sections 15AB(3) and (4), 21C and 21D and Part 3A —

a reference to a relevant charge on immovable property includes a relevant charge in respect of an interest or estate in the immovable property;

a reference to the disposal of an immovable property includes the sale, transfer, assignment or other disposal of any interest or estate in the immovable property, whether voluntary or otherwise.(3) To avoid doubt, in this section and sections 15AB(3), (4) and (8) to (14), 21, 21A, 21C and 21D, “immovable property” includes an HDB flat unless the context otherwise requires.”.

in paragraph (c)(iii), after “(13),”, insert “21C(1),”; and

in paragraph (d), after “27D(1)(j)(i)”, insert “or deemed to be given under section 21C(2) or 21D(1)”.

a charge under section 21C(1), where the relevant charge referred to in section 21C(1)(a) is a charge under section 21(1), 21A(1), 21B(1), 27E(1)(h) or 27F(1)(h);

a charge under section 21C(1), where the relevant charge referred to in section 21C(1)(a) is a charge under section 21C(1), where the relevant charge is a charge under section 21C(1) mentioned in paragraph (a) or this paragraph; or

a charge under section 27E(1)(h) or 27F(1)(h).”.

in the section heading, replace “in relation to which charge has been created under section 15AB(1) or (2)” with “with charge mentioned in section 15AB(1) or (2) or 21C(1)”;

in subsection (1), replace paragraph (b) with —“(b)any of the following charges has been created or constituted:

a charge mentioned in section 15AB(1) or (2) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons (as the case may be) to secure the payment to the Board of the member’s retirement sum;

a charge constituted under section 21C(1) on a replacement property to secure the payment to the Board of the member’s retirement sum, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the payment to the Board of the member’s retirement sum;”;

in subsections (1)(c) and (2)(c), after “immovable property”, insert “or replacement property (as the case may be)”;

in subsection (1), after “then, subject to”, insert “subsection (1A) and”;

after subsection (1), insert —“(1A) In the case of a charge mentioned in subsection (1)(b)(ii) on a replacement property, subsection (1) applies with the following modifications:

any reference to immovable property in subsection (1)(g), (h), (i) (except sub‑paragraph (i)) and (l) is to be read as a reference to the replacement property;

in addition to subsection (1)(k), any reference to immovable property in section 15AB(14)(b) and (c) is to be read as a reference to the replacement property.”;

in subsection (2), replace paragraph (b) with —“(b)any of the following charges has been created or constituted:

a charge mentioned in section 15AB(1) or (2) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons (as the case may be) to secure the payment to the Board of the member’s retirement sum;

a charge constituted under section 21C(1) on a replacement property to secure the payment to the Board of the member’s retirement sum, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the payment to the Board of the member’s retirement sum; and”; and

in subsection (2), replace “is entitled” with “or replacement property (as the case may be) is entitled”.

in the section heading, replace “in relation to which undertaking has been given under section 15AB(3) or (4)” with “with undertaking under section 15AB(3) or (4) or 21C(2) or 21D(1)”;

in subsection (1), replace paragraph (c) with —“(c)the member has given or is deemed to have given any of the following undertakings:

an undertaking under section 15AB(3), or (with the other person or persons mentioned in paragraph (b)) under section 15AB(3) or (4), 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 immovable property is sold or otherwise disposed of;

an undertaking deemed to be given under section 21C(2), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub‑paragraph (i) or under section 27D(1)(j)(i) or 21C(2), for the refund mentioned in that sub‑paragraph to be made from the proceeds of the disposal of the replacement property in the event that the replacement property is subsequently sold or otherwise disposed of;

an undertaking deemed to be given under section 21D(1), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub‑paragraph (i) or under section 27D(1)(j)(i), for the refund mentioned in that sub‑paragraph to be made from the proceeds of the disposal of the immovable property in the event that the immovable property is subsequently sold or otherwise disposed of;”;

in subsections (1)(d) and (2)(d), after “immovable property”, insert “or replacement property (as the case may be)”;

in subsection (1), after “then, subject to”, insert “subsection (1A) and”;

in subsection (1)(i), after “section 15AB(3) or (4)”, insert “, 21C(2) or 21D(1)”;

after subsection (1), insert —“(1A) In the case of an undertaking mentioned in subsection (1)(c)(ii) in respect of a replacement property, subsection (1) applies with the following modifications:

any reference to immovable property in subsection (1)(h), (i) and (j) (except sub‑paragraph (i)) is to be read as a reference to the replacement property;

in addition to subsection (1)(l), any reference to immovable property in section 15AB(14)(a) to (c) is to be read as a reference to the replacement property.”; and

in subsection (2), replace paragraph (c) with —“(c)the member has given or is deemed to have given any of the following undertakings:

an undertaking under section 15AB(3), or (with the other person or persons mentioned in paragraph (b)) under section 15AB(3) or (4), 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 immovable property is sold or otherwise disposed of;

an undertaking deemed to be given under section 21C(2), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub‑paragraph (i) or under section 27D(1)(j)(i) or 21C(2), for the refund mentioned in that sub‑paragraph to be made from the proceeds of the disposal of the replacement property in the event that the replacement property is subsequently sold or otherwise disposed of;

an undertaking deemed to be given under section 21D(1), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub‑paragraph (i) or under section 27D(1)(j)(i), for the refund mentioned in that sub‑paragraph to be made from the proceeds of the disposal of the immovable property in the event that the immovable property is subsequently sold or otherwise disposed of; and”.

in the section heading, replace “in relation to which charge has been created under section 15AB(10) or (11)” with “with charge under section 15AB(10) or (11) or 21C(1)”;

in subsection (1), replace paragraph (b) with —“(b)any of the following charges has been constituted:

a charge constituted under section 15AB(10) or (11) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons (as the case may be) to secure the payment to the Board of the amount withdrawn by the member;

a charge constituted under section 21C(1) on a replacement property to secure the payment to the Board of the amount withdrawn by the member, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the payment to the Board of the amount withdrawn by the member;”;

in subsections (1)(c) and (2)(c), after “immovable property”, insert “or replacement property (as the case may be)”;

in subsection (1), after “then, subject to”, insert “subsection (1A) and”;

after subsection (1), insert —“(1A) In the case of a charge mentioned in subsection (1)(b)(ii) on a replacement property, subsection (1) applies with the following modifications:

any reference to immovable property in subsection (1)(g), (h), (i) and (k) is to be read as a reference to the replacement property;

in addition to subsection (1)(j), any reference to immovable property in section 15AB(14)(b) and (c) is to be read as a reference to the replacement property.”;

in subsection (2), replace paragraph (b) with —“(b)any of the following charges has been constituted:

a charge constituted under section 15AB(10) or (11) on an immovable property wholly owned by the member or jointly owned by the member and one or more other persons (as the case may be) to secure the payment to the Board of the amount withdrawn by the member;

a charge constituted under section 21C(1) on a replacement property to secure the payment to the Board of the amount withdrawn by the member, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the payment to the Board of the amount withdrawn by the member; and”; and

in subsection (2), replace “is entitled” with “or replacement property (as the case may be) is entitled”.

in the section heading, replace “in relation to which charge has been created under section 15AB(13)” with “with charge under section 15AB(13) or 21C(1)”;

in subsection (1), replace paragraph (b) with —“(b)any of the following charges has been constituted:

a charge constituted under section 15AB(13) on the immovable property to secure the payment to the Board of the whole or part of the retirement sum;

a charge constituted under section 21C(1) on a replacement property to secure the payment to the Board of the whole or part of the retirement sum, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the payment to the Board of the whole or part of the retirement sum;”;

in subsections (1)(c), (3)(c) and (5)(c), after “immovable property”, insert “or replacement property (as the case may be)”;

in subsection (2), after “Subject to”, insert “subsection (2A) and”;

after subsection (2), insert —“(2A) In the case of a charge mentioned in subsection (1)(b)(ii) on a replacement property, subsection (2) applies with the following modifications:

any reference to immovable property in subsection (2)(c), (d), (e) and (g) is to be read as a reference to the replacement property;

in addition to subsection (2)(f), any reference to immovable property in section 15AB(14)(b) and (c) is to be read as a reference to the replacement property.”;

in subsection (3), replace paragraph (b) with —“(b)any of the following charges has been constituted:

a charge constituted under section 15AB(13) on the immovable property to secure the payment to the Board of the whole or part of the retirement sum;

a charge constituted under section 21C(1) on a replacement property to secure the payment to the Board of the whole or part of the retirement sum, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the payment to the Board of the whole or part of the retirement sum; and”; and

in subsection (4)(a), after “under section 15AB(13)”, insert “or 21C(1)”.

in the section heading, replace “in relation to which charge under section 21(1) or 21A(1) exists” with “with charge under section 21(1), 21A(1) or 21C(1)”;

in subsection (1), after paragraph (a), insert —“(aa)any of the following charges exists or has been constituted:

a charge under section 21(1) or 21A(1) on the immovable property to secure the repayment to the Board of the money withdrawn from the Fund (including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made);

a charge constituted under section 21C(1) on a replacement property to secure the repayment to the Board of that money and interest, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the repayment to the Board of that money and interest;”;

in subsections (1)(b) and (c) and (2)(b) and (c), after “immovable property”, insert “or replacement property (as the case may be)”;

in subsection (1), after “then, subject to”, insert “subsection (1A) and”;

in subsection (1)(i), replace “(9)” with “(9A)”;

after subsection (1), insert —“(1A) In the case of a charge mentioned in subsection (1)(aa)(ii) on a replacement property, subsection (1) applies with the following modifications:

any reference to immovable property in subsection (1)(f), (g), (h) and (j) is to be read as a reference to the replacement property;

in addition to subsection (1)(i), any reference to immovable property in section 21(1A), (2), (4) and (9) to (10A) or 21A(1A) to (3), (8) and (9A) (as the case may be) is to be read as a reference to the replacement property.”;

in subsection (2), after paragraph (a), insert —“(aa)any of the following charges exists or has been constituted:

a charge under section 21(1) or 21A(1) on the immovable property to secure the repayment to the Board of the money withdrawn from the Fund (including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made);

a charge constituted under section 21C(1) on a replacement property to secure the repayment to the Board of that money and interest, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the repayment to the Board of that money and interest;”;

in subsection (2)(d), replace “under section 21(1) or 21A(1) on any estate or interest in the immovable property” with “mentioned in paragraph (aa)”; and

in subsection (2)(d) and (e), replace “an interest in the immovable property” with “an interest in the immovable property or replacement property (as the case may be)”.

in the section heading, replace “in relation to which charge has been constituted under section 21B(1)” with “with charge under section 21B(1) or 21C(1)”;

in subsection (1), after paragraph (a), insert —“(aa)any of the following charges exists or has been constituted:

a charge under section 21B(1) on the HDB flat to secure the repayment to the Board of the money withdrawn from the Fund (including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made);

a charge constituted under section 21C(1) on a replacement property to secure the repayment to the Board of that money and interest, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the repayment to the Board of that money and interest;”;

in subsections (1)(b) and (c) and (2)(b), (c) and (e), after “HDB flat”, insert “or replacement property (as the case may be)”;

in subsection (1), after “then, subject to”, insert “subsection (1A) and”;

in subsection (1)(i), replace “21B(2), (3)(a), (b) and (d) and (5) to (11)” with “21B(2), (3) and (5) to (11B)”;

after subsection (1), insert —“(1A) In the case of a charge mentioned in subsection (1)(aa)(ii) on a replacement property, subsection (1) applies with the following modifications:

any reference to the HDB flat in subsection (1)(f), (g), (h) and (k) is to be read as a reference to the replacement property;

in addition to subsection (1)(i), any reference to the HDB flat in section 21B(2), (3), (5) to (8) and (10) to (11B) is to be read as a reference to the replacement property.”;

in subsection (2), after paragraph (a), insert —“(aa)any of the following charges exists or has been constituted:

a charge under section 21B(1) on the HDB flat to secure the repayment to the Board of the money withdrawn from the Fund (including the whole or such part, as the Board may determine, of the interest that would have been payable thereon if the withdrawal had not been made);

a charge constituted under section 21C(1) on a replacement property to secure the repayment to the Board of that money and interest, where the relevant charge referred to in section 21C(1)(a) is a charge mentioned in sub‑paragraph (i) or a charge under section 21C(1) for the repayment to the Board of that money and interest;”; and

in subsection (2)(d), replace “constituted on the HDB flat under section 21B(1)” with “mentioned in paragraph (aa)”.

after “secured”, insert “or payable”; and

after “(13),”, insert “21C(1) or (2), 21D(1),”.