Singapore legislation

Regulation 13E

of Central Provident Fund (Retirement Sum Scheme) Regulations 1988

Regulation 13E

Manner of payment from amount retained in retirement account

Subregulation 1

Paragraphs (2) and (3) apply to the payment of —

(a)

any monthly income or amount due to a member under regulation 12(1) or (3), 12A(2) or (3), 13(1) or (2) or 13C, any balance due to the member under regulation 13D(2) or any additional amount due to the member under regulation 13B(1) or (3); and

(b)

any amount due to the member under regulation 12B.

Subregulation 2

The Board may make the payments mentioned in paragraph (1) in any manner prescribed in the following sub‑paragraphs, as the Board thinks fit:

(a)

payment into the member’s bank account;

(b)

issuing a cheque or any other physical payment instrument to the member;

(c)

crediting the member’s ordinary account;

(d)

any other manner of payment applied for by the member.

Subregulation 3

If the Board makes payment in accordance with paragraph (2)(c), the Board may also credit to the member’s ordinary account the whole or part of the interest that would have been payable on the amount of the payment if the payment had been credited to the member’s ordinary account on becoming payable.

Read in full context — Central Provident Fund (Retirement Sum Scheme) Regulations 1988 →