Singapore legislation
Regulation 10A
of Central Provident Fund (Retirement Sum Topping-Up Scheme) Regulations 1995
Regulation 10A
Use of moneys transferred or paid to retirement account
Subregulation 1
Subject to paragraph (2), any moneys transferred or paid to a member’s retirement account under section 18(1)(a), (b) or (c) of the Act (including any interest paid on those moneys) or transferred to a member’s retirement account under section 18A(1) of the Act (including any interest paid on those moneys) may be —
deposited before 1 January 2014 with an approved bank;
used to purchase an approved annuity from an insurer; or
used for the payment of a premium referred to in section 27L(1) or (1A) of the Act.
Subregulation 2
No moneys transferred or paid to a member’s retirement account under section 18(1)(a), (b) or (c) of the Act (including any interest paid on those moneys), and no moneys transferred to a member’s retirement account under section 18A(1) of the Act (including any interest paid on those moneys), are to be withdrawn, unless such terms and conditions as the Board may impose are complied with by the member, the person applying for the withdrawal or both of them, as the Board may determine.
Subregulation 3
Where the retirement sum applicable to a member comprises —
an amount in cash; and
an amount covered by any applicable property charge,for the purposes of computing the amount that may be covered by the applicable property charge, the amount in cash excludes the member’s relevant deductibles.