Singapore legislation
Regulation 9
of Central Provident Fund (Topping-Up of Special Account) Regulations 2007
Regulation 9
Application of moneys transferred or paid to special account
Subregulation 1
No moneys transferred or paid to a member’s special account under section 18(3)(a) or (b) of the Act (including any interest paid on those moneys) are to be withdrawn, unless such terms and conditions as the Board may impose are complied with by the member, the person applying for the withdrawal or both of them, as the Board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 2
For the purposes of section 18(4), (5) and (6) of the Act, if the aggregate amount determined under paragraph (4) does not exceed the retirement sum applicable to the member, the Board must, not earlier than 2 working days before the date on which the member attains 55 years of age and not later than that date, transfer that aggregate amount from the member’s special account to the member’s retirement account as maintenance of the retirement sum.
Subregulation 3
For the purposes of section 18(4), (5) and (6) of the Act, if the aggregate amount determined under paragraph (4) exceeds the retirement sum applicable to the member —
the Board must, not earlier than 2 working days before the date on which the member attains 55 years of age and not later than that date, transfer an amount equal to the retirement sum applicable to the member from the member’s special account to the member’s retirement account as maintenance of the retirement sum in accordance with paragraph (5); and
the member may withdraw, in accordance with the Act, the balance of the aggregate amount determined under paragraph (4) remaining in the member’s special account after the transfer under sub‑paragraph (a).
Subregulation 4
The aggregate amount mentioned in paragraphs (2) and (3) is the sum of the following amounts determined at the time of the transfer by the Board under those paragraphs, respectively:
all moneys transferred or paid to the member’s special account under section 18(3)(a) or (b) of the Act, excluding any such moneys which have already been withdrawn;
all interest paid into the member’s special account on any moneys transferred or paid to the member’s special account under section 18(3)(a) or (b) of the Act (including any such moneys which have already been withdrawn), excluding any such interest which has already been withdrawn.
Subregulation 5
The transfer under paragraph (3)(a) must be carried out by the Board in the following order:
first, the moneys mentioned in paragraph (4)(a), according to the date on which the moneys were transferred or paid into the member’s special account under section 18(3)(a) or (b) of the Act, from the latest to the earliest date of transfer or payment of the moneys;
next, the interest mentioned in paragraph (4)(b).
Subregulation 6
Subject to paragraph (7), any moneys transferred to a member’s retirement account in accordance with section 18(4), (5) and (6) 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 mentioned in section 27L(1) or (1A) of the Act.
Subregulation 7
No moneys transferred to a member’s retirement account in accordance with section 18(4), (5) and (6) 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 8
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.
Subregulation 9
Where any moneys have been transferred to the retirement account of a member in accordance with section 18(4), (5) and (6) of the Act, or any such moneys have been deposited with an approved bank under paragraph (6)(a), those moneys (including any interest paid on those moneys) may be withdrawn by the member in accordance with the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004.