Singapore legislation
Regulation 7
of Income Tax (Supplementary Retirement Scheme) Regulations 2003
Regulation 7
Suspension of SRS accounts
Subregulation 1
The Comptroller may direct an SRS operator to suspend an SRS account maintained with that SRS operator if the SRS member of that account contravenes any provision of the Act relating to the SRS or these Regulations.
Subregulation 2
Where an SRS account of an SRS member is suspended under paragraph (1), the SRS member —
shall not make any further contribution to his SRS account;
(aa)shall, if he had instructed or authorised his employer to make any contribution on his behalf to his SRS account, immediately revoke such instruction or authorisation in writing;
shall not use his SRS funds to acquire any investment, including the making of a deposit;
shall return to his SRS account —
all gains or profits arising from any investment (other than a deposit) acquired using his SRS funds during the period of suspension; and
all proceeds from the disposal of such investments during the period of suspension; (ca)shall return to his SRS account all deposits made using SRS funds during the period of suspension, together with all gains and interest derived from such deposits; and
shall only be allowed to make such withdrawals from his SRS account as the Comptroller may direct.
Subregulation 3
An SRS member who contravenes paragraph (2) shall be guilty of an offence.
Subregulation 3A
Where an SRS account of an SRS member is suspended under paragraph (1), the SRS operator shall not accept any contribution to his SRS account or allow the SRS funds to be used in contravention of paragraph (2)(b).
Subregulation 3B
An SRS operator who contravenes paragraph (3A) shall be guilty of an offence.
Subregulation 4
Notwithstanding the suspension of an SRS account, the SRS operator may deduct from the SRS account any fees and charges in relation to the operation of the SRS account.
Subregulation 5
The suspension of an SRS account shall remain in effect for such period and shall be subject to such terms and conditions as the Comptroller may specify.