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Payment from amount retained in retirement account where there is relevant property charge

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) Paragraph (2) applies if, at the time the Board considers a member’s application under that paragraph —(a)the member has any relevant property charge;(b)the sum of the following amounts is equal to or more than the retirement sum applicable to the member:(i)the total amount secured by the member’s relevant property charges;(ii)the total amount covered by all the following charges and undertakings of the member:(A)any charge under section 15AB(1), (2), (10), (11) or (13) of the Act or a former provision, or section 27C(1)(i), 27D(1)(j)(ii), 27DA(1)(i) or 27DB(2)(e) of the Act, or any section 21C(1) charge A or section 21C(1) charge C;(B)any undertaking under section 15AB(3) or (4) of the Act or a former provision, or section 27D(1)(j)(i) of the Act, or any section 21C(2) undertaking A, section 21C(2) undertaking B, section 21D(1) undertaking A or section 21D(1) undertaking B;(iii)the amount of the retirement sum the member has set aside in accordance with regulation 4(2) or 4A, as the case may be;(c)the amount of the retirement sum the member has set aside in accordance with regulation 4(2) or 4A (as the case may be) is more than the minimum combined cash and benefit component specified in the Second Schedule applicable to the member; and(d)the member satisfies such terms and conditions as the Board may impose.(2) The Board may, on the application of a member, allow the member to withdraw the whole or part, as the Board may determine, of the amount retained in the member’s retirement account under section 15(6C)(a) of the Act which is in excess of the minimum combined cash and benefit component specified in the Second Schedule applicable to the member.(3) The Board may approve an application under paragraph (2) on such terms and conditions as the Board may impose.

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