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Transfer to retirement account when whole or part of reserved amount no longer required to be set aside

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) Paragraphs (2) and (3) apply where —(a)any reserved amount has been set aside in a member’s ordinary account under section 15(6) of the Act in respect of items 1 to 6 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014;(b)the whole or any part of the reserved amount referred to in sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations; and(c)the amount which ceases to be set aside under regulation 3(5) of those Regulations (called in paragraph (3) the released amount) exceeds $5,000.(2) Subject to paragraph (3), the Board must transfer to the member’s retirement account, towards the maintenance of the retirement sum, the whole or any part of the sum standing to the member’s credit in the member’s ordinary account and special account, as the Board may determine, excluding —(a)the remainder (if any) of the reserved amount that the member is still required to set aside; and(b)B is the member’s remaining committed amount, if any.(3) The sum transferred to the retirement account under paragraph (2) must not exceed the released amount.(4) Paragraph (5) applies where —(a)any reserved amount has been set aside in a member’s ordinary account under section 15(6) of the Act in respect of item 7 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014;(b)the whole or any part of the reserved amount mentioned in sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations; and(c)the released amount exceeds $5,000.(5) The Board must transfer to the member’s retirement account towards the maintenance of the retirement sum, the lower of —(a)the shortfall in the retirement sum applicable to the member; or(b)the amount mentioned in paragraph (4)(b) which ceases to be set aside,excluding the member’s remaining committed amount, if any.(6) Paragraph (7) applies where —(a)any reserved amount has been set aside in a member’s ordinary account under section 15(6) of the Act in respect of item 8 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014; and(b)the whole or any part of the reserved amount mentioned in sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations.(7) The Board must transfer to the member’s retirement account towards the maintenance of the retirement sum, the lower of the following:(a)the shortfall in the retirement sum applicable to the member;(b)the amount mentioned in paragraph (6)(b) (which ceases to be set aside).

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