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Transfer to ordinary account of moneys credited or refunded to retirement account in excess of retirement sum

Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995

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—(1) This regulation applies where —(a)a member’s moneys in the retirement account or special account are transferred —(i)to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) of the Act; or(ii)to the special account of a relevant individual under section 18(3)(a) of the Act; and(b)the transferred amount in sub‑paragraph (a), or the balance of that amount, is then —(i)credited to the member’s retirement account under section 19(2) or 19A(2) of the Act as in force immediately before 1 April 2022; (ii)refunded to the member’s retirement account under section 19(1) of the Act as in force on or after 1 April 2022 or section 19D(2) or (7)(a) of the Act; or(iii)paid to the member’s retirement account under section 19(2A) of the Act.(2) If, immediately after the amount in paragraph (1)(b) is credited or refunded to a member’s retirement account, the member’s retirement account balance exceeds the retirement sum applicable to the member, the Board must transfer the lower of the following amounts from the member’s retirement account to the member’s ordinary account:(a)the amount by which the retirement account balance exceeds the retirement sum applicable to the member;(b)the credited or refunded amount in paragraph (1)(b).(3) In paragraph (2), “retirement account balance” means the sum of the following amounts (immediately after the amount in paragraph (1)(b) is credited or refunded to a member’s retirement account), if any:(a)the amount of the retirement sum which has been set aside by the member in accordance with regulation 4(2) or 4A, as the case may be;(b)the property component.

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