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Closure of account with approved bank, surrender of approved annuity, etc.

Central Provident Fund (New Retirement Sum Scheme) Regulations 2004

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Where an amount standing to the credit of a member in the member’s retirement account has, before 1 January 2014, been deposited in a bank account with an approved bank under the former section 15(6C)(b) of the Act —(a)if the bank account is closed, the approved bank must pay all moneys in the bank account to the member’s retirement account on such closure; or(b)if the Board (being satisfied that the member satisfies the requirements of section 15AA(2) or (7) of the Act or a former provision) approves the member’s request to withdraw the amount from the bank account, the member may withdraw that amount or such part of that amount as the Board may determine.(2) Where an amount standing to the credit of a member in the member’s retirement account has been used to purchase an approved annuity from an insurer and the approved annuity is surrendered or terminated —(a)subject to sub‑paragraph (b), the insurer must pay the surrender value of the approved annuity to the member’s retirement account on such surrender or termination; or(b)if the Board (being satisfied that the member satisfies the requirements of section 15AA(2) or (7) of the Act or a former provision) approves the member’s request to withdraw the whole or part of the surrender value of the approved annuity (called in this regulation the approved withdrawal), the approved insurer may pay the amount of the approved withdrawal to the member directly, instead of to the member’s retirement account.(3) The following persons must set aside or top‑up (as the case may be) in the member’s retirement account an amount (if any) determined by the Board if the member’s pension, annuity or other benefit mentioned in sub‑paragraph (a), (b) or (c) (as the case may be) is surrendered or terminated after the member attains 55 years of age:(a)a member who did not need to comply with section 15(6)(a) of the Act by reason of a pension, annuity or other benefit approved by the Board for the purposes of section 15AA(3)(b) of the Act or a former provision;(b)a member who has a pension, annuity or other benefit approved by the Board that is taken into account in computing the amount of the retirement sum applicable to the member;(c)any other person who has an obligation (contractual or otherwise) to pay the member mentioned in sub‑paragraph (a) or (b) any amount in respect of the termination or surrender of any of that member’s pension, annuity or other benefit mentioned in that sub‑paragraph.(4) The amount determined by the Board for the purposes of paragraph (3) must not exceed the aggregate of —(a)the amount of the retirement sum applicable to the member; and(b)any interest payable on that amount as if that amount had been set aside in the member’s retirement account when the member attained 55 years of age.

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