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Amount of moneys that may be transferred from member’s ordinary account, special account and retirement account

Central Provident Fund (Topping-Up of Special Account) Regulations 2007

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—(1) Where the Board grants a member’s application mentioned in paragraph (2), the amount that may be transferred out of the member’s ordinary account must not exceed —(a)if the member who is below 55 years of age on the date the application is processed, the lower of the following:(i)an amount equal to the member’s relevant amount on that date, less the prevailing retirement sum;(ii)the amount standing to the member’s credit in the member’s ordinary account on that date; and(b)if the member has attained 55 years of age on the date the application is processed, the lower of the following:(i)an amount equal to the member’s relevant amount on that date, less the retirement sum applicable to the member;(ii)the amount standing to the member’s credit in the member’s ordinary account on that date.(2) Paragraph (1) applies where the Board grants an application under regulation 4(3) to transfer moneys out of the member’s ordinary account to top‑up the special account of the member’s brother, sister, parent‑in‑law or grandparent‑in‑law.(3) Where the Board grants a member’s application mentioned in paragraph (4), the amount that may be transferred out of the member’s approved accounts must not exceed —(a)if the member is below 55 years of age on the date the application is processed, the lower of the following:(i)an amount equal to the member’s relevant amount on that date, less half the prevailing retirement sum;(ii)the amount standing to the member’s credit in the member’s ordinary account on that date; and(b)if the member has attained 55 years of age on the date the application is processed, the lower of the following:(i)an amount equal to the member’s relevant amount on that date, less half the retirement sum applicable to the member;(ii)the total of the following:(A)the amount standing to the member’s credit in the member’s ordinary account and special account on that date;(B)the amount (if any) by which the amount mentioned in sub‑paragraph (BA) exceeds the amount mentioned in sub‑paragraph (BB):(BA)the amount of retirement sum set aside in the member’s retirement account on that date, less any amount transferred or paid to the member’s retirement account under section 18 or 18A of the Act;(BB)half the retirement sum applicable to the member.(4) Paragraph (3) applies where the Board grants an application to transfer moneys out of the member’s ordinary account, special account or retirement account, or more than one of the accounts (called in this paragraph and paragraph (3) the member’s approved accounts), to top‑up the special account of the member’s —(a)spouse, under regulation 4(3) or (4);(b)parent or grandparent, under regulation 4(3) or (5); or(c)parent‑in‑law or grandparent‑in‑law, under regulation 4(6).(5) Where the Board grants an applicable member’s application to transfer moneys out of that member’s ordinary account to top‑up the special account of a relevant individual under regulation 4(8), the amount that may be so transferred must not exceed the lower of the following:(a)an amount equal to the member’s relevant amount on the date the application is processed, less the reduced retirement sum applicable to that member;(b)the amount standing to that member’s credit in the member’s ordinary account on the date the application is processed.

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