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Reserved amount to be set aside in certain circumstances

Central Provident Fund (Reserved Amount) Regulations 2014

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—(1) For the purposes of section 15(6)(c) or 15AA(5)(b) of the Act or a former provision, if any circumstances set out in the first column of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time is the total of the amounts specified in the second column of the Schedule corresponding to each of the applicable circumstances.(2) Despite paragraph (1), if the circumstances set out in both items 1 and 2 of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 1 and 2 of the Schedule must not exceed the total of the following amounts:(a)the amount of the cash grant or specified payment credited into the member’s ordinary account under section 14(1) or (1A) of the Act, as the case may be;(b)any interest which the member is liable to pay to the Government under the terms of the cash grant or specified payment, as the case may be.(3) Despite paragraph (1), if the circumstances set out in both items 1 and 3 of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 1 and 3 of the Schedule must not exceed the amount of cash grant or specified payment credited into the member’s ordinary account under section 14(1) or (1A) of the Act, as the case may be.(4) Despite paragraph (1), if the circumstances set out in any 2 or more of items 4, 5 and 6 of the Schedule apply to a member at the relevant time, the reserved amount to be set aside in the member’s ordinary account at that time in respect of items 4, 5 and 6 of the Schedule must not exceed the total of the following amounts:(a)the amount of the loan paid into the member’s ordinary account under section 14A(2) of the Act; (b)any interest or other charges which the member is liable to pay to the Government under the terms and conditions of the loan.(5) Where the Board has determined that the whole or any part of any amount set aside under this regulation is no longer required for the purpose for which it was set aside, that whole or part of the amount set aside must immediately cease to be set aside as a reserved amount.(6) In this regulation, “former provision” means section 15(2A)(c), (7B)(c) or (8A)(c) of the Act as in force before 1 March 2022.

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