Central Provident Fund (Medisave Account Transfers) Regulations 2016

the member is not an authorised member and has not attained 55 years of age; and

the aggregate amount is less than the prevailing retirement sum.

to the member’s special account, an amount equal to the lower of the following:

the excess amount in the member’s medisave account;

the difference between the aggregate amount and the prevailing retirement sum; and

to the member’s ordinary account, the excess amount (if any) in the member’s medisave account remaining after the transfer in accordance with sub‑paragraph (a).

the amount standing to the credit of the member in the member’s special account immediately before the transfer in accordance with paragraph (2)(a) (if any); and

subject to paragraph (4), in respect of each investment purchased with any amount withdrawn from the member’s special account under Part 3 or regulation 39 of the Central Provident Fund (Investment Schemes) Regulations 2000 (called in this regulation the Investment Schemes Regulations) that has not been completely disposed of, the amount (if any) by which the amount mentioned in sub‑paragraph (i) exceeds the amount mentioned in sub‑paragraph (ii):

the amount withdrawn from the member’s special account under Part 3 or regulation 39 of the Investment Schemes Regulations to purchase the investment;

the amount of proceeds from the sale of that investment and benefits of that investment (if any) that are repaid to the member’s special account at any time before the transfer.

the Board approves the member’s application under regulation 40(1) of the Investment Schemes Regulations to withdraw all securities which the member purchased or acquired under Part 3 of those Regulations; or

the member has died and the Board has been notified of the member’s death in accordance with regulation 43A of the Investment Schemes Regulations.

the member is not an authorised member and has attained 55 years of age on or after 1 July 1995; and

there is a shortfall in the retirement sum applicable to the member.

to the member’s retirement account, an amount equal to the lower of the following:

the excess amount in the member’s medisave account;

the amount of the shortfall in the retirement sum applicable to the member; and

to the member’s ordinary account, the excess amount (if any) in the member’s medisave account remaining after the transfer in accordance with sub‑paragraph (a).

the amount of the retirement sum that has been set aside by the member (determined in accordance with regulation 4(1A) or 4A of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004 or regulation 4(1A) or 4A of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995, as the case may be);

the amount of the member’s applicable charges specified by the Board under paragraph (4), not exceeding the maximum amount of the member’s property component under regulation 4(1)(b)(ii) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995 or regulation 4(1)(b)(ii) of the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004, as the case may be.

the Minister has specified an amount to be set aside or topped‑up in the authorised member’s retirement account under section 15(2A)(a), (7B)(a) or (8A)(a) of the Act as in force before 1 March 2022 or section 15AA(5)(a) of the Act; and

there is a shortfall in the amount set aside or topped‑up in the authorised member’s account, in satisfaction of the amount so specified.

to the authorised member’s retirement account, an amount equal to the lower of the following:

the excess amount in the authorised member’s medisave account;

the amount of the shortfall mentioned in paragraph (1)(b); and

to the authorised member’s ordinary account, the excess amount (if any) in the authorised member’s medisave account remaining after the transfer in accordance with sub‑paragraph (a).