Singapore legislation
Regulation 5
of Central Provident Fund (Medisave Account Transfers) Regulations 2016
Regulation 5
Transfer to retirement account of authorised member
Subregulation 1
This regulation applies if, when there is an excess amount in an authorised member’s medisave account —
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.
Subregulation 2
The Board must then transfer from the authorised member’s medisave account —
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).