Singapore legislation
Regulation 28B
of Central Provident Fund (Residential Properties Scheme) Regulations 1982
Regulation 28B
Distribution of amount after closure of special account
Subregulation 1
Despite regulation 28A, this regulation applies where any amount withdrawn from a member’s ordinary account or retirement account (or both) under section 15(1B) of the Act is paid or repaid to the Fund, whether voluntarily or pursuant to any provision of these Regulations.
Subregulation 2
The Board may credit the amount (P) so paid or repaid in the following manner:
if there is a shortfall in the retirement sum applicable to the member or in the amount specified by the Minister for the member pursuant to section 15AA(5)(a) of the Act — pay P (in whole or in part) to the member’s retirement account towards the maintenance of that retirement sum or specified amount (as the case may be), and the remaining part (if any) of P to the member’s ordinary account;
in any other case — pay P to the member’s ordinary account.
Subregulation 3
If the Board considers it reasonable in the circumstances, the Board may pay to the member’s retirement account, the whole or any part (as the Board may determine) of any interest payable on P paid under paragraph (2) as if P were in the member’s retirement account for the relevant period, even if the interest so paid exceeds the shortfall (if any) in —
the retirement sum applicable to the member; or
the amount specified by the Minister for the member pursuant to section 15AA(5)(a) of the Act.
Subregulation 4
In this regulation, “relevant period”, in relation to any amount, means the period starting on the date the amount was withdrawn from the member’s ordinary account or retirement account under section 15(1B) of the Act and ending on the date immediately before the date the amount is paid (in whole or in part) to the member’s ordinary account, retirement account or both (as the case may be) under paragraph (2).