Central Provident Fund (Investment Schemes) Regulations 2000

Subject to paragraph (2), all securities purchased or acquired under these Regulations must be denominated in Singapore currency.

The following securities may be denominated in a currency other than the Singapore currency:

In this Part, “securities” does not include shares in an approved corporation.

A reference in this Part to an application made by a member includes an application made on the member’s behalf by an approved agent bank with which the member has opened a CPF Investment Account.

The Board may, from time to time, appoint any bank for the purpose of any investment scheme introduced by the Board under this Part to allow members to use their CPF contributions to invest in securities in accordance with these Regulations.

Where a member applies for the withdrawal of moneys under this Part, the approved agent bank must ensure that the application of the member meets the requirements of these Regulations and that moneys are withdrawn in accordance with these Regulations.

Before a member makes an application for the withdrawal of moneys under this Part, the member must first open a CPF Investment Account with an approved agent bank.

Moneys in the CPF Investment Account bear interest at such rate as may be determined, from time to time, by the approved agent bank in which the account is opened.

A member is not entitled to operate more than one CPF Investment Account at any one time.

Subject to paragraphs (2) to (5), the aggregate amount of CPF contributions which a member may withdraw from the member’s ordinary account under this Part, or under this Part and regulation 39 collectively, in relation to each purchase of any securities —

Subject to paragraphs (3), (4) and (5), on or after 8 April 2008, a member is not entitled to make any withdrawal of CPF contributions from the member’s ordinary account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $20,000 standing to the member’s credit in his or her ordinary account.

Paragraph (2) does not apply to a withdrawal of CPF contributions from a member’s ordinary account under this Part, or under this Part and regulation 39 collectively, if —

Paragraph (2) does not apply to any withdrawal of CPF contributions from a member’s ordinary account under this Part, or under this Part and regulation 39 collectively, for the payment of any future premium in respect of a regular premium insurance policy or regular premium investment‑linked insurance policy purchased by the member under regulation 16 before 1 April 2008.

Despite paragraph (2) and regulation 23(2), where —

Any amount withdrawn by a member from the member’s ordinary account under paragraph (5) must be transferred to the member’s CPF Investment Account.

A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase such shares or bonds as may be mentioned in paragraph (a) or (b) of the definition of “securities” in regulation 2, whether such shares or bonds are offered under an initial public offer or otherwise, must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the sale of the shares or bonds purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith to the CPF Investment Account of the member.

A member who wishes to deposit the whole or part of the available amount in the member’s ordinary account in a fixed deposit account with an approved fixed deposit bank must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the termination or maturity of the member’s fixed deposit account mentioned in paragraph (1), all moneys, including interest, payable to the member must be transferred forthwith by the approved fixed deposit bank to the CPF Investment Account of the member.

A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase an insurance policy or investment‑linked insurance policy for himself or herself from an approved insurer must apply to the Board to withdraw the amount required.

Where a member has, before 1 October 1993, purchased an insurance policy or investment‑linked insurance policy with moneys other than the member’s CPF contributions, the member may apply to the Board to use the whole or part of the available amount in the member’s ordinary account to pay the future premiums in respect of the policy.

Where a member has at any time purchased an insurance policy or investment‑linked insurance policy with the member’s CPF contributions, the member may apply to the Board to use the whole or part of the available amount in the member’s ordinary account to pay the future premiums in respect of the policy, even though the member has applied for a loan, or is receiving moneys, from the Government pursuant to any approved loan scheme under section 14A of the Act.

An application made by a member under paragraph (1), (2) or (3) may be approved subject to such terms, conditions and procedures as the Board may impose.

Subject to paragraph (6), upon the maturity or surrender of an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation —

When the Board approves an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation for the purposes of section 15AA(3)(b) of the Act or a former provision, the following apply:

In paragraph (6), “applicable regulations” means such of the following regulations as may be applicable to the member mentioned in that paragraph:

A member who wishes to deposit the whole or part of the available amount in the member’s ordinary account in a fund management account with an approved fund manager must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the termination by a member of the member’s fund management account or upon the withdrawal by the Board of its approval of the fund manager of the fund management account, all moneys payable to the member must be transferred forthwith by the fund manager to the CPF Investment Account of the member.

A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase units in a unit trust scheme from an approved fund manager must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the sale of the units in a unit trust scheme purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith by the approved fund manager to the CPF Investment Account of the member.

A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase gold must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the sale of the gold purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith by the approved agent bank to the CPF Investment Account of the member.

A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase an exchange traded fund interest through the Singapore Exchange or from an approved fund manager must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the sale of the exchange traded fund interest purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith to the CPF Investment Account of the member.

A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase shares in a property fund, whether such shares are offered under an initial public offer or otherwise, must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the sale of the shares in a property fund purchased by a member under this regulation, all proceeds of the sale must be transferred immediately to the CPF Investment Account of the member.

All shares and bonds purchased by a member with CPF contributions withdrawn under this Part must be held in the name of a nominee company of the approved agent bank.

Any gold, other than a gold exchange traded fund, purchased by a member with CPF contributions withdrawn under this Part must be deposited with the approved agent bank.

Any exchange traded fund interest or gold exchange traded fund purchased with CPF contributions withdrawn under this Part through the Singapore Exchange or from an approved fund manager must be held in the name of a nominee company of the approved agent bank or a nominee company of the approved fund manager, as the case may be.

Where the available amount is insufficient to pay in full for —

Where the member has paid the balance of the purchase price in cash under paragraph (1), the member is not allowed to withdraw any CPF moneys subsequently to reimburse himself or herself for the balance of the purchase price so paid.

Where a member has not operated the member’s CPF Investment Account for a period of 2 months or such longer period as the Board may allow —

Where a member has transferred the whole or part of the available amount in the member’s ordinary account to the member’s CPF Investment Account for the purpose of purchasing shares or bonds offered under an initial public offer under regulation 14, or of purchasing shares in a property fund offered under an initial public offer under regulation 21, but is unsuccessful in making such purchase —

Paragraphs (1) and (2) do not apply —

Where a member wishes to terminate the member’s CPF Investment Account with an approved agent bank and does not intend to open a CPF Investment Account with another approved agent bank —

Paragraph (1) does not apply —

A member who does not wish to operate the CPF Investment Account which the member has opened with an approved agent bank (called in this regulation the old account) may open a new CPF Investment Account with another approved agent bank (called in this regulation the new account).

Where a member has opened a new account, the following apply:

A member who has purchased securities from an approved fixed deposit bank, an approved insurer or an approved fund manager under this Part must, within 2 weeks of the opening of the new account, inform the approved fixed deposit bank, approved insurer or approved fund manager (as the case may be) of the member’s new CPF Investment Account number.

Subject to paragraphs (2) to (8), the aggregate amount of CPF contributions which a member may withdraw from the member’s special account under this Part, or under this Part and regulation 39 collectively, in relation to each purchase of any securities must not exceed —

Subject to paragraph (3), on or after 8 April 2008 but before 8 May 2009, a member is not entitled to make any withdrawal of CPF contributions from the member’s special account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $20,000 standing to the member’s credit in his or her special account.

Paragraph (2) does not apply to a withdrawal of CPF contributions from a member’s special account under this Part, or under this Part and regulation 39 collectively, if the application for the withdrawal is made before 1 April 2008.

Subject to paragraphs (5) and (8), on or after 8 May 2009 but before 8 July 2010, a member is not entitled to make any withdrawal of CPF contributions from the member’s special account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $30,000 standing to the member’s credit in his or her special account.

Paragraph (4) does not apply to a withdrawal of CPF contributions from a member’s special account under this Part, or under this Part and regulation 39 collectively, if the application for the withdrawal is made before 1 May 2009.

Subject to paragraphs (7) and (8), on or after 8 July 2010, a member is not entitled to make any withdrawal of CPF contributions from the member’s special account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $40,000 standing to the member’s credit in his or her special account.

Paragraph (6) does not apply to a withdrawal of CPF contributions from a member’s special account under this Part, or under this Part and regulation 39 collectively, if the application for the withdrawal is made before 1 July 2010.

Paragraphs (4) and (6) do not apply to a withdrawal of CPF contributions from a member’s special account for the purchase of units in a unit trust scheme under regulation 32, or under regulations 32 and 39 collectively, if —

A member who wishes to use the whole or part of the available amount in the member’s special account to purchase such bonds as may be mentioned in paragraph (b) of the definition of “securities” in regulation 2, whether such bonds are offered under an initial public offer or otherwise, must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the sale of the bonds purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith to the member’s special account.

A member who wishes to deposit the whole or part of the available amount in the member’s special account in a fixed deposit account with an approved fixed deposit bank must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the termination or maturity of the member’s fixed deposit account mentioned in paragraph (1), all moneys, including interest, payable to the member must be transferred immediately by the approved fixed deposit bank to the member’s special account.

A member who wishes to use the whole or part of the available amount in the member’s special account to purchase an insurance policy or investment‑linked insurance policy for himself or herself from an approved insurer must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Subject to paragraph (4), upon the maturity or surrender of the insurance policy or the investment‑linked insurance policy purchased or maintained by a member under this regulation, all moneys payable to the member must be transferred forthwith by the approved insurer to the member’s special account.

When the Board approves an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation for the purposes of section 15AA(3)(b) of the Act or a former provision, the following apply:

In paragraph (4), “applicable regulations” means such of the following regulations as may be applicable to the member mentioned in that paragraph:

A member who wishes to use the whole or part of the available amount in the member’s special account to purchase units in a unit trust scheme from an approved fund manager must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the sale of the units in a unit trust scheme purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith by the approved fund manager to the member’s special account.

A member who wishes to use the whole or part of the available amount in the member’s special account to purchase an exchange traded fund interest through the Singapore Exchange or from an approved fund manager must apply to the Board to withdraw the amount required.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Upon the sale of the exchange traded fund interest purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith to the member’s special account.

This regulation applies where a member would have been allowed to withdraw any CPF contributions from the member’s special account under regulation 29, 30, 31, 32 or 33, or under any of those regulations and regulation 39 collectively, in connection with the purchase of any securities, if not for the closure of the member’s special account.

Where the Board gives its authority in accordance with section 15(1B) of the Act for the withdrawal of moneys standing to the credit of a member in the member’s ordinary account or retirement account, or both (called in this regulation the specified subsidiary accounts), for the purchase of any securities, the aggregate amount that the member may withdraw in relation to the purchase of those securities must not exceed —

Despite paragraph (2), if —

Part 2 does not apply in relation to the purchase of any securities using CPF contributions from a member’s ordinary account pursuant to this regulation.

This regulation applies in relation to a member who purchases any securities pursuant to regulation 33A using any CPF contributions withdrawn from the member’s ordinary account or retirement account (or both) under section 15(1B) of the Act.

Regulations 29(3), 30(3), 31(3), (4) and (5), 32(3), 33(3), 37(3) and (4) and 39A (called in this regulation the relevant provisions) apply to any securities purchased by a member using CPF contributions withdrawn pursuant to regulation 33A, subject to paragraphs (3) and (4).

Where a relevant provision provides for an amount (A) to be transferred, credited or repaid to a member’s special account, A must instead be paid to the Board.

Where A is paid to the Board pursuant to paragraph (3), the Board may pay A in the following manner:

Regulation 44 applies in relation to a withdrawal from a member’s ordinary account or retirement account (or both) under section 15(1B) of the Act for the purchase of securities, with the modification that any requirement in regulation 44 to refund or transfer an amount (excluding interest in respect of an amount) to a member’s ordinary account or special account is to be read as a requirement to pay the amount to the Board.

Where an amount is paid to the Board pursuant to paragraph (5), or an amount is refunded due to the reversal (in whole or in part) of any withdrawal under section 15(1B) of the Act, the Board may do the following in respect of the amount (B):

For the purposes of paragraph (6), B relates to a withdrawal from the member’s ordinary account or retirement account (as the case may be) if B —

A member who wishes to withdraw the whole or part of the available amount in the member’s ordinary account for the payment in full of shares in an approved corporation must submit an application to the Board for authorisation to do so.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

Where a cash grant has been paid into the Fund by the Government for the benefit of any person under section 14 of the Act, the Board may, subject to such terms and conditions as it may impose, permit that person to withdraw the cash grant for the payment in full or in part of the shares in an approved corporation.

Where a member has sold the member’s shares in an approved corporation and the proceeds of sale were received by the Board before 1 October 2002, the Board must credit to the Share Profit Account of the member the whole proceeds of the sale less —

Subject to paragraph (3), where the Board receives, on or after 1 April 2022, the proceeds of sale of any shares in an approved corporation which are sold by a designated shareholder, the Board must credit the whole proceeds (less any expenses incurred as a result of the sale) to the designated shareholder’s ordinary account.

The amount credited to a designated shareholder’s ordinary account under paragraph (2) may be withdrawn by the designated shareholder under regulation 14(1)(da) of the Central Provident Fund Regulations 1987.

If the Board is notified, on or after 1 April 2022, that the designated shareholder has died, the Board may credit any proceeds of sale mentioned in paragraph (2) which —

Subject to paragraphs (5) and (6), where the Board receives, on or after 1 April 2022, any dividends, returned paid‑up share capital or other moneys in respect of the shares in an approved corporation purchased by a designated shareholder, the Board must credit those dividends, returned paid‑up share capital or other moneys to the designated shareholder’s ordinary account.

If the Board is notified, on or after 1 April 2022, that the designated shareholder has died, the Board may credit any dividends, returned paid‑up share capital or other moneys mentioned in paragraph (4) which —

If the designated shareholder’s accounts in the Fund are deemed to be dormant under section 2(1B) of the Act on or after 1 April 2022, the Board may credit any dividends, returned paid‑up share capital or other moneys mentioned in paragraph (4) which —

Moneys in the Share Profit Account are to bear interest at such rate as may be determined from time to time by the Board.

Where a member has sold the member’s shares in an approved corporation and the proceeds of such sale have been credited to the member’s Share Profit Account under regulation 35, the Board may, upon the application of the member or on or after the death of the member, transfer the proceeds of such sale from the member’s Share Profit Account to the member’s ordinary account.

Where the proceeds of the sale of a member’s shares in an approved corporation have been transferred from the member’s Share Profit Account to the member’s ordinary account under paragraph (1) —

Where entitlements in respect of securities purchased with CPF contributions withdrawn under Part 2, 3 or 4 of these Regulations, whether listed or quoted on the Singapore Exchange and whether denominated in Singapore currency or not, are offered to a member at no cost, the entitlements are deemed to be purchased with CPF contributions under Part 2, 3 or 4 of these Regulations, whichever is applicable.

Where entitlements in respect of securities purchased with CPF contributions withdrawn under Part 2, 3 or 4 of these Regulations, whether listed or quoted on the Singapore Exchange and whether denominated in Singapore currency or not, are offered to a member at a cost, the member must, if the member decides to take up these entitlements —

Where a member sells the member’s entitlement to any rights issue in respect of any of the securities purchased under Part 2, 3 or 4 of these Regulations, the whole proceeds of the sale, less any expenses as the Board may permit, must forthwith be credited to the member’s CPF Investment Account, ordinary account or special account, as the case may be.

All dividends declared, and interest or income earned, in respect of securities purchased by a member under these Regulations must be credited to the member’s CPF Investment Account, ordinary account or special account, as the case may be.

Where a member has purchased any securities under Part 2 or 4 and wishes to withdraw the net realised profits arising from such purchase, the member must apply to the Board to withdraw the net realised profits within one year from the end of each accounting year in accordance with this regulation.

An application made by a member under paragraph (1) may be approved subject to such terms, conditions and procedures as the Board may impose.

The net realised profits of each accounting year are to be calculated in accordance with the following formula:GRA = A + B – C – D – E – Fwhere in relation to that accounting year — GRAis the gross realised amount; Ais the sale or disposal price of the securities; Bis the total amount of dividends, interest and income received prior to the sale or disposal of the securities, interest earned in the CPF Investment Account and the Share Profit Account and any net realised profits carried forward from the previous accounting year; Cis the total sum of the costs (including weighted average cost, where applicable) of investment in the securities sold or disposed of; Dis the total amount of expenses, charges, fees incurred on the purchase of the securities and on the sale or disposal of such securities; Eis the whole or such part (as the Board may determine) of the interest that would have been payable on the available amount withdrawn under these Regulations, had the member not withdrawn that amount from the member’s ordinary account; and Fis the net realised loss carried forward from the previous accounting year.

Where the gross realised amount is positive, it is deemed to be the net realised profits, and where the gross realised amount is negative, it is deemed to be the net realised loss.

A member is, before 1 October 2003, entitled to withdraw the net realised profits arising from the purchase of securities under Part 2 or 4 of any accounting year in the following accounting year.

A member is entitled to withdraw only 50% of the net realised profits (including accumulated profits) of the accounting year commencing on 1 October 2001.

A member must not, on or after 1 October 2003, withdraw any net realised profits arising from the purchase of securities under Part 2 or 4.

If a member does not apply under this regulation to withdraw the net realised profits for any accounting year, the profits for that year must be carried forward to the succeeding accounting year as accumulated profits.

Where the member has incurred a net realised loss for any accounting year, the loss must be carried forward to the succeeding accounting year.

This regulation does not apply to securities purchased or acquired before 1 October 1993.

A member who has applied for a loan, or is receiving moneys, from the Government pursuant to any approved loan scheme under section 14A of the Act is not permitted to withdraw any net realised profits under this regulation.

A member who has purchased securities under Part 3 is not entitled to withdraw any profits arising from such purchase.

A member who is entitled under section 15, section 15AA, 15AB or 27 of the Act, or who within such period as the Board may determine will be entitled under section 15(2)(a) or (3) of the Act, to withdraw any sum standing to the member’s credit in the Fund may do either or both of the following:

The Board may —

The Board may refuse to approve a member’s application under paragraph (1)(a) or (b) if it is not satisfied that adequate provision has been made for the member —

A member is not obliged to repay into the Fund —