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Payment to ordinary or retirement account (or both) after closure of special account, etc.

Central Provident Fund (Investment Schemes) Regulations 2000

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

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—(1) 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applies in relation to a member who purchases any securities pursuant to regulation 33A using any CPF contributions withdrawn from the member’s ordinary account or retirement account (or both) under section 15(1B) of the Act.(2) Regulations 29(3), 30(3), 31(3), (4) and (5), 32(3),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in this regulation the relevant provisions) apply to any securities purchased by a member using CPF contributions withdrawn pursuant to regulation 33A, subject to paragraphs (3) and (4).(3) Where a relevant provision provides for an amount (A) to be transferred, credited or repaid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.(4) Where A is paid to the Board pursuant to paragraph (3), the Board may pay A in the following manner:(a)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 A (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 A to the member’s ordinary account;(b)in any other case or (despite sub‑paragraph (a)) where A constitutes the proceeds of any sale of units in a unit trust scheme for the purpose of a concurrent purchase of units in one or more other unit trust schemes — pay A to the member’s ordinary account.(5) 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.(6) 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):(a)pay B in the following manner:(i)if B relates to a withdrawal from the member’s ordinary account — pay B to the member’s ordinary account;(ii)if B relates to a withdrawal from the member’s retirement account —(A)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 B (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 B to the member’s ordinary account; or(B)in any other case — pay B to the member’s ordinary account;(b)pay, or require the person (X) who paid B to pay, interest in respect of B in the following manner:(i)if sub‑paragraph (a)(i) applies — pay, or require X to pay, the whole or any part (as the Board may determine) of any interest that would have been payable on B paid under sub‑paragraph (a)(i) if the withdrawal had not been made, to the member’s ordinary account;(ii)if sub‑paragraph (a)(ii) applies — pay, or require X to pay, the whole or any part (as the Board may determine) of any interest that would have been payable on B paid under sub‑paragraph (a)(ii) if the withdrawal had not been made, to the member’s retirement account, even if the interest so paid exceeds the 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.(7) 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)is an amount withdrawn from that account; or(b)is an amount of the proceeds of any sale or disposal of securities purchased using moneys withdrawn from that account.

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