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Amount which may be withdrawn from special account

Central Provident Fund (Investment Schemes) Regulations 2000

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Proposed text

—(1) 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 —(a)the purchase price of those securities; and(b)if the withdrawal is made under this Part and regulation 39 collectively, any brokerage, fees and other expenses incurred in the purchase, administration or sale of those securities which the member is required to pay.(2) 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.(3) 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.(4) 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.(5) 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.(6) 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.(7) 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.(8) 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)the member sells the units in a unit trust scheme which the member had previously purchased under regulation 32 (called in this paragraph unit trust scheme A) and concurrently applies to purchase units in one or more other unit trust schemes (called in this paragraph unit trust scheme B);(b)the proceeds of the sale of the units in unit trust scheme A are transferred to the member’s special account; and(c)the total of the purchase price and any fees and expenses incurred in the purchase of the units in unit trust scheme B does not exceed the lower of the following amounts:(i)the amount of the proceeds of the sale of units in unit trust scheme A;(ii)the amount standing to the credit of the member in the member’s special account after the making of the refund of such proceeds.

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