Singapore legislation
Regulation 33A
of Central Provident Fund (Investment Schemes) Regulations 2000
Regulation 33A
Withdrawal from ordinary or retirement account (or both) after closure of special account, etc.
Subregulation 1
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.
Subregulation 2
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 —
the purchase price of those securities; and
if the Board’s authority is also given in accordance with section 15(1B) of the Act for the withdrawal of moneys from one or both of the specified subsidiary accounts for the payment of any brokerage, fees and other expenses as described in regulation 39 (called in this regulation the related brokerage and other expenses) — the related brokerage and other expenses in respect of those securities.
Subregulation 3
Despite paragraph (2), if —
the member had previously purchased units in a unit trust scheme (called in this regulation unit trust scheme A) using CPF contributions withdrawn from the member’s special account under regulation 32 before its closure, or withdrawn pursuant to paragraph (2);
the member sells the units in unit trust scheme A and concurrently makes an application for the withdrawal of moneys under section 15(1B) of the Act for the purpose of purchasing units in one or more other unit trust schemes (called in this regulation unit trust scheme B);
the Board gives its authority in accordance with section 15(1B) of the Act for the withdrawal of moneys from one or both of the specified subsidiary accounts in relation to the purchase of units in unit trust scheme B; and
the proceeds of the sale of the units in unit trust scheme A are paid to the member’s ordinary account in accordance with regulation 33B,the aggregate amount that the member may withdraw from the specified subsidiary accounts in relation to the purchase of units in unit trust scheme B (consisting of the purchase price of those units and any related brokerage and other expenses in respect of those units), must not exceed the amount of the proceeds of the sale of units in unit trust scheme A.
Subregulation 4
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.