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Transfer or payment of moneys to retirement account or special account, and voluntary maintenance of sum in retirement account

Central Provident Fund Act 1953

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) The Board may, for any of the purposes mentioned in section 15(6C), and subject to any regulations made under section 77(1)(o) and such terms and conditions as the Board may impose, permit —(a)a member to transfer such portion (not exceeding such amount as may be prescribed) of the sum standing to the member’s credit in the Fund as the Board may determine to the retirement account of a relevant individual, if the relevant individual has attained the age of 55 years;(b)any person to pay money into the retirement account of a member who has attained the age of 55 years; or(c)any person to voluntarily maintain, in a retirement account with the Board —(i)a retirement sum; or(ii)any other sum that the Board may allow, being a sum not exceeding such sum as may be prescribed by any regulations made under section 77(1)(o).(1A) All moneys transferred to or paid into a retirement account under subsection (1)(a) or (b) must be applied in accordance with any regulations made under section 77(1)(o) and such terms and conditions as the Board may impose.(2) The Board may, subject to such terms and conditions as it may impose, permit —(a)a member to transfer such portion (not exceeding such amount as the Minister may specify) of the sum standing to the member’s credit in the Fund as the Board may determine to the retirement account of a relevant individual, if any amount referred to in section 15(2A)(a), (7B)(a) or (8A)(a) is required to be set aside or topped‑up in the retirement account of the relevant individual; or(b)any person to pay money (not exceeding such amount as the Minister may specify) into the retirement account of a member, if any amount referred to in section 15(2A)(a), (7B)(a) or (8A)(a) is required to be set aside or topped‑up in the retirement account of the member.(2A) All moneys transferred to or paid into a retirement account under subsection (2)(a) or (b) must be applied in accordance with such terms and conditions as the Minister may impose.(3) The Board may, subject to any regulations made under section 77(1)(oa) and such terms and conditions as it may impose, permit —(a)a member to transfer such portion (not exceeding such amount as may be prescribed) of the sum standing to the member’s credit in the Fund as the Board may determine to the special account of a relevant individual, if the Board has not transferred under section 15(6CA) any amount from the sum standing to the credit of the relevant individual in the Fund to the relevant individual’s retirement account; or(b)any person to pay money into the special account of a member, if the Board has not transferred under section 15(6CA) any amount from the sum standing to the credit of the member in the Fund to the member’s retirement account.(4) Subject to subsection (6), where a member is a relevant individual to whose special account any moneys have been transferred under subsection (3)(a) —(a)the moneys so transferred; and(b)the whole or such part as the Board may determine of any interest that would have accrued thereon,must be transferred by the Board to the member’s retirement account at the relevant time.(5) Subject to subsection (6) —(a)any moneys paid by any person into a member’s special account under subsection (3)(b); and(b)the whole or such part as the Board may determine of any interest that would have accrued thereon,must be transferred by the Board to the member’s retirement account at the relevant time.(6) Where, at the relevant time, the total amount of the moneys and interest referred to in subsections (4)(a) and (b) and (5)(a) and (b) exceeds the retirement sum applicable to a member —(a)the total amount to be transferred by the Board to the member’s retirement account under subsections (4) and (5) must not exceed the retirement sum applicable to the member; and(b)the moneys and interest referred to in subsections (4)(a) and (b) and (5)(a) and (b) must be transferred by the Board to the member’s retirement account in such order of priority as may be prescribed in any regulations made under section 77(1)(oa).(7) All moneys transferred to or paid into a special account under subsection (3) must be applied in accordance with any regulations made under section 77(1)(oa) and such terms and conditions as the Board may impose.(8) Any moneys transferred under subsection (1)(a), (2)(a) or (3)(a), paid under subsection (1)(b), (2)(b) or (3)(b) or maintained under subsection (1)(c) are deemed to be contributions for the purposes of this Act.(8A) The Minister may —(a)for the purposes of subsection (1)(a) or (3)(a), prescribe different amounts that may be transferred by different classes of members to different classes of relevant individuals;(b)for the purposes of subsection (2)(a), specify different amounts that may be transferred by different classes of members to different classes of relevant individuals; and(c)for the purposes of subsection (2)(b), specify different amounts that may be paid by different classes of persons to different classes of members.(8B) The Board may, for the purposes of subsection (1)(a), (2)(a) or (3)(a), determine different portions that may be transferred by different classes of members to different classes of relevant individuals.(9) In this section, “relevant time”, in relation to a member, means such time as may be prescribed in relation to the member in any regulations made under section 77(1).

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