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Provisions relating to moneys transferred or paid to relevant individual’s, parent’s, grandparent’s, spouse’s or sibling’s retirement account on death or withdrawal under section 15(2)(b) or (c)

Central Provident Fund Act 1953

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Proposed text

—(1) Any moneys transferred by a member to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) —(a)do not form part of the moneys payable out of the Fund on the death of the relevant individual; and(b)cannot be withdrawn from the Fund by the relevant individual under section 15(2)(b) or (c).(2) Except as otherwise provided by subsections (3) and (4), the moneys transferred under section 18(1)(a) or (2)(a), or the balance thereof, must be credited to the account from which it was transferred upon —(a)the death of the relevant individual; or(b)the withdrawal of any sum from the Fund by the relevant individual under section 15(2)(b) or (c).(3) Where any moneys transferred by a member to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) are transferred or paid by the Board to any person under section 27B —(a)subsection (2) does not apply to those moneys; and(b)the person to whom those moneys have been transferred or paid by the Board under section 27B is entitled to retain those moneys.(4) Where the Board receives notice, in accordance with any regulations made under section 77(1), that any moneys transferred by a member to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) are to be transferred or paid by the Board to any person under section 27B, and the Board has not, at the time it receives the notice, credited those moneys to the account of the member under subsection (2) —(a)subsection (2) does not apply to those moneys; and(b)the person to whom those moneys are to be transferred or paid under section 27B is entitled to those moneys.(5) Any moneys paid by a person before 1 November 2008 to his or her parent’s, grandparent’s, spouse’s or sibling’s retirement account under section 18(1)(b) or (2)(b) as in force immediately before that date do not form part of the moneys payable out of the Fund on the death of the parent, grandparent, spouse or sibling, as the case may be.(6) Except as otherwise provided by subsections (7) and (8), the moneys paid under section 18(1)(b) or (2)(b) as in force immediately before 1 November 2008, or the balance thereof, must be credited to the account of the person who made the payment upon the death of the parent, grandparent, spouse or sibling.(7) Where any moneys paid by a person before 1 November 2008 to the retirement account of his or her parent, grandparent, spouse or sibling under section 18(1)(b) or (2)(b) as in force immediately before that date are transferred or paid by the Board to any person under section 27B —(a)subsection (6) does not apply to those moneys; and(b)the person to whom those moneys have been transferred or paid by the Board under section 27B is entitled to retain those moneys.(8) Where the Board receives notice, in accordance with any regulations made under section 77(1), that any moneys paid by a person before 1 November 2008 to the retirement account of his or her parent, grandparent, spouse or sibling under section 18(1)(b) or (2)(b) as in force immediately before that date are to be transferred or paid by the Board to any person under section 27B, and the Board has not, at the time it receives the notice, credited those moneys to the account of the member under subsection (6) —(a)subsection (6) does not apply to those moneys; and(b)the person to whom those moneys are to be transferred or paid under section 27B is entitled to those moneys.

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