3. The Central Provident Fund (Minimum Sum Scheme) Regulations are amended by inserting, immediately after regulation 13D, the following regulation:“Manner of payment from amount retained in retirement account |
13E.—(1) Subject to paragraph (2), where a member is not a relevant member, and any amount standing to the member’s credit in the member’s retirement account is retained in that account under section 15(6C)(b)(i) of the Act, the Board shall pay any monthly income or amount due to the member under regulation 12(1), 12A(2) or (3), 13(1) or (2) or 13C(1), any balance due to the member under regulation 13D(2) or any additional amount due to the member under regulation 13B(1) —(a) | into the member’s account with a bank, where the member has applied, and the Board has approved the member’s application, for the payment to be credited into that bank account; | (b) | by issuing a cheque or any other physical payment instrument to the member, where the member has applied, and the Board has approved the member’s application, for the payment to be made in that manner; or | (c) | to the member in such other manner as the Board thinks fit, in any other case. |
(2) Despite paragraph (1)(b) and (c), the Board may pay the monthly income, amount, balance or additional amount, as the case may be, due to the member referred to in paragraph (1) by issuing a cheque or any other physical payment instrument to the member, where the member has not applied for the payment to be made in that manner. |
(3) Subject to paragraph (4), where a member is or becomes a relevant member, and any amount standing to the member’s credit in the member’s retirement account is retained in that account under section 15(6C)(b)(i) of the Act, the Board shall pay any monthly income due to the member under regulation 12(2) —(a) | into the member’s account with a bank, where the member has applied, and the Board has approved the member’s application, for the payment to be credited into that bank account; | (b) | by issuing a cheque or any other physical payment instrument to the member, where the member has applied, and the Board has approved the member’s application, for the payment to be made in that manner; or | (c) | into the member’s ordinary account, in any other case. |
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(4) Despite paragraph (3)(a) and (b), the Board shall pay the monthly income due under regulation 12(2) to the member referred to in paragraph (3) into the member’s ordinary account, if —(a) | in a case referred to in paragraph (3)(a), the payment into the member’s bank account is unsuccessful; or | (b) | in a case referred to in paragraph (3)(b), the cheque or other physical payment instrument relating to the payment has been returned to the Board or has expired. |
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(5) Where paragraph (4)(a) or (b) applies, the monthly income shall be paid into the ordinary account of the member referred to in paragraph (3) as soon as practicable after the Board is notified of the unsuccessful payment into the member’s bank account, or after the cheque or other physical payment instrument has been returned to the Board or has expired (whichever is the earlier), as the case may be.”. |
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