PART 1 PAYMENT OF ORDINARY ACCOUNT AND
SPECIAL ACCOUNT MONEYS AND
STREAMLINING WITHDRAWAL PROVISIONS |
2. Section 2(1) of the Central Provident Fund Act (called in this Act the principal Act) is amended —| (a) | by inserting, immediately after the definition of “approved corporation”, the following definition:| “ “approved developer” means an approved developer under Part 4B of the Housing and Development Act 1959;”; |
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| | (b) | by inserting, immediately after the definition of “employer”, the following definition:| “ “entitlement date” means a date specified by the Board, for the purposes of section 15(7) and (7B)(a), that falls in the month in which the member attains the prescribed age;”; |
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| | (c) | by inserting, immediately after the definition of “Housing and Development Board”, the following definition:“ “Housing Authority” means any of the following:| (a) | the Housing and Development Board; | | (b) | the Jurong Town Corporation established by section 3 of the Jurong Town Corporation Act 1968; | | (c) | the Minister for Finance incorporated under the Minister for Finance (Incorporation) Act 1959; | | (d) | the Housing and Urban Development Company Private Limited, a company incorporated under the Companies Act 1967;”; |
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| | (d) | by deleting the words “section 15(8CA)(a) or (c)” in the definition of “payout benchmark applicable to the member” and substituting the words “section 15AA(8)(a) or (c)”; and | | (e) | by deleting the words “section 15(2A)(c), (6)(c), (7B)(c) or (8A)(c)” in the definition of “reserved amount” and substituting the words “section 15(6)(c) or 15AA(5)(b)”. |
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| 3. Section 13(7H) of the principal Act is amended by deleting the words “section 15(2A), (6), (7B) or (8A)” and substituting the words “section 15(6), 15AA(5)”. |
4. Section 15 of the principal Act is amended —| (a) | by deleting subsection (1A) and substituting the following subsection:“(1A) The Board may give its authority under subsection (1) for the withdrawal of money standing to a member’s credit in the Fund —| (a) | on the application of a person who —| (i) | is entitled or allowed to withdraw the money; or | | (ii) | will be entitled to withdraw the money within such period as the Board may determine; or |
| | (b) | without any application by a person mentioned in paragraph (a) —| (i) | for payment to such a person of the whole or part of any amount that the person would have been entitled or allowed to withdraw on application under this Act; or | | (ii) | for the purposes of subsection (7A)(a).”; |
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| | (b) | by deleting the words “this section and” in subsection (2); | | (c) | by inserting the word “or” at the end of subsection (2)(b); | | (d) | by deleting the semi‑colon at the end of subsection (2)(c) and substituting a full‑stop; | | (e) | by deleting paragraphs (d), (e), (f) and (g) of subsection (2); | | (f) | by deleting subsections (2A) and (2B); | | (g) | by deleting subsection (3) and substituting the following subsection:| “(3) Subject to subsection (6) and section 16, a member of the Fund who has withdrawn any money from the Fund on the ground that he or she has attained 55 years of age is entitled to make a further withdrawal of the sum standing to his or her credit in the Fund on or after each subsequent anniversary of his or her date of birth or such other period as the Minister may direct.”; |
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| | (h) | by deleting the words “subsection (9), (9A), (11D), (11E) or (11EB) or section” in subsection (4)(b) and substituting the words “section 15AB(1), (2), (10), (11) or (13),”; | | (i) | by deleting the words “subsection (10) or (10A) or section” in subsection (4)(b) and substituting the words “section 15AB(3) or (4) or”; | | (j) | by deleting the words “subsections (6A), (8) and (8A)” in subsection (6) and substituting the words “subsection (6A) and section 15AA(3) and (5)”; | | (k) | by inserting, immediately after the words “relevant member” in subsection (6A), the words “as defined in section 27J”; | | (l) | by deleting the words “2 times the retirement sum” in subsection (6A) and substituting the words “the aggregate of the retirement sums of both members”; | | (m) | by deleting paragraph (a) of subsection (6B) and substituting the following paragraph:| “(a) | is not revocable during the subsistence of the marriage, unless the Board is satisfied that either member is, or both members are, suffering from any significant condition; and”; |
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| | (n) | by deleting subsections (7A), (7B), (7C), (8), (8A), (8B), (8C) and (8CA) and substituting the following subsections:“(7A) Subject to subsection (7B) or (7C) and regulations made under section 77(1), the Board may, without any application by a member —| (a) | pay the determined amount to the member from any moneys standing to the member’s credit in the Fund; or | | (b) | transfer the determined amount from the moneys standing to the member’s credit in the Fund to the member’s retirement account for payment to the member under paragraph (a). |
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(7B) Where the member is entitled to make a withdrawal under subsection (2)(a) —| (a) | subsection (7A) applies on or after the entitlement date; and | | (b) | the determined amount is an amount determined by the Board. |
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(7C) Where the member is entitled to make a withdrawal under section 15AA(1) by reason of a specified significant condition —| (a) | subsection (7A) applies on or after the Board is satisfied that the member is suffering from a specified significant condition as defined in section 15AA(9); and | | (b) | the determined amount is an amount determined by the Minister. |
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| (7D) Subsection (6)(a) and section 15AA(5) do not apply to a payment under subsection (7A)(a). |
| (7E) Except for the determined amount referred to in subsection (7B)(b) or (7C)(b) and subject to regulations made under section 77(1), other limits imposed on the amount of moneys that may be transferred to or maintained in the member’s retirement account do not apply to any transfer to a member’s retirement account under subsection (7A)(b).”; |
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| | (o) | by deleting the words “(2A), (6), (6C), (7), (7B) and (8A)” in subsection (8D) and substituting the words “(6), (6C) and (7), 15AA(1) and (5)”; | | (p) | by deleting subsections (9), (9A), (10), (10A), (10B), (11), (11A), (11B), (11C), (11D), (11E), (11EA), (11EB), (11F), (15), (15A) and (16); and | | (q) | by deleting the section heading and substituting the following section heading:| “General provisions on withdrawal from Fund”. |
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| New sections 15AA and 15AB |
5. The principal Act is amended by inserting, immediately after section 15, the following sections:| “Withdrawal on grounds of significant condition, and exemption for pension, annuity or other benefit |
15AA.—(1) Subject to sections 16, 19 and 19A, a member of the Fund is entitled to withdraw the sum standing to the credit of the member in the Fund if the Board is satisfied that the member is suffering from a significant condition.(2) Without limiting subsection (1), a member who has attained 55 years of age but has not attained the prescribed age is entitled, in accordance with regulations made under section 77(1), to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or such part of that amount as the Board may determine, or to surrender his or her approved annuity from an insurer, if the Board is satisfied that the member —| (a) | is suffering from a significant condition; or | | (b) | is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income, whether or not the monthly income is less in value than the payout benchmark applicable to the member. |
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(3) A member need not comply with section 15(6)(a) if the Board is satisfied that the member —| (a) | is suffering from a significant condition; | | (b) | is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income not less in value than the payout benchmark applicable to the member; or | | (c) | has attained 55 years of age before 1 January 1987. |
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(4) Subsection (5) applies to a member of the Fund who —| (a) | is entitled to withdraw the sum standing to his or her credit in the Fund under subsection (1) by reason of a specified significant condition; | | (b) | is entitled under subsection (2)(a) by reason of a specified significant condition to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account, or any part of that amount, or surrender his or her approved annuity from an insurer; or | | (c) | is entitled under section 15(2)(a) or (3), or is allowed under section 15(4), to withdraw the sum standing to his or her credit in the Fund and, under subsection (3)(a), need not comply with section 15(6)(a) by reason of a specified significant condition. |
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(5) At the time of the withdrawal or surrender (as the case may be) mentioned in subsection (4) and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —| (a) | such amount as the Minister may specify must be set aside or topped‑up in the member’s retirement account —| (i) | by the member; or | | (ii) | from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his or her ordinary account; and |
| | (b) | if there exist such circumstances as may be prescribed by regulations made under section 77(1) and the member is thereby required to reserve any amount in his or her ordinary account, such reserved amount must be set aside or topped‑up in that account —| (i) | by the member; or | | (ii) | from the sum standing to the member’s credit in that account. |
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| (6) Where any amount has been set aside or topped‑up in the member’s retirement account for the purposes of subsection (5)(a), the amount standing to the credit of the member in his or her retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose. |
(7) A member who has attained the prescribed age and who need not comply with section 15(6)(a) by reason of subsection (3)(b) is entitled, in accordance with regulations made under section 77(1) —| (a) | where any amount standing to the member’s credit in the member’s retirement account is deposited with an approved bank or retained in the member’s retirement account under section 15(6C)(a), to withdraw the amount or such part of the amount, as the Board may determine, which was so deposited or retained; and | | (b) | where any amount standing to the member’s credit in the member’s retirement account is used to purchase an approved annuity under section 15(6C)(b), to surrender the approved annuity. |
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(8) For the purposes of subsections (2)(b) and (3)(b), the Minister —| (a) | may specify different amounts of payout benchmark for different classes of members, taking into account the life expectancy of the different classes of members; | | (b) | must publish the payout benchmark applicable to each class of members in a manner accessible to the public; and | | (c) | may, on the application of a member, specify a payout benchmark for that member that is less than the payout benchmark published under paragraph (b) for the class of members to which the member belongs. |
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(9) In this section —| “significant condition” means any physical or mental condition prescribed as a significant condition by regulations made under section 77(1); |
| “specified significant condition” means any significant condition prescribed as a specified significant condition by regulations made under section 77(1). |
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| Charge or undertaking on immovable property to secure retirement sum |
15AB.—(1) Where a member or his or her spouse owns any immovable property of a value equal to or exceeding the member’s retirement sum, the Board may, on an application made before 1 January 2013, permit the member —| (a) | to withdraw the amount referred to in the former section 15(6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or | | (b) | to surrender his or her approved annuity, |
| if the member or his or her spouse (as the case may be) agrees to the creation of a charge on the immovable property owned by the member or his or her spouse, to secure the payment to the Board of the member’s retirement sum. |
(2) Where a member and one or more related persons jointly own any immovable property of a value equal to or exceeding the member’s retirement sum, the Board may, on an application made before 1 January 2013, permit the member —| (a) | to withdraw the amount referred to in the former section 15(6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or | | (b) | to surrender his or her approved annuity, |
| if the member and the related person or persons (as the case may be) agree to the creation of a charge on the immovable property owned by them to secure the payment to the Board of the member’s retirement sum. |
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(3) Where a member or his or her spouse or both of them jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made before 1 January 2013, permit the member —| (a) | to withdraw the amount referred to in the former section 15(6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or | | (b) | to surrender his or her approved annuity, |
| if the member or his or her spouse (or both of them), as the case may be, gives an undertaking to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the property is sold or otherwise disposed of. |
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(4) Where a member and one or more persons (other than the member’s spouse) jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made before 1 January 2013, permit the member —| (a) | to withdraw the amount referred to in the former section 15(6C)(b) or part thereof from his or her account with an approved bank or his or her retirement account; or | | (b) | to surrender his or her approved annuity, |
| if the member and the person or persons (as the case may be) give an undertaking to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the property is sold or otherwise disposed of. |
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| (5) The Board must not enforce any undertaking under subsection (3) or (4) if there exist such circumstances as may be prescribed in regulations made under section 77(1) for the purposes of this subsection. |
(6) Where a member owns any immovable property of a value equal to or exceeding the retirement sum, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —| (a) | to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or | | (b) | to surrender his or her approved annuity. |
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(7) Where a member and one or more persons jointly own any immovable property of a value equal to or exceeding the retirement sum, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —| (a) | to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or | | (b) | to surrender his or her approved annuity. |
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(8) Where a member owns any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —| (a) | to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or | | (b) | to surrender his or her approved annuity. |
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(9) Where a member and one or more persons jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made on or after 1 January 2013, permit the member, in accordance with any regulations made under section 77(1) —| (a) | to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount; or | | (b) | to surrender his or her approved annuity. |
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| (10) Where a member, with the Board’s permission under subsection (6), (7), (8) or (9), has withdrawn the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount, a charge is constituted on the immovable property referred to in subsection (6), (7), (8) or (9) (as the case may be) to secure the payment to the Board of the amount withdrawn. |
| (11) Where a member, with the Board’s permission under subsection (6), (7), (8) or (9), has surrendered his or her approved annuity, a charge is constituted on the immovable property referred to in subsection (6), (7), (8) or (9) (as the case may be) to secure the payment to the Board of the entire surrender value of the approved annuity. |
| (12) Subject to regulations made under section 77(1), the Board may, on an application made on or after 1 April 2021, permit the member to use any immovable property (owned by the member, or by the member and one or more persons jointly) to secure the whole or part of the retirement sum applicable to the member. |
| (13) Where the Board approves the member’s application under subsection (12), a charge is constituted on the immovable property mentioned in that subsection to secure the payment to the Board of an amount determined by the Board, not exceeding the amount of the retirement sum applicable to the member. |
(14) The following provisions apply to a charge constituted on any immovable property under subsection (10), (11) or (13):| (a) | the charge is subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the constitution of the charge; | | (b) | upon the constitution of the charge, the Board has the power of sale and all other powers relating or incidental thereto to sell and effectually transfer the immovable property to any purchaser as if the Board were a registered mortgagee and, in any case where the immovable property is registered land within the meaning of the Land Titles Act 1993, even though the charge is not registered under that Act; | | (c) | the charge extends to all the rights, benefits and interests of the member, or of the member and the other person or persons who jointly own the immovable property (as the case may be) under his or her or their agreement for sale and purchase of the immovable property; | | (d) | where the Board has lodged with the Registrar an instrument (which must be in such form as the Registrar may require) for the purpose of registering or notifying the charge, the Registrar need not be concerned to enquire into the regularity or validity of the charge and must, on acceptance of the instrument, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 or the Registration of Deeds Act 1988, as the case may be; | | (e) | the charge continues in force until the Board is satisfied of the occurrence of any event prescribed in regulations made under section 77(1) for the purposes of this paragraph. |
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(15) The following provisions apply to a charge created over any immovable property under subsection (1) or (2):| (a) | the charge is subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the notification of the charge; | | (b) | upon lodgment by the Board with the Registrar of an instrument (which must be in such form as the Registrar may require) for the purpose of registering or notifying the charge and the acceptance of the instrument by the Registrar, the Board has —| (i) | the power of sale and all other powers relating or incidental thereto as if the Board were a registered mortgagee; and | | (ii) | the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property; |
| | (c) | the charge extends to all the rights, benefits and interests of the member or his or her spouse, or the member and the related person or persons (as the case may be), under his or her or their agreement for sale and purchase of the immovable property; | | (d) | the Registrar need not be concerned to enquire into the regularity or validity of the charge and must, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act 1993, the Land Titles (Strata) Act 1967 or the Registration of Deeds Act 1988, as the case may be; | | (e) | the charge must, on the application of the member or any other person having an interest in the property, be cancelled if the Board is satisfied of the occurrence of any event prescribed in regulations made under section 77(1) for the purposes of this paragraph. |
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| (16) Section 73 of the Conveyancing and Law of Property Act 1886 and sections 49L and 49M of the Insurance Act 1966 do not apply to any annuity purchased with any amount standing to the credit of a member in his or her retirement account. |
(17) In this section, “related person”, in relation to a member, means —| (a) | his or her spouse; | | (b) | a child of the member, including an adopted child and a stepchild; | | (c) | a father or mother of the member; | | (d) | a brother or sister of the member; | | (e) | a grandchild of the member; | | (f) | a grandparent of the member; or | | (g) | any other person who in the opinion of the Board should be regarded as a related person for the purposes of this section.”. |
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6. Section 15A of the principal Act is amended —| (a) | by deleting the words “in section 15” and substituting the words “in sections 15, 15AA and 15AB”; and | | (b) | by deleting the words “section 15(2)(b), (c), (d), (e), (f) or (g)” and substituting the words “section 15(2)(b) or (c) or 15AA(1)”. |
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| 7. Section 16(2) of the principal Act is amended by deleting the words “section 15(2)(d), (e), (f) or (g)” and substituting the words “section 15AA(1)”. |
| 8. Section 18(2) of the principal Act is amended by deleting the words “section 15(2A)(a), (7B)(a) or (8A)(a)” in paragraphs (a) and (b) and substituting in each case the words “section 15AA(5)(a)”. |
9. Section 19B(4) of the principal Act is amended by deleting the definition of “applicable provision” and substituting the following definition:| “ “applicable provision” means section 15(2)(d), (e), (f) or (g), (2B), (7), (7C) or (8B) as in force immediately before the date of commencement of section 4 of the Central Provident Fund (Amendment) Act 2021, or section 15(7) or 15AA(1) or (6);”. |
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10. Section 19C(4) of the principal Act is amended by deleting the definition of “applicable provision” and substituting the following definition:| “ “applicable provision” means section 15(2)(d), (e), (f) or (g), (2B), (7), (7C) or (8B) as in force immediately before the date of commencement of section 4 of the Central Provident Fund (Amendment) Act 2021, or section 15(7) or 15AA(1) or (6);”. |
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11. Section 19D(9) of the principal Act, as inserted by section 58, is amended by deleting the definition of “applicable provision” and substituting the following definition:| “ “applicable provision” means section 15(2)(d), (e), (f) or (g), (2B), (7), (7C) or (8B) as in force immediately before the date of commencement of section 4 of the Central Provident Fund (Amendment) Act 2021, or section 15(7) or 15AA(1) or (6);”. |
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| 12. Section 20(1) of the principal Act is amended by inserting, immediately after the words “section 15”, the words “, 15AA or 15AB”. |
| 13. Section 21(12) of the principal Act is amended by deleting “15” and substituting “15AB”. |
14. Section 24(1) of the principal Act is amended —| (a) | by deleting the words “section 15(9), (9A), (11D), (11E) or (11EB)” in paragraph (c)(iii) and substituting the words “section 15AB(1), (2), (10), (11) or (13)”; and | | (b) | by deleting the words “15(10) or (10A)” in paragraph (d) and substituting the words “15AB(3) or (4)”. |
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| 15. Section 27(2) of the principal Act is amended by inserting, immediately after the words “section 15(2)” in paragraph (a), the words “or 15AA(1)”. |
16. Section 27B of the principal Act is amended —| (a) | by inserting, immediately after the words “section 15(2)” in subsection (1)(a)(ii)(A) and (b)(i), “, 15AA(1)”; | | (b) | by inserting, immediately after the words “section 15” in subsection (3)(c), the words “or 15AA”; and | | (c) | by inserting, immediately after the words “section 15,” in subsection (6)(a), “15AA, 15AB,”. |
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17. Section 27C of the principal Act is amended —| (a) | by deleting the words “15(9) or (9A)” in subsections (1)(a), (b) and (vi)(A) and (2)(a) and (b) and in the section heading and substituting in each case the words “15AB(1) or (2)”; | | (b) | by deleting the words “section 15(15)(e)” in subsection (1)(iv) and substituting the words “section 15AB(15)(e)”; | | (c) | by deleting the words “sections 15(15)(b) to (e)” in subsection (1)(vi) and substituting the words “sections 15AB(15)(b) to (e)”; | | (d) | by deleting the words “sections 15(11F)(b) to (e)” in subsection (1)(via) and substituting the words “sections 15AB(14)(b) to (e)”; and | | (e) | by deleting the words “section 15(11D) or (11E)” in subsection (1)(via)(A) and substituting the words “section 15AB(10) or (11)”. |
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18. Section 27D of the principal Act is amended —| (a) | by deleting the words “section 15(10) or (10A)” in subsections (1)(a), (c) and (iv) and (2)(a) and (c) and in the section heading and substituting in each case the words “section 15AB(3) or (4)”; | | (b) | by deleting the words “section 15(10),” in subsections (1)(c) and (2)(c) and substituting in each case the words “section 15AB(3),”; | | (c) | by deleting the words “sections 15(11F)(a) to (e)” in subsection (1)(vii) and substituting the words “sections 15AB(14)(a) to (e)”; and | | (d) | by deleting the words “section 15(11D) or (11E)” in subsection (1)(vii)(A) and substituting the words “section 15AB(10) or (11)”. |
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| Amendment of section 27DA |
19. Section 27DA of the principal Act is amended —| (a) | by deleting the words “section 15(11), (11A), (11B) or (11C)” in subsections (1)(a) and (2)(a) and substituting in each case the words “section 15AB(6), (7), (8) or (9)”; | | (b) | by deleting the words “section 15(11D) or (11E)” in subsections (1)(b) and (vi)(A) and (2)(b) and in the section heading and substituting in each case the words “section 15AB(10) or (11)”; | | (c) | by deleting the words “section 15(11F)(e)” in subsection (1)(iv) and substituting the words “section 15AB(14)(e)”; and | | (d) | by deleting the words “sections 15(11F)(b) to (e)” in subsection (1)(vi) and substituting the words “sections 15AB(14)(b) to (e)”. |
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| Amendment of section 27DB |
20. Section 27DB of the principal Act is amended —| (a) | by deleting the words “section 15(11EA)” in subsections (1)(a) and (3)(a) and substituting in each case the words “section 15AB(12)”; | | (b) | by deleting the words “section 15(11EB)” in the following provisions and substituting in each case the words “section 15AB(13)”:| Subsections (1)(b), (2)(f)(i), (3)(b) and (4)(a); |
| | (c) | by deleting the words “section 15(11F)(e)” in subsection (2)(d) and substituting the words “section 15AB(14)(e)”; | | (d) | by deleting the words “15(11F)(b) to (e)” in subsection (2)(f) and substituting the words “15AB(14)(b) to (e)”; and | | (e) | by deleting the words “section 15(11EB)” in the section heading and substituting the words “section 15AB(13)”. |
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| 21. Section 27I(1) of the principal Act is amended by inserting, immediately after the words “section 15”, the words “or 15AA”. |
| 22. Section 28(1) of the principal Act is amended by deleting the definition of “Housing Authority”. |
| Amendment of section 57DA |
| 23. Section 57DA(1) of the principal Act is amended by deleting the words “(2A), (6), (6C), (7), (7B) and (8A)” and substituting the words “(6), (6C) and (7), 15AA(1) and (5)”. |
24.—(1) Section 77(1) of the principal Act is amended —| (a) | by inserting, immediately after paragraph (ga), the following paragraph:| “(gaa) | for the purposes of sections 15 and 15AA, including —| (i) | to provide that a physical or mental condition is a significant condition for the purposes of section 15AA only if it is approved by the Minister and causes disability of a description or to an extent specified by the Minister; and | | (ii) | requirements and limits applicable to payments or transfers under section 15(7A);”; |
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| | (b) | by inserting, immediately after the words “sections 15,” in paragraph (o), “15AA, 15AB,”; | | (c) | by deleting sub‑paragraph (ii) of paragraph (o) and substituting the following sub‑paragraph:| “(ii) | prescribe the method of computing the retirement sum, and provide for —| (A) | certain amounts standing to the credit of a member in the member’s retirement account to be disregarded; or | | (B) | certain amounts standing to the credit of a member in the Fund or authorised for withdrawal under section 15(1A)(b) to be included, |
| when determining whether the member has set aside the retirement sum;”; |
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| | (d) | by deleting the words “15(9), (9A), (10), (10A), (11D), (11E) or (11EB)” in paragraph (o)(v) and substituting the words “15AB(1), (2), (3), (4), (10), (11) or (13)”; and | | (e) | by deleting “15(8)(e)” in paragraph (o)(vii)(A) and substituting “15AA(3)(b)”. |
(2) Section 77(2) of the principal Act is amended —| (a) | by deleting the words “section 15(2)(d), (e), (f) or (g), (6B)(a), (7A)(a), (b), (c) or (d), (8)(a), (b), (c) or (d)” in paragraph (c) and substituting the words “section 15(6B)(a), 15AA(1), (2)(a) or (3)(a)”; and | | (b) | by deleting the words “section 15” in paragraph (e) and substituting the words “sections 15, 15AA and 15AB”. |
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