No. S 507
Central Provident Fund Act
(Chapter 36)
Central Provident Fund (Approved Housing Schemes) (Amendment No. 2) Regulations 2007
In exercise of the powers conferred by section 77(1)(h) and (ra) of the Central Provident Fund Act, the Minister for Manpower, after consulting with the Central Provident Fund Board, hereby makes the following Regulations:
Citation and commencement
1.  These Regulations may be cited as the Central Provident Fund (Approved Housing Schemes) (Amendment No. 2) Regulations 2007 and shall come into operation on 1st October 2007.
Amendment of regulation 10
2.  Regulation 10 of the Central Provident Fund (Approved Housing Schemes) Regulations (Rg 12) (referred to in these Regulations as the principal Regulations) is amended —
(a)by deleting the words “any interest that would have accrued thereto” in paragraphs (1) and (2)(a) and substituting in each case the words “the whole or such part, as the Board may determine, of any interest that would have been payable thereon”;
(b)by inserting, immediately after the words “have not been repaid)” in paragraph (1), a comma;
(c)by inserting, immediately after the words “had not been made” in paragraph (1), a comma;
(d)by inserting, at the end of paragraph (1)(a)(i), the word “or”;
(e)by deleting the word “or” at the end of paragraph (1)(a)(ii); and
(f)by deleting sub-paragraph (iii) of paragraph (1)(a).
Amendment of regulation 11
3.  Regulation 11 of the principal Regulations is amended by deleting paragraph (1) and substituting the following paragraph:
(1)  Except as otherwise provided in paragraph (2) and regulations 13, 14 and 14A, where a member —
(a)has withdrawn any moneys under these Regulations in respect of a house or flat; or
(b)is required under section 27D(1) (iii) or 27F (1) (ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat,
then —
(i)on the death of the member; or
(ii)when the member is entitled to withdraw the amount standing to his credit in the Fund under section 15(2), (3) or (4) of the Act and has complied with the requirements for such withdrawal,
such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall cease to be payable to his account in the Fund:
(A)if sub-paragraph (a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (other than any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(B)if sub-paragraph (b) applies to him, the relevant amount.”.
Amendment of regulation 13
4.  Regulation 13 of the principal Regulations is amended by deleting paragraphs (2) to (15) and substituting the following paragraphs:
(2)  The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who —
(a)has withdrawn any moneys under these Regulations in respect of a house or flat; or
(b)is required under section 27D(1) (iii) or 27F (1) (ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat,
to sell, transfer, assign or otherwise dispose of the house or flat or any of his estate or interest therein to any person, if the Board is satisfied that adequate arrangements have been made to secure the payment into the member’s account in the Fund of the amount specified in this regulation or such other amount as the Board may allow.
(3)  Subject to paragraphs (4), (10) and (11), where the member making the sale, transfer, assignment or disposal is below the age of 55 years at the time of the sale, transfer, assignment or disposal, he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(a)the net proceeds of the sale, transfer, assignment or disposal; or
(b)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(ii)where paragraph (2)(b) applies to him, the relevant amount.
(4)  Notwithstanding paragraph (3) but subject to paragraphs (10) and (11), where the member making the sale, transfer, assignment or disposal —
(a)is below the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(b)sells, transfers, assigns or disposes of the house or flat to an immediate family member without consideration or for a consideration below the market value of the house or flat,
he shall, unless the Board otherwise directs, pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(ii)where paragraph (2)(b) applies to him, the relevant amount.
(5)  Subject to paragraphs (6), (8), (10) and (11), where the member making the sale, transfer, assignment or disposal —
(a)has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; and
(b)is required to set aside a minimum sum under section 15(6) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(i)the net proceeds of the sale, transfer, assignment or disposal; or
(ii)the aggregate of —
(A)the amount of the minimum sum or any deficiency thereof which he is required to set aside, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon; and
(B)any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made.
(6)  Notwithstanding paragraph (5) but subject to paragraphs (10) and (11), where the member making the sale, transfer, assignment or disposal —
(a)was adjudicated a bankrupt before attaining the age of 55 years;
(b)has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)is required to set aside the sums under section 15(6) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(i)the net proceeds of the sale, transfer, assignment or disposal; or
(ii)the higher of —
(A)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(I)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(II)where paragraph (2)(b) applies to him, the relevant amount; or
(B)the aggregate of —
(I)the sums, or any deficiency thereof, which he is required to set aside under section 15(6) of the Act, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon; and
(II)any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made.
(7)  Subject to paragraphs (10) and (11), where the member making the sale, transfer, assignment or disposal —
(a)was adjudicated a bankrupt before attaining the age of 55 years;
(b)has attained the age of 55 years and remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)is not required to set aside any sum under section 15(6) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(i)the net proceeds of the sale, transfer, assignment or disposal; or
(ii)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(A)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(B)where paragraph (2)(b) applies to him, the relevant amount.
(8)  Notwithstanding paragraph (5) but subject to paragraphs (10) and (11), where the member making the sale, transfer, assignment or disposal —
(a)was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)is required to set aside a minimum sum under section 15(6) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(i)the net proceeds of the sale, transfer, assignment or disposal; or
(ii)the aggregate of —
(A)the amount of the minimum sum or any deficiency thereof which he is required to set aside, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon; and
(B)any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made.
(9)  Subject to paragraphs (10) and (11), where the member making the sale, transfer, assignment or disposal —
(a)was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(b)remains an undischarged bankrupt at the time of the sale, transfer, assignment or disposal; and
(c)is not required to set aside a minimum sum under section 15(6) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(i)the net proceeds of the sale, transfer, assignment or disposal; or
(ii)any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made.
(10)  Notwithstanding paragraphs (3) to (9) but subject to paragraph (11), where the member making the sale, transfer, assignment or disposal —
(a)withdraws the sum standing to his credit in the Fund under section 15(2)(d), (e) or (f) of the Act; or
(b)withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15(7A)(a), (b) or (ba) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine;
(ii)where paragraph (2)(b) applies to him, the relevant amount, or such part thereof as the Board may determine.
(11)  Notwithstanding paragraphs (3) to (10), where the member transfers (other than by way of sale) his estate or interest in the house or flat to his spouse pursuant to an order of court referred to in section 27D(1)(d) or 27F(1)(c) of the Act —
(a)in the case of an order of court referred to in section 27D(1)(d) of the Act, the person referred to in section 27D(1)(i) of the Act shall pay to the member’s account in the Fund, in such manner as the Board may determine, any amount referred to in section 27D(1)(i) of the Act which the person may be required by the order of court to pay to the Board; or
(b)in the case of an order of court referred to in section 27F(1)(c) of the Act, the member or person referred to in section 27F(1)(i) of the Act shall pay to the member’s account in the Fund, in such manner as the Board may determine, such of the amounts referred to in section 27F(1)(i)(A), (B) and (C) of the Act as may be applicable to the member or person.
(12)  In this regulation —
“net proceeds”, in relation to any house or flat which is sold, transferred, assigned or disposed of, means any positive difference between —
(a)the consideration for the sale, transfer, assignment or disposal of the house or flat, or, if the Board so elects, the value of the house or flat at the time of the sale, transfer, assignment or disposal as assessed by the Board; and
(b)the aggregate of the following amounts paid in the following order:
(i)any amount under a housing loan from the Housing and Development Board for the purchase of the house or flat which has not been repaid;
(ii)any amount which, under any written law, is to be paid to any other person in priority to the Fund; and
(iii)any resale levy imposed by the Housing and Development Board as may be approved by the Board;
“relevant amount” means —
(a)in relation to a member who is required under section 27D(1)(iii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, any positive difference between —
(i)the amount which the spouse of the member has given an undertaking to refund to the Board under section 15(10) or (10A) of the Act in the event the house or flat is sold or otherwise disposed of; and
(ii)the amount which has been paid to the Board under section 27D(1)(i) of the Act towards covering the deficiency in the minimum sum which the spouse is required to set aside; or
(b)in relation to a member who is required under section 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, any positive difference between —
(i)the amount which would have been payable into the account of the member’s spouse in the Fund under paragraphs (3) to (10) (excluding such interest or part thereof payable under those paragraphs as the Board may determine), if there was no order of court referred to in section 27F(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the house or flat to the member; and
(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27F(1)(i) of the Act;
“spouse” includes a former spouse.”.
Amendment of regulation 14
5.  Regulation 14 of the principal Regulations is amended —
(a)by deleting paragraphs (2) and (3) and substituting the following paragraphs:
(2)  Where —
(a)a member —
(i)has withdrawn any moneys under these Regulations in respect of a house or flat; or
(ii)is required under section 27D(1)(iii) or 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat; and
(b)the house or flat is compulsorily acquired under —
(i)section 56 of the Housing and Development Act (Cap. 129);
(ii)section 46 of the Jurong Town Corporation Act (Cap. 150); or
(iii)any other written law,
the member shall pay to his account in the Fund the amount specified in this regulation or such other amount as the Board may allow, taking into consideration the circumstances of each case.
(3)  Where the member whose house or flat has been acquired is below the age of 55 years at the time of the acquisition, he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(a)the net proceeds of the acquisition; or
(b)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (2)(a)(i) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(ii)where paragraph (2)(a)(ii) applies to him, the relevant amount.”;
(b)by deleting the word “repay” in paragraphs (4), (7) and (8) and substituting in each case the word “pay”;
(c)by deleting the word “less” in paragraphs (4), (7) and (8) and substituting in each case the word “lesser”;
(d)by deleting the words “any interest that would have accrued thereto” in paragraphs (4)(ii)(B), (7)(ii)(B) and (8)(ii) and substituting in each case the words “the whole or such part, as the Board may determine, of any interest that would have been payable thereon”;
(e)by deleting paragraphs (5) and (6) and substituting the following paragraphs:
(5)  Notwithstanding paragraph (4) but subject to paragraph (9), where the member whose house or flat has been acquired —
(a)was adjudicated a bankrupt before attaining the age of 55 years;
(b)has attained the age of 55 years and remains an undischarged bankrupt at the time of the acquisition; and
(c)is required to set aside the sums under section 15(6) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(i)the net proceeds of the acquisition; or
(ii)the higher of —
(A)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(I)where paragraph (2)(a)(i) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(II)where paragraph (2)(a)(ii) applies to him, the relevant amount; or
(B)the aggregate of —
(I)the sums, or any deficiency thereof, which he is required to set aside under section 15(6) of the Act, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon; and
(II)any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made.
(6)  Subject to paragraph (9), where the member whose house or flat has been acquired —
(a)was adjudicated a bankrupt before attaining the age of 55 years;
(b)has attained the age of 55 years and remains an undischarged bankrupt at the time of the acquisition; and
(c)is not required to set aside any sum under section 15(6) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:
(i)the net proceeds of the acquisition; or
(ii)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(A)where paragraph (2)(a)(i) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(B)where paragraph (2)(a)(ii) applies to him, the relevant amount.”;
(f)by deleting paragraph (9) and substituting the following paragraph:
(9)  Notwithstanding paragraphs (3) to (8), where the member whose house or flat has been acquired —
(a)withdraws the amount standing to his credit in the Fund under section 15(2)(d), (e) or (f) of the Act; or
(b)withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15(7A)(a), (b) or (ba) of the Act,
he shall pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (2)(a)(i) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine;
(ii)where paragraph (2)(a)(ii) applies to him, the relevant amount, or such part thereof as the Board may determine.”; and
(g)by inserting, immediately after the definition of “net proceeds of the acquisition” in paragraph (10), the following definitions:
“ “relevant amount” means —
(a)in relation to a member who is required under section 27D(1)(iii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, any positive difference between —
(i)the amount which the spouse of the member has given an undertaking to refund to the Board under section 15(10) or (10A) of the Act in the event the house or flat is sold or otherwise disposed of; and
(ii)the amount which has been paid to the Board under section 27D(1)(i) of the Act towards covering the deficiency in the minimum sum which the spouse is required to set aside; or
(b)in relation to a member who is required under section 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, any positive difference between —
(i)the amount which would have been payable into the account of the member’s spouse in the Fund under paragraphs (3) to (9) (excluding such interest or part thereof payable under those paragraphs as the Board may determine), if there was no order of court referred to in section 27F(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse's interest in the house or flat to the member; and
(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27F(1)(i) of the Act;
“spouse” includes a former spouse;”.
Amendment of regulation 14A
6.  Regulation 14A of the principal Regulations is amended —
(a)by deleting paragraphs (2) and (3) and substituting the following paragraphs:
(2)  The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who —
(a)has withdrawn any moneys under these Regulations in respect of a house or flat; or
(b)is required under section 27D(1)(iii) or 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat,
to sell, transfer, assign or otherwise dispose of the house or flat or any of his estate or interest therein, if the Board is satisfied that adequate arrangements have been made to cause the proceeds of the sale, transfer, assignment or disposal to be applied in the following order of priority:
(i)firstly, to discharge any statutory rights and charges of any public authority under any written law over the house or flat;
(ii)secondly, to discharge any encumbrance registered or notified prior to the date of constitution of the Board's charge over the house or flat;
(iii)thirdly, to pay the Board and the private lender in the order of priority set out in paragraph (4), provided that the total sum paid to the Board shall not exceed the maximum sum as determined in accordance with paragraph (5); and
(iv)fourthly, to pay all other parties to whom moneys are owed by the member in respect of the house or flat, according to the order of priority set out in the Housing and Development (Mortgage to Lender) Rules (Cap. 129, R 10).
(3)  Where —
(a)a member —
(i)has withdrawn any moneys under these Regulations in respect of a house or flat; or
(ii)is required under section 27D(1)(iii) or 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat; and
(b)the house or flat in respect of which the withdrawal was made is compulsorily acquired under —
(i)section 56 of the Housing and Development Act (Cap. 129);
(ii)section 46 of the Jurong Town Corporation Act (Cap. 150); or
(iii)any other written law,
the member shall cause the compensation paid upon the acquisition to be distributed according to the order of priority set out in paragraph (2).”;
(b)by deleting the words “paragraph (2)(c)” in paragraph (4) and substituting the words “paragraph (2)(iii)”;
(c)by deleting sub-paragraph (b) of paragraph (4) and substituting the following sub-paragraph:
(b)secondly, in payment to the Board of the aggregate of —
(i)the total, up to 100% of the ascribed value, of —
(A)all moneys withdrawn by the member under these Regulations in respect of the house or flat (excluding the sums referred to in sub-paragraph (ii)); and
(B)if the member is required under section 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of the house or flat, all moneys withdrawn by the spouse of the member under these Regulations in respect of the house or flat (excluding the sums referred to in sub-paragraph (iii)(A) and (B)), less any portion of those moneys which has been paid to the Fund to the credit of the spouse under section 27F(1)(i) of the Act;
(ii)all moneys withdrawn by the member under these Regulations to pay —
(A)any improvement contribution; or
(B)any costs, fees or other expenses incurred in connection with the withdrawal of moneys under these Regulations or the purchase and mortgage of the house or flat; and
(iii)if the member is required under section 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of the house or flat, all moneys withdrawn by the spouse of the member under these Regulations to pay —
(A)any improvement contribution; or
(B)any costs, fees or other expenses incurred in connection with the withdrawal of moneys under these Regulations or the purchase and mortgage of the house or flat,
less any portion of those moneys which has been paid to the Fund to the credit of the spouse under section 27F(1)(i) of the Act;”;
(d)by deleting the word “and” at the end of paragraph (4)(c)(i)(A);
(e)by deleting the word “accrued” in paragraph (4)(c)(i)(B) and substituting the words “been payable”;
(f)by inserting, immediately after sub-paragraph (B) of paragraph (4)(c)(i), the following sub-paragraph:
(C)if the member is required under section 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of the house or flat, any positive difference between the relevant amount and the sums referred to in sub-paragraph (b)(i)(B) and (iii); and”;
(g)by deleting paragraph (5) and substituting the following paragraph:
(5)  For the purpose of paragraph (2)(iii), the maximum sum shall be determined as follows:
(a)subject to sub-paragraphs (b), (h) and (i), where the member is below the age of 55 years at the time of the relevant transaction, the maximum sum shall be an amount equivalent to such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(ii)where paragraph (2)(b) applies to him, the relevant amount;
(b)subject to sub-paragraphs (h) and (i), where —
(i)the member is below the age of 55 years at the time of the relevant transaction; and
(ii)the relevant transaction is entered into with an immediate family member without consideration or for a consideration below the market value of the house or flat,
the maximum sum shall be an amount equivalent to such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(A)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine;
(B)where paragraph (2)(b) applies to him, the relevant amount, or such part thereof as the Board may determine;
(c)subject to sub-paragraphs (h) and (i), where the member —
(i)has attained the age of 55 years;
(ii)is not a bankrupt at the time of the relevant transaction; and
(iii)is required to set aside a minimum sum under section 15(6) of the Act,
the maximum sum shall be the aggregate of —
(A)the amount of the minimum sum or any deficiency thereof which he is required to set aside, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon; and
(B)any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(d)subject to sub-paragraphs (h) and (i), where the member —
(i)has attained the age of 55 years;
(ii)was adjudicated a bankrupt before he attained the age of 55 years;
(iii)is a bankrupt at the time of the relevant transaction; and
(iv)is required to set aside the sums under section 15(6) of the Act,
the maximum sum shall be the higher of the following amounts:
(A)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(I)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid);
(II)where paragraph (2)(b) applies to him, the relevant amount;
(B)the aggregate of —
(I)the sums, or any deficiency thereof, which he is required to set aside under section 15(6) of the Act, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon; and
(II)any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(e)subject to sub-paragraphs (h) and (i), where the member —
(i)has attained the age of 55 years;
(ii)was adjudicated a bankrupt before he attained the age of 55 years;
(iii)is a bankrupt at the time of the relevant transaction; and
(iv)is not required to set aside any sum under section 15(6) of the Act,
the maximum sum shall be an amount equivalent to such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(A)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(B)where paragraph (2)(b) applies to him, the relevant amount;
(f)subject to sub-paragraphs (h) and (i), where the member —
(i)has attained the age of 55 years;
(ii)was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(iii)is a bankrupt at the time of the relevant transaction; and
(iv)is required to set aside a minimum sum under section 15(6) of the Act,
the maximum sum shall be the aggregate of —
(A)the amount of the minimum sum or any deficiency thereof which he is required to set aside, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon; and
(B)any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(g)subject to sub-paragraphs (h) and (i), where the member —
(i)has attained the age of 55 years;
(ii)was adjudicated a bankrupt at a time when he had attained the age of 55 years;
(iii)is a bankrupt at the time of the relevant transaction; and
(iv)is not required to set aside a minimum sum under section 15(6) of the Act,
the maximum sum shall be an amount equivalent to any moneys lent to him under section 14A of the Act in connection with the purchase of the house or flat and withdrawn by him under regulation 4A which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(h)subject to sub-paragraph (i), where the member —
(i)withdraws the sum standing to his credit in the Fund under section 15(2)(d), (e) or (f) of the Act; or
(ii)withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15(7A)(a), (b) or (ba) of the Act,
the maximum sum shall be an amount equivalent to such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(A)where paragraph (2)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine;
(B)where paragraph (2)(b) applies to him, the relevant amount, or such part thereof as the Board may determine; and
(i)where the member transfers (other than by way of sale) his estate or interest in the house or flat to his spouse pursuant to an order of court referred to in section 27D(1)(d) or 27F(1)(c) of the Act, the maximum sum shall be an amount equivalent to —
(i)in the case of an order of court referred to in section 27D(1)(d) of the Act, any amount referred to in section 27D(1)(i) of the Act; or
(ii)in the case of an order of court referred to in section 27F(1)(c) of the Act, the aggregate of such of the amounts referred to in section 27F(1)(i)(A), (B) and (C) of the Act as may be applicable.”;
(h)by inserting, immediately after the definition of “proceeds” in paragraph (9), the following definition:
“ “relevant amount” means —
(a)in relation to a member who is required under section 27D(1)(iii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, any positive difference between —
(i)the amount which the spouse of the member has given an undertaking to refund to the Board under section 15(10) or (10A) of the Act in the event the house or flat is sold or otherwise disposed of; and
(ii)the amount which has been paid to the Board under section 27D(1)(i) of the Act towards covering the deficiency in the minimum sum which the spouse is required to set aside; or
(b)in relation to a member who is required under section 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat, any positive difference between —
(i)the amount which would have been payable into the account of the member's spouse in the Fund under sub-paragraphs (a) to (h) of paragraph (5) (excluding such interest or part thereof payable under those sub-paragraphs as the Board may determine), if there was no order of court referred to in section 27F(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the house or flat to the member; and
(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27F(1)(i) of the Act;”;
(i)by deleting the full-stop at the end of the definition of “relevant transaction” in paragraph (9) and substituting a semi-colon, and by inserting immediately thereafter the following definition:
“ “spouse” includes a former spouse.”; and
(j)by deleting the words “Disposition of proceeds” in the regulation heading and substituting the words “Permitted sale or compulsory acquisition, and disposition of proceeds,”.
Deletion and substitution of regulation 15
7.  Regulation 15 of the principal Regulations is deleted and the following regulation substituted therefor:
Repayment of moneys where house or flat is vested in Housing and Development Board, Jurong Town Corporation or approved developer
15.—(1)  Subject to paragraph (2), where a member —
(a)has withdrawn any moneys under these Regulations in respect of a house or flat; or
(b)is required under section 27D(1)(iii) or 27F(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a house or flat,
no moneys shall be payable by the member to the Fund where —
(i)the house or flat is vested in the Housing and Development Board under section 47 of the Housing and Development Act (Cap. 129), the Jurong Town Corporation under section 40 of the Jurong Town Corporation Act (Cap. 150) or an approved developer under section 65R of the Housing and Development Act; and
(ii)the moneys paid or deposited in respect of the house or flat are forfeited by the Board, Corporation or approved developer, as the case may be.
(2)  Where any sum of money paid or deposited in respect of the house or flat is refunded to the member by the Housing and Development Board, the Jurong Town Corporation or the approved developer, as the case may be, upon the vesting of the house or flat referred to in paragraph (1), the member shall pay into his account in the Fund whichever is the lesser of the following amounts:
(a)the amount so refunded to him; or
(b)such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:
(i)where paragraph (1)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the house or flat (including any moneys lent to him under section 14A of the Act in connection with the purchase of that house or flat and withdrawn by him under regulation 4A which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made;
(ii)where paragraph (1)(b) applies to him, the relevant amount.”.
[G.N. No. S 255/2007]
Made this 27th day of September 2007.
LEO YIP
Permanent Secretary,
Ministry of Manpower,
Singapore.
[MMS 7/68 V51; AG/LEG/SL/36/2005/1 Vol. 2]
(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).