Central Provident Fund (Investment Schemes) (Amendment No. 2) Regulations 2009

Status:

Published in Subsidiary Legislation Supplement
on 01 May 2009

No. S 179

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment No. 2) Regulations 2009

In exercise of the powers conferred by section 77(1)(n) 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 (Investment Schemes) (Amendment No. 2) Regulations 2009 and shall come into operation on 1st May 2009.

Amendment of regulation 28

2. Regulation 28 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) is amended —

(a)

by deleting the words “(2) and (3)” in paragraph (1) and substituting the words “(2) to (6)”;

(b)

by inserting, immediately after the words “8th April 2008” in paragraph (2), the words “but before 8th May 2009”; and

(c)

by inserting, immediately after paragraph (3), the following paragraphs:

“(4) Subject to paragraph (5), on or after 8th May 2009, a member shall not be entitled to make any withdrawal of CPF contributions from his special account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $30,000 standing to his credit in his special account.

(5) Paragraph (4) shall not apply to a withdrawal of CPF contributions from a member’s special account under this Part, or under this Part and regulation 39 collectively, if the application for the withdrawal is made before 1st May 2009.

(6) Paragraph (4) shall not apply to a withdrawal of CPF contributions from a member’s special account on or after 8th May 2009 for the purchase of units in a unit trust scheme under regulation 32, or under regulations 32 and 39 collectively, if —

(a)

the member sells the units in a unit trust scheme which he had previously purchased under regulation 32 and concurrently applies to purchase units in another unit trust scheme;

(b)

the proceeds of the sale of the first-mentioned units in a unit trust scheme in sub-paragraph (a) are transferred to the special account of the member; and

(c)

the purchase price and any fees and expenses incurred in the purchase of the units in the second-mentioned unit trust scheme in sub-paragraph (a) does not exceed —

(i)	the amount of such proceeds of sale referred to in sub-paragraph (b); and
(ii)	the amount standing to the credit of the member in his special account after the making of the refund of such proceeds.”.

[G.N. Nos. S 723/2006; S 514/2007; S 704/2007; S 145/2008; S 511/2008; S 85/2009]

Made this 24th day of April 2009.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 2.4/80 V23; AG/LEG/SL/36/2005/33 Vol. 2]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).

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