No. S 446
Central Provident Fund Act
(Chapter 36)
Central Provident Fund (Non-residential Properties Scheme) (Amendment) Regulations 2009
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 (Non-Residential Properties Scheme) (Amendment) Regulations 2009 and shall come into operation on 1st October 2009.
Amendment of regulation 2
2.  Regulation 2 of the Central Provident Fund (Non-Residential Properties Scheme) Regulations (Rg 10) (referred to in these Regulations as the principal Regulations) is amended by inserting, immediately after paragraph (2), the following paragraph:
“(3)  For the purposes of regulations 19(2C) and 21(2C), which apply where a member has withdrawn any moneys under these Regulations in respect of the property referred to in regulations 19(1)(a) and 21(1)(a)(i), respectively, or is required under section 27C(1)(iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of the property referred to in regulations 19(1)(b) and 21(1)(a)(ii), respectively, and the member is required to pay or repay to the Board or the Fund any moneys secured by any charge on the property under section 21(1), 21A(1) or 27E(1)(iv) of the Act (referred to in this paragraph as the relevant charge), the relevant requirements are as follows:
(a)any of the following applies:
(i)there is a charge created under section 15(9) or (9A) of the Act on an immovable property (not being the property) to secure the payment to the Board of the minimum sum applicable to the member;
(ii)there is an undertaking under section 15(10) of the Act given by the member, being the owner of an immovable property (other than the property), to refund to the Board an amount equal to the minimum sum or part thereof which he is required to set aside in the event the immovable property is sold or otherwise disposed of;
(iii)there is an undertaking under section 15(10) or (10A) of the Act given by the member and one or more other persons, being joint owners of an immovable property (other than the property), to refund to the Board an amount equal to the minimum sum or part thereof which the member is required to set aside in the event the immovable property is sold or otherwise disposed of;
(iv)there is a charge under section 21(1) or 21A(1) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(v)there is a charge constituted under section 21B(1) of the Act on an immovable property (being an HDB flat, but not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(vi)there is a charge under section 27C(1)(v) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment by the member of the amount referred to in section 27C(1)(iii) of the Act;
(vii)there is an undertaking under section 27D(1)(v) of the Act given by the member to pay to the Board the amount referred to in section 27D(1)(iii) of the Act in the event an immovable property (not being the property) is sold or disposed of;
(viii)there is a charge under section 27E(1)(iv) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment of the minimum sum into the member’s retirement account; or
(ix)there is a charge constituted under section 27F(1)(iv) of the Act on an immovable property (being an HDB flat, but not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(b)the member designates, in such manner as the Board may require, the immovable property referred to in the applicable sub-paragraph of sub-paragraph (a) as the principal immovable property from which an amount sufficient to cover any deficiency in the minimum sum which the member is required to set aside shall be paid to the Board, on the sale, transfer, assignment or disposal of the immovable property, or on the compulsory acquisition of the immovable property under any written law, out of the proceeds of such sale, transfer, assignment, disposal or compulsory acquisition, as the case may be;
(c)where the member and one or more other persons jointly own the immovable property referred to in the applicable sub-paragraph of sub-paragraph (a), each joint owner of the immovable property (other than the member) gives his consent for the member to designate the immovable property as the principal immovable property for the purposes of sub-paragraph (b);
(d)the member —
(i)applies to the Board, in such manner as the Board may require, not to fully enforce the relevant charge; and
(ii)agrees to such terms and conditions as the Board may impose for not fully enforcing that charge; and
(e)the Board grants the member’s application.”.
Amendment of regulation 19
3.  Regulation 19 of the principal Regulations is amended —
(a)by deleting paragraph (2) and substituting the following paragraphs:
“(2)  Subject to paragraphs (2A), (3) and (4), 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 (1)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him 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.
(2A)  Notwithstanding paragraph (2) but subject to paragraphs (3) and (4), 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 property or his estate or interest therein to an immediate family member without consideration or for a consideration below the market value of the property or his estate or interest therein,
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 (1)(a) applies to him, all moneys withdrawn by him under these Regulations in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him 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.
(2B)  Subject to paragraphs (2C), (3) and (4), 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; and
(B)any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him 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.
(2C)  Notwithstanding paragraph (2B) but subject to paragraphs (3) and (4), 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;
(b)is required to set aside a minimum sum under section 15(6) of the Act; and
(c)is a member of the Fund in relation to whom the relevant requirements have been satisfied,
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 specified in the third column of the Second Schedule to the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2) which is applicable to him, or such lesser amount as the Board may determine, if he attained the age of 55 years on or after 1st July 1995 but before 1st July 2004;
(B)50% of the minimum sum applicable to him under regulation 4(1)(a) of the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31), or such lesser amount as the Board may determine, if he attained the age of 55 years on or after 1st July 2004; and
(C)any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him 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)by deleting the words “paragraph (2)” in paragraph (3) and substituting the words “paragraphs (2), (2A), (2B) and (2C)”;
(c)by inserting, immediately after the words “paragraphs (2)” in paragraph (4), the words “, (2A), (2B), (2C)”;
(d)by deleting sub-paragraph (i) of paragraph (b) of the definition of “net proceeds” in paragraph (5) and substituting the following sub-paragraph:
“(i)any amount outstanding under a loan for the purchase or acquisition of the property which is to be repaid in priority to the Fund pursuant to —
(A)an agreement between the Board, the member and the mortgagee; or
(B)if there is no such agreement, the most recent Memorandum of Mortgage filed by the Board with the Registrar of Titles under rule 8 of the Land Titles Rules (Cap. 157, R 1); and”; and
(e)by deleting the words “paragraph (2) or (3)” in paragraph (b)(i) of the definition of “relevant amount” in paragraph (5) and substituting the words “paragraph (2), (2A), (2B), (2C) or (3)”.
Amendment of regulation 21
4.  Regulation 21 of the principal Regulations is amended —
(a)by deleting paragraphs (1) and (2) and substituting the following paragraphs:
“(1)  Where —
(a)a member —
(i)has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him which have not been repaid); or
(ii)is required under section 27C(1)(iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property; and
(b)the property or any estate or interest therein —
(i)is sold, transferred, assigned or otherwise disposed of by any other person, including any mortgagee, with or without the consent of the Board; or
(ii)is compulsorily acquired under the Land Acquisition Act (Cap. 152) or any other written law,
the member shall pay to his account in the Fund the amount specified in the applicable paragraph of this regulation or such part thereof as the Board may determine, taking into consideration the circumstances of each case.
(2)  Subject to paragraphs (2A), (4) and (5), where the member whose property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person, or has been compulsorily acquired, is below the age of 55 years at the time of the sale, transfer, assignment, disposal or compulsory 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 sale, transfer, assignment, disposal or compulsory 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 (1)(a)(i) applies to him, all moneys withdrawn by him under these Regulations in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him 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)(a)(ii) applies to him, the relevant amount.
(2A)  Notwithstanding paragraph (2) but subject to paragraphs (4) and (5), where the member whose property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person —
(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 property or his estate or interest therein to an immediate family member without consideration or for a consideration below the market value of the property or his estate or interest therein,
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 (1)(a)(i) applies to him, all moneys withdrawn by him under these Regulations in respect of the property (including any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him 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)(a)(ii) applies to him, the relevant amount.
(2B)  Subject to paragraphs (2C), (4) and (5), where the member whose property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person, or has been compulsorily acquired —
(a)has attained the age of 55 years at the time of the sale, transfer, assignment, disposal or compulsory acquisition; 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, disposal or compulsory acquisition; or
(ii)the aggregate of —
(A)the amount of the minimum sum or any deficiency thereof which he is required to set aside; and
(B)any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him 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.
(2C)  Notwithstanding paragraph (2B) but subject to paragraphs (4) and (5), where the member whose property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person, or has been compulsorily acquired —
(a)has attained the age of 55 years at the time of the sale, transfer, assignment, disposal or compulsory acquisition;
(b)is required to set aside a minimum sum under section 15(6) of the Act; and
(c)is a member of the Fund in relation to whom the relevant requirements have been satisfied,
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, disposal or compulsory acquisition; or
(ii)the aggregate of —
(A)the amount specified in the third column of the Second Schedule to the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2) which is applicable to him, or such lesser amount as the Board may determine, if he attained the age of 55 years on or after 1st July 1995 but before 1st July 2004;
(B)50% of the minimum sum applicable to him under regulation 4(1)(a) of the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31), or such lesser amount as the Board may determine, if he attained the age of 55 years on or after 1st July 2004; and
(C)any moneys lent to him under section 14A of the Act in respect of the property and withdrawn by him 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)by deleting the words “as defined in regulation 19(5)” in paragraph (4)(B);
(c)by deleting the words “Subject to paragraph (2)” in paragraph (5) and substituting the words “Notwithstanding paragraphs (2), (2A), (2B), (2C) and (3)”;
(d)by deleting “(1)” in paragraph (5)(a) and substituting “(1)(b)”;
(e)by deleting “(1)(a)” in paragraph (5)(A) and substituting “(1)(a)(i)”;
(f)by deleting “(1)(b)” in paragraph (5)(B) and substituting “(1)(a)(ii)”;
(g)by deleting the words “as defined in regulation 19(5)” in paragraph (5)(B); and
(h)by inserting, immediately after paragraph (5), the following paragraph:
“(6)  In this regulation —
“net proceeds”, in relation to any property which has been sold, transferred, assigned, disposed of or compulsorily acquired, means any positive difference between —
(a)such of the following as may be applicable:
(i)if the property has been sold, transferred, assigned or disposed of, the consideration for the sale, transfer, assignment or disposal of the property, or, if the Board so elects, the value of the property at the time of the sale, transfer, assignment or disposal as assessed by the Board; or
(ii)if the property has been compulsorily acquired, the amount of compensation paid upon the compulsory acquisition of the property; and
(b)the aggregate of the following amounts paid in the following order:
(i)any amount outstanding under a housing loan for the purchase or acquisition of the property which is to be repaid in priority to the Fund pursuant to —
(A)an agreement between the Board, the member and the mortgagee; or
(B)if there is no such agreement, the most recent Memorandum of Mortgage filed by the Board with the Registrar of Titles under rule 8 of the Land Titles Rules (Cap. 157, R 1); and
(ii)any amount which, under any written law, is to be paid to any other person in priority to the Fund;
“relevant amount” means —
(a)in relation to a member who is required under section 27C(1)(iii) of the Act to make a payment to the Fund upon the sale or disposal of a property, any positive difference between —
(i)the amount payment of which was secured by the charge on the property referred to in section 27C(1)(b) of the Act; and
(ii)the amount which has been paid to the Board under section 27C(1)(i) of the Act towards covering the deficiency in the minimum sum which the spouse of the member is required to set aside; or
(b)in relation to a member who is required under section 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, any positive difference between —
(i)the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2), (2A), (2B), (2C) or (5) (excluding such interest or part thereof payable under the applicable paragraph as the Board may determine), if there was no order of court referred to in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the property to the member; and
(ii)the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(i) of the Act;
“spouse” includes a former spouse.”.
New regulation 21A
5.  The principal Regulations are amended by inserting, immediately after regulation 21, the following regulation:
“No repayment of moneys in certain circumstances
21A.  Notwithstanding regulations 19 and 21, a member who has withdrawn any moneys under these Regulations in respect of a property, or who is required under section 27C(1)(iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a property, shall not, on the sale, transfer, assignment or disposal of the property, or on the compulsory acquisition of the property under any written law, be required to pay or repay to the Board or the Fund any moneys secured by any charge on the property under section 21(1), 21A(1) or 27E(1)(iv) of the Act (referred to in this regulation as the relevant charge), if —
(a)the member has attained the age of 55 years;
(b)any of the following applies:
(i)there is a charge created under section 15(9) or (9A) of the Act on an immovable property (not being the property) to secure the payment to the Board of the minimum sum applicable to the member;
(ii)there is an undertaking under section 15(10) of the Act given by the member, being the owner of an immovable property (other than the property), to refund to the Board an amount equal to the minimum sum or part thereof which he is required to set aside in the event the immovable property is sold or otherwise disposed of;
(iii)there is an undertaking under section 15(10) or (10A) of the Act given by the member and one or more other persons, being joint owners of an immovable property (other than the property), to refund to the Board an amount equal to the minimum sum or part thereof which the member is required to set aside in the event the immovable property is sold or otherwise disposed of;
(iv)there is a charge under section 21(1) or 21A(1) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(v)there is a charge constituted under section 21B(1) of the Act on an immovable property (being an HDB flat, but not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(vi)there is a charge under section 27C(1)(v) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment by the member of the amount referred to in section 27C(1)(iii) of the Act;
(vii)there is an undertaking under section 27D(1)(v) of the Act given by the member to pay to the Board the amount referred to in section 27D(1)(iii) of the Act in the event an immovable property (not being the property) is sold or disposed of;
(viii)there is a charge under section 27E(1)(iv) of the Act on the member’s estate or interest in an immovable property (not being the property) to secure the payment of the minimum sum into the member’s retirement account; or
(ix)there is a charge constituted under section 27F(1)(iv) of the Act on an immovable property (being an HDB flat, but not being the property) to secure the payment of the minimum sum into the member’s retirement account;
(c)the member designates, in such manner as the Board may require, the immovable property referred to in the applicable sub-paragraph of paragraph (b) as the principal immovable property from which an amount sufficient to cover any deficiency in the minimum sum which the member is required to set aside shall be paid to the Board, on the sale, transfer, assignment or disposal of the immovable property, or on the compulsory acquisition of the immovable property under any written law, out of the proceeds of such sale, transfer, assignment, disposal or compulsory acquisition, as the case may be;
(d)where the member and one or more other persons jointly own the immovable property referred to in the applicable sub-paragraph of paragraph (b), each joint owner of the immovable property (other than the member) gives his consent for the member to designate the immovable property as the principal immovable property for the purposes of paragraph (c);
(e)the Board is satisfied that the member has complied with the requirements of section 15(6) of the Act;
(f)the member —
(i)applies to the Board, in such manner as the Board may require, not to enforce the relevant charge; and
(ii)agrees to such terms and conditions as the Board may impose for not enforcing that charge; and
(g)the Board grants the member’s application.”.
[G.N. Nos. S 254/2007; S 511/2007; S 585/2007; S 705/2007]

Made this 28th day of September 2009.

LEO YIP
Permanent Secretary,
Ministry of Manpower,
Singapore.
[MMC 29/68-07 TF1; AG/LEG/SL/36/2005/25 Vol. 1]
(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).
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