Central Provident Fund (Approved Housing Schemes) (Amendment No. 2) Regulations 2005

No. S 758

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Approved Housing Schemes) (Amendment No. 2) Regulations 2005

In exercise of the powers conferred by section 77(1)(h) 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 2005 and shall come into operation on 1st December 2005.

Amendment of regulation 2

2. Regulation 2(1) of the Central Provident Fund (Approved Housing Schemes) Regulations (Rg 12) (referred to in these Regulations as the principal Regulations) is amended by deleting the definition of “flat” and substituting the following definition:

“ “flat” includes a studio apartment;”.

Amendment of regulation 3

3. Regulation 3 of the principal Regulations is amended —

(a)

by inserting, immediately after the words “a house or flat” in paragraph (1), the words “(other than a studio apartment)”;

(b)

by inserting, immediately after the words “the house or flat” in paragraph (1), the words “or for the payment of the purchase price or part thereof of the house or flat”;

(c)

by deleting paragraphs (2) and (3) and substituting the following paragraphs:

“(2) A member who has attained the age of 55 may apply to the Board to withdraw the whole or any part of the amount standing to his credit in the Fund to be paid as a deposit for the purchase of a studio apartment from the Housing and Development Board or for the payment of the purchase price or part thereof of such studio apartment, subject to such terms and conditions as the Board may impose.

(3) Unless the Board otherwise permits, a withdrawal from a member’s retirement account under paragraph (1) or (2) may only be made from the balance in the account after deducting the cash amount applicable to that member (if any).

(4) The amount which may be withdrawn from the retirement account must not exceed the charge amount applicable to that member.

(5) In this regulation —

“cash amount”, in relation to a member, means —

(a)	if the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2) applies to the member, the applicable amount specified in the third column of the Second Schedule to those Regulations; or
(b)	if the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31) applies to the member, 50% of the minimum sum applicable to the member under regulation 4 of those Regulations;

“charge amount”, in relation to a member, means —

(a)	if the Central Provident Fund (Minimum Sum Scheme) Regulations (Rg 16) applies to the member, the value of the charge created over the house or flat under regulation 7 of those Regulations;
(b)	if the Central Provident Fund (Revised Minimum Sum Scheme) Regulations applies to the member, the applicable amount specified in the fourth column of the Second Schedule to those Regulations; or
(c)	if the Central Provident Fund (New Minimum Sum Scheme) Regulations applies to the member, 50% of the minimum sum applicable to the member under regulation 4 of those Regulations.”; and

(d)

by deleting the regulation heading and substituting the following regulation heading:

“Withdrawal as deposit for or towards purchase of house or flat”.

Amendment of regulation 4

4. Regulation 4 of the principal Regulations is amended by deleting the words “the payment of the purchase price or part thereof or for the repayment of any housing loan in full or in part, or for both” and substituting the words “the repayment of any housing loan in full or in part”.

Amendment of regulation 13

5. Regulation 13 of the principal Regulations is amended —

(a)

by inserting, immediately before paragraph (1), the following paragraph:

“(1) This regulation does not apply to any house or flat to which regulation 14A applies.”;

(b)

by renumbering the existing paragraph (1) as paragraph (1A); and

(c)

by deleting the words “mortgaged to Housing and Development Board” in the regulation heading.

Amendment of regulation 14

6. Regulation 14 of the principal Regulations is amended —

(a)

by inserting, immediately before paragraph (1), the following paragraph:

“(1) This regulation does not apply to any house or flat to which regulation 14A applies.”;

(b)

by renumbering the existing paragraph (1) as paragraph (1A); and

(c)

by deleting the words “mortgaged to Housing and Development Board” in the regulation heading.

[G.N. Nos. S 88/99; S 649/2001; S 694/2002; S 389/2003; S 220/2004; S 485/2004; S 537/2005]

Made this 30th day of November 2005.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMC 29/68 V14; AG/LEG/SL/36/2005/1 Vol. 1]

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

Search within Legislation