3. The Central Provident Fund Regulations are amended by inserting, immediately after regulation 8, the following regulations:| “Requirements to be satisfied before member’s accounts in Fund deemed to be dormant |
9.—(1) For the purpose of section 2(1B) of the Act, a member’s accounts in the Fund shall be deemed dormant on and with effect from the date on which all of the following requirements are satisfied:| (a) | the member is aged 100 years or above; | | (b) | there have been no transactions in the member’s accounts which would satisfy the Board that the member is alive during the period of 10 years immediately preceding such date; | | (c) | the Board has, in accordance with paragraph (2) or (3), as the case may be, notified the member that he is required to satisfy the Board that he is still alive; and | | (d) | the member fails to satisfy the Board that he is alive in such form and manner, and within such period, as required by the Board under sub-paragraph (c). |
| (2) Where the Board has records of the last known address of a member referred to in paragraph (1), the Board may, by written notice to the member, require him to satisfy the Board that he is alive by responding to the Board in such form and manner, and within such period, as the Board may specify in the written notice. |
| (3) Where the address of a member referred to in paragraph (1) is unknown, the Board may publish a notice in an English local daily newspaper and, at the option of the Board, one other local daily newspaper in another language of the Board’s choice, requiring the member to satisfy the Board that he is alive by responding to the Board in such form and manner, and within such period, as the Board may specify in the published notice. |
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| Transfer of moneys where member’s accounts in Fund are deemed to be dormant |
10.—(1) The Board may, at any time after 6 months from the date on which a member’s accounts in the Fund are deemed to be dormant, transfer the amount standing to the credit of the member in his medisave account, special account, retirement account and living expenses account to his ordinary account.(2) Where the Board has made a transfer under paragraph (1) and —| (a) | no restoration of the moneys under regulation 12 has taken place; and | | (b) | there are moneys standing to the credit of the member in his ordinary account, |
| the Board may, at any time after the 7th anniversary of the date on which the member’s accounts in the Fund are deemed to be dormant, transfer the amount standing to the credit of that member in his ordinary account to the general moneys of the Fund. |
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| (3) In this regulation and regulation 11, “living expenses account” means an account maintained by the Board for a member of the Fund in respect of any amount standing to his credit in the Fund which he is required to set aside under any condition referred to in section 27(2)(b) or (3) of the Act. |
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| Transfer of moneys where member has died |
11.—(1) Where a member has died and —| (a) | there is any amount standing to the credit of the member in his medisave account, special account, retirement account or living expenses account; and | | (b) | at least 6 months have passed from the date of the member’s death, |
| the Board may transfer the amount under sub-paragraph (a) to the member’s ordinary account. |
(2) Where a member has died and —| (a) | there is any amount standing to the credit of the member in his ordinary account, medisave account, special account, retirement account or living expenses account; and | | (b) | the 7th anniversary of the date of the member’s death has passed, |
| the Board may transfer the amount under sub-paragraph (a) to the general moneys of the Fund. |
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| (3) Where the Board has received, within the period of 6 months from the date of the member’s death, an application for the withdrawal of the whole or part of the amount standing to the member’s credit in his medisave account for the payment of treatment under section 16A of the Act, no amount standing to the member’s credit in his medisave account shall be transferred to the member’s ordinary account until such application for withdrawal has been processed by the Board. |
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| Restoration of moneys transferred |
12.—(1) Where —| (a) | any amount has been transferred to the ordinary account of a member under regulation 10(1) or to the general moneys of the Fund under regulation 10(2); and | | (b) | the Board is satisfied that any of the conditions under regulation 9(1) for such transfer has not been met, |
| the Board may, in such manner as it thinks fit, restore to the member’s accounts in the Fund the amount which has been so transferred to the ordinary account of the member or the general moneys of the Fund, as the case may be, including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if such transfer had not been made. |
(2) Where any amount has been transferred to —| (a) | the ordinary account of a member under regulation 10(1); or | | (b) | the general moneys of the Fund under regulation 10(2), |
| and the Board is notified of the member’s death, the transferred amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if such transfer had not been made) may be restored to the member’s accounts in the Fund. |
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(3) Where any amount has been transferred to —| (a) | the ordinary account of a member under regulation 11(1); or | | (b) | the general moneys of the Fund under regulation 11(2), |
| the Board may, upon being satisfied that any person is entitled to the whole or any part of the amount under section 25 of the Act, restore the whole or any part of that amount (including the whole or such part, as the Board may determine, of any interest that would have been payable if the transfer had not been made) to the member’s accounts in the Fund from which that amount had been transferred. |
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(4) Where any amount has been transferred to —| (a) | the ordinary account of a member under regulation 11(1); or | | (b) | the general moneys of the Fund under regulation 11(2), |
| and the Board is served with an order of court referred to in section 27B of the Act awarding the spouse of the member any amount to be paid out from the moneys standing to the credit of the member in the Fund (including any moneys which are payable or repayable to the Fund to the credit of the member) — |
| (i) | where the amount awarded under the order of court exceeds the amount standing to the member’s credit in the Fund (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made), the Board may restore the latter amount (including interest) to the member’s accounts in the Fund from which that amount had been transferred; or | | (ii) | where the amount awarded under the order of court does not exceed the amount standing to the member’s credit in the Fund (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made), the Board may restore the former amount to the member’s accounts in the Fund from which that amount had been transferred. |
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(5) Subject to regulation 7(2), where any amount has been transferred to the general moneys of the Fund before 1st January 2011 and —| (a) | the Board is satisfied that the member is alive; or | | (b) | the Board is satisfied that any person is entitled to the whole or part of the amount under the Act, |
| the Board may restore to the member’s accounts in the Fund the amount which has been so transferred together with such interest as the Board may, in its discretion, determine. |
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| (6) For the purpose of paragraph (2), the Board is notified of a member’s death if it has received satisfactory proof of, or obtained reliable information on, the member’s death from any person, and such proof of death or information may be received or obtained before, on or after 1st January 2011.”. |
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[G.N. Nos. S 695/2002; S 367/2003; S 780/2004; S 718/2007] |
