Restriction on mortgage of property
8.—(1)  Where —
(a)any immovable property belongs to a member or the member’s spouse or both of them jointly; and
(b)any of the following subsists over the immovable property:
(i)any charge under section 15AB(1), (2), (10) or (11) of the Act or a former provision; or
(ii)any undertaking under section 15AB(3) or (4) of the Act or a former provision,
the member or the member’s spouse or both of them must not mortgage, charge or otherwise encumber the immovable property unless with the prior written consent of the Board.
[S 137/2022 wef 01/03/2022]
(2)  Where —
(a)a member is the spouse of any relevant person;
(b)pursuant to an order of court, the relevant person has transferred (other than by way of sale) the relevant person’s estate or interest in an immovable property to the member; and
[S 708/2012 wef 01/01/2013]
(c)a charge has been created over the immovable property under section 27C(1)(i), 27D(1)(j)(ii) or 27DA(1)(i) of the Act, or the member has given an undertaking in relation to the immovable property under section 27D(1)(j)(i) of the Act,
[S 708/2012 wef 01/01/2013]
[S 591/2018 wef 01/10/2018]
[S 272/2024 wef 31/12/2021]
the member shall not mortgage, charge or otherwise encumber the immovable property without the prior written consent of the Board, so long as the charge or undertaking subsists to secure the payment of the retirement sum into the member’s retirement account.
[S 503/2007 wef 01/10/2007]
[S 735/2016 wef 01/01/2017]
[S 591/2018 wef 01/10/2018]
(3)  In paragraph (2) —
“order of court” and “spouse” have the same meanings as in section 27A of the Act;
“relevant person” means any member of the Fund, regardless of when he has attained or will attain the age of 55 years.
[S 503/2007 wef 01/10/2007]