Transfer to retirement account when whole or part of reserved amount no longer required to be set aside
5B.—(1)  This regulation shall apply where —
(a)any reserved amount has been set aside in a member’s ordinary account under section 15(6) of the Act in respect of items 1 to 6 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014 (G.N. No. S 380/2014);
(b)the whole or any part of the reserved amount referred to in sub‑paragraph (a) ceases to be set aside under regulation 3(4) of those Regulations; and
(c)the amount which ceases to be set aside under regulation 3(4) of those Regulations (referred to in this regulation as the released amount) exceeds $5,000.
(2)  Subject to paragraph (3), the Board shall transfer to the member’s retirement account, towards the maintenance of the minimum sum, the whole or any part of the sum standing to the member’s credit in his ordinary account and special account, as the Board may determine, excluding —
(a)the remainder (if any) of the reserved amount that the member is still required to set aside; and
(b)the excess (if any) of —
(i)the committed amount; over
(ii)the total amount which the member has withdrawn from the sum standing to his credit in the Fund under section 15(2)(a), (3) or (4) of the Act.
(3)  The sum transferred to the retirement account under paragraph (2) shall not exceed the released amount.
[S 381/2014 wef 01/06/2014]