Transfer to retirement account of amount paid upon sale, transfer, assignment or disposal of immovable property, towards maintenance of retirement sum
5A.—(1) Where —
(a)
any part of the retirement sum applicable to a member comprises an amount covered by any charge or undertaking under section 15(9), (9A), (10), (10A), (11D) or (11E), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27DA(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act;
[S 592/2018 wef 01/10/2018]
(b)
the member sells, transfers, assigns or otherwise disposes of the immovable property (or any of his estate or interest therein) to any person; and
(c)
upon the sale, transfer, assignment or disposal, any amount is paid into the member’s account in the Fund in accordance with regulation 14A or the relevant regulations,
the Board shall transfer to the member’s retirement account, towards the maintenance of the retirement sum, the whole or such part, as the Board may determine, of the amount paid.
[S 733/2016 wef 01/01/2017]
(2) In this regulation, “relevant regulations” means such of the following regulations as may be applicable in any particular case:
(a)
the Central Provident Fund (Approved HDB-HUDC Housing Scheme) Regulations (Rg 14);
(b)
the Central Provident Fund (Approved Housing Schemes) Regulations (Rg 12);
(c)
the Central Provident Fund (Approved Middle-Income Housing Scheme) Regulations (Rg 4);
(d)
the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13);
(e)
the Central Provident Fund (Non-Residential Properties Scheme) Regulations (Rg 10);
(f)
the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6).