Central Provident Fund Act
(CHAPTER 36, Section 77(1))
Central Provident Fund (Topping-Up of Special Account) Regulations
Rg 37
G.N. No. S 730/2007

REVISED EDITION 2008
(2nd June 2008)
[1st January 2008]
Citation
1.  These Regulations may be cited as the Central Provident Fund (Topping-Up of Special Account) Regulations.
Application
2.—(1)  These Regulations, except regulation 5A, apply to the transfer or payment of moneys into a special account under section 18(3) of the Act.
(2)  Regulations 5A and 7 apply to the transfer of moneys into a special account under section 18B of the Act.
[S 791/2017 wef 01/01/2018]
Definitions
3.—(1)  In these Regulations, unless the context otherwise requires —
“applicable member”, in relation to an application under sections 18(3) and 18B of the Act, means a member who —
(a)at the time that application is decided by the Board, is entitled to withdraw a sum under section 15AA(1) of the Act because the member is suffering from a specified significant condition or a former provision; and
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(b)has, before that time, been authorised by the Board to withdraw a sum under section 15AA(1) of the Act because the member is suffering from a specified significant condition or a former provision;
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[S 854/2015 wef 01/01/2016]
[S 791/2017 wef 01/01/2018]
“applicable property charge” means —
(a)any charge under section 15AB(1), (2), (10), (11) or (13) of the Act or a former provision, or section 21(1), 21A(1), 21B(1), 27C(1)(v), 27D(1)(v)(B), 27DA(1)(v), 27DB(2)(e), 27E(1)(iv) or 27F(1)(iv) of the Act; or
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(b)any undertaking under section 15AB(3) or (4) of the Act or a former provision, or section 27D(1)(v)(A) of the Act;
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“approved benefit” means a pension, annuity or other benefit approved by the Board —
(a)for the purposes of section 15AA(2)(b) or (3)(b) of the Act or a former provision; or
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(b)to be taken into account in computing the retirement sum that has been set aside, for the purposes of these Regulations;
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“benefit component”, in relation to a member with partial benefits at any time, means an amount computed in accordance with the formula (P ÷ Q) × R, where —
(a)P is the monthly income that the member is receiving or will receive from all of the member’s approved benefits based on information available to the Board at that time;
(b)Q is the payout benchmark applicable to the member; and
(c)R is the retirement sum applicable to the member;
[S 597/2018 wef 01/10/2018]
“cash amount” means —
(a)the retirement sum that has been set aside by the member calculated in accordance with paragraph (3), (3A) or (3D), as the case may be; or
(b)the net retirement amount of an applicable member determined in accordance with paragraph (4);
[S 139/2022 wef 01/03/2022]
“determined amount” means the determined amount —
(a)paid to a member under section 15(7A)(a) of the Act; or
(b)transferred to a member’s retirement account under section 15(7A)(b) of the Act,
as the case may be;
[S 139/2022 wef 01/03/2022]
“excluded paid amount”, in relation to a determined amount paid to the member, means either of the following, as the case may be:
(a)where the member’s cash amount is determined by the relevant check to be at least the retirement sum applicable to the member or the reduced retirement sum applicable to the applicable member (as the case may be) — the determined amount;
(b)where the member’s cash amount is determined by the relevant check to be less than the retirement sum applicable to the member or the reduced retirement sum applicable to the applicable member (as the case may be) — the excess of J over K, where —
(i)J is the sum of the determined amount and the cash amount determined by that relevant check; and
(ii)K is the retirement sum applicable to the member or the reduced retirement sum applicable to the applicable member, as the case may be;
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“excluded transferred amount”, in relation to a determined amount transferred to the member’s retirement account, means either of the following, as the case may be:
(a)where the member’s cash amount is determined by the relevant check to be at least the retirement sum applicable to the member or the reduced retirement sum applicable to the applicable member (as the case may be) — the determined amount;
(b)where the member’s cash amount is determined by the relevant check to be less than the retirement sum applicable to the member or the reduced retirement sum applicable to the applicable member (as the case may be) — the excess of J1 over K1, where —
(i)J1 is the sum of the determined amount and the cash amount determined by that relevant check; and
(ii)K1 is the retirement sum applicable to the member or the reduced retirement sum applicable to the applicable member, as the case may be;
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“giver” has the meaning given by section 19D(9) of the Act;
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“member with full benefits” means a member who, pursuant to section 15AA(3)(b) of the Act or a former provision, does not need to comply with section 15(6)(a) of the Act by reason of the member’s approved benefits;
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“member with partial benefits” means a member whose approved benefits provide the member with a monthly income that is less in value than the payout benchmark applicable to the member;
[S 597/2018 wef 01/10/2018]
“member’s investment amount” means —
(a)in respect of each investment purchased with any amount withdrawn from the member’s special account under Part III or regulation 39 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) (called in these Regulations the Investment Schemes Regulations) that has not been completely disposed of, the amount (if any) by which the amount mentioned in sub‑paragraph (i) exceeds the amount mentioned in sub‑paragraph (ii):
(i)the amount withdrawn from the member’s special account under Part III or regulation 39 (as the case may be) of the Investment Schemes Regulations to purchase the investment;
(ii)all proceeds from the sale of that investment and benefits of that investment (if any) that are repaid to the member’s special account at any time before the transfer under regulation 6;
(b)in respect of all investments purchased with any amount withdrawn from the member’s ordinary account under Part II or regulation 39 of the Investment Schemes Regulations, the amount (if any) by which the amount mentioned in sub‑paragraph (i) exceeds the amount mentioned in sub‑paragraph (ii):
(i)the amount withdrawn from the member’s ordinary account under Part II or regulation 39 (as the case may be) of the Investment Schemes Regulations to purchase the investments;
(ii)all proceeds from the sale of the investments and benefits of the investments (if any) that are repaid to the member’s ordinary account at any time before the transfer under regulation 6; and
(c)in respect of all investments purchased with any amount withdrawn from the member’s ordinary account under Part IV or regulation 39 of the Investment Schemes Regulations, the amount (if any) by which the amount mentioned in sub‑paragraph (i) exceeds the amount mentioned in sub‑paragraph (ii):
(i)the amount withdrawn from the member’s ordinary account under Part IV or regulation 39 (as the case may be) of the Investment Schemes Regulations to purchase the investments;
(ii)the weighted average cost of the investments that are sold under Part IV of the Investment Schemes Regulations at any time before the transfer under regulation 6;
[S 732/2016 wef 01/01/2017]
“net retirement amount”, in relation to an applicable member, means the net retirement amount determined under paragraph (4);
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“payer” has the meaning given by section 19D(9) of the Act;
[S 1022/2021 wef 01/01/2022]
“payment” means payment of moneys other than moneys standing to the credit of the payer in the Fund, and “pay” shall be construed accordingly;
[Deleted by S 791/2017 wef 01/01/2018]
“prevailing retirement sum” has the same meaning as in the Central Provident Fund (Retirement Sum Topping‑Up Scheme) Regulations (Rg 3);
[S 791/2017 wef 01/01/2018]
“proper claimant” has the meaning given by section 19D(9) of the Act;
[S 1022/2021 wef 01/01/2022]
“reduced retirement sum”, in relation to an applicable member’s application under section 18(3) of the Act, means the amount last specified, before that application is decided by the Board, by the Minister to be set aside or topped-up in the applicable member’s retirement account under section 15AA(5)(a) of the Act or a former provision;
[S 854/2015 wef 01/01/2016]
[S 732/2016 wef 01/01/2017]
[S 139/2022 wef 01/03/2022]
“relevant check” means the last check conducted by the Board for the purposes of determining the member’s cash amount before the payment or transfer (as the case may be) of the determined amount;
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“relevant deductibles”, in relation to a member, means the total of the following amounts that have been paid into the member’s retirement account:
(a)any interest under section 6(4) of the Act;
(b)any additional interest under section 6(4B) of the Act;
(c)any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account under section 14(1) of the Act, excluding such a cash grant administered by the Ministry of National Development or the Housing and Development Board;
[S 732/2016 wef 01/01/2017]
(d)any monthly income due to the member under section 27K(6) of the Act where —
(i)the member is a relevant member;
(ii)the member has nominated any person to receive a portion of the amount payable on the member’s death out of the Fund in accordance with section 25(1)(a)(iii) of the Act;
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(iii)that nomination has not, to the best of the Board’s knowledge, been revoked; and
(iv)the member has applied to the Board under the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (G.N. No. S 393/2009) for the monthly income to be paid into the member’s retirement account;
[S 732/2016 wef 01/01/2017]
(e)any amount restored to the member’s retirement account under section 13(7H)(a) of the Act from the member’s ordinary account, being an amount which was transferred to the member’s ordinary account under regulation 9A(3) or (4) of the Central Provident Fund (New Retirement Sum Scheme) Regulations (Rg 31) as in force before 6 November 2021 or regulation 9A(6) of those Regulations as in force on or after that date;
[S 732/2016 wef 01/01/2017]
[S 849/2021 wef 06/11/2021]
(f)any amount paid to the member’s account under regulation 15(1) or (2) of the Central Provident Fund (Retirement Sum Scheme) Regulations (Rg 16), regulation 19(1) or (2) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations (Rg 2) or regulation 18(1) or (2) of the Central Provident Fund (New Retirement Sum Scheme) Regulations (Rg 31);
[S 597/2018 wef 01/10/2018]
[S 1022/2021 wef 01/01/2022]
(g)where —
(i)the member is an applicable member or has attained the age of 55 on or after 1 July 1995 — any excluded transferred amount; or
(ii)the member (not being an applicable member) has attained the age of 55 before 1 July 1995 — any determined amount transferred to the member’s retirement account;
[S 139/2022 wef 01/03/2022]
[S 854/2015 wef 01/01/2016]
“remaining moneys” has the meaning given by section 19D(9) of the Act;
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[S 139/2022 wef 01/03/2022]
“specified significant condition” has the meaning given by section 15AA(9) of the Act, read with regulation 14A(2) of the Central Provident Fund Regulations (Rg 15).
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(2)  In these Regulations, a reference to the relevant amount of a member is the total of the following, where applicable:
(a)the amount in cash standing to the member’s credit in the member’s ordinary account and special account;
(b)the member’s investment amount, except if —
(i)the Board approves the member’s application under regulation 40(1) of the Investment Schemes Regulations to withdraw all securities which the member purchased or acquired under Part II, III or IV (as the case may be) of those Regulations; or
(ii)the member has died and the Board has been notified of the member’s death in accordance with regulation 43A of the Investment Schemes Regulations;
[S 732/2016 wef 01/01/2017]
(c)if the member is not an applicable member and has attained 55 years of age, the amount of the retirement sum that the member has set aside;
[S 732/2016 wef 01/01/2017]
(d)if the member is an applicable member, the lower of the following:
(i)the reduced retirement sum applicable to the member;
[S 732/2016 wef 01/01/2017]
(ii)the applicable member’s net retirement amount.
[S 854/2015 wef 01/01/2016]
(3)  In these Regulations, the amount of the retirement sum that has been set aside by a member (being a member with no approved benefit) at any time is calculated according to the formula A – B – C, where —
(a)A is the total of the following amounts:
(i)the total amount that has been credited into the member’s retirement account up to that time;
(ii)where the member has attained the age of 55 years on or after 1 July 1995 — any determined amount paid to the member up to that time from moneys standing to the member’s credit in his ordinary account and special account, other than any excluded paid amount;
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(b)B is the member’s relevant deductibles up to that time; and
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(c)C is the total of the following amounts that have been withdrawn from moneys standing to the credit of the member’s retirement account up to that time (except any amounts withdrawn from the member’s relevant deductibles):
(i)any amount withdrawn from the member’s retirement account under section 15AB(1), (2), (3), (4), (6), (7), (8) or (9) of the Act or a former provision;
[S 139/2022 wef 01/03/2022]
(ii)any amount withdrawn from the member’s retirement account mentioned in section 21(1), 21A(1) or 21B(1) of the Act or transferred to the member’s ordinary account under any of the following regulations:
(A)regulation 17B of the Central Provident Fund (Approved Housing Schemes) Regulations (Rg 12);
(B)regulation 6B of the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations (Rg 14);
(C)regulation 8A of the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations (Rg 4);
(D)regulation 7A of the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13);
(E)regulation 15A of the Central Provident Fund (Non‑Residential Properties Scheme) Regulations (Rg 10);
(F)regulation 23A of the Central Provident Fund (Residential Properties Scheme) Regulations (Rg 6);
(iii)any amount transferred or paid to the member’s spouse from the member’s retirement account under section 27B of the Act;
(iv)any amount restored from the member’s retirement account under section 13(7H)(a) of the Act to an account (of that member or any other member) in the Fund;
(v)any amount refunded to a person from the member’s retirement account under section 13(7I)(a) of the Act;
(vi)any amount transferred to a relevant individual from the member’s retirement account under section 18 of the Act;
(vii)any amount withdrawn or paid to the member under regulation 12B or 13(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations, regulation 10(3) or 12A of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations or regulation 10(3) or 11A of the Central Provident Fund (New Retirement Sum Scheme) Regulations;
[S 597/2018 wef 01/10/2018]
(viii)in relation to any cash grant administered by the Ministry of National Development or the Housing and Development Board credited to the member’s retirement account, any amount recovered by the Board from the member’s retirement account pursuant to section 14(3) or (3A) of the Act;
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[S 1022/2021 wef 01/01/2022]
(ix)any amount of the remaining moneys —
(A)refunded to a giver’s account from the member’s retirement account under section 19D(2) or (7)(a) of the Act; or
(B)paid to a payer, the personal representatives of the payer or a proper claimant from the member’s retirement account under section 19D(3) or (7)(b) of the Act;
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(x)any amount refunded from the member’s retirement account under section 19(1) of the Act as in force on or after 1 April 2022.
[S 284/2022 wef 01/04/2022]
(3A)  The amount of the retirement sum that has been set aside by a member with partial benefits —
(a)at the first computation time, is an amount calculated in accordance with the formula Ap + Bp, where —
(i)Ap is the member’s benefit component at the first computation time;
(ii)Bp is the higher of the following amounts:
(A)the amount by which Cp exceeds Dp;
(B)the lower of the following amounts:
(BA)Cp;
(BB)Ep;
(iii)Cp is the retirement sum that has been set aside by the member immediately before the first computation time, calculated in accordance with the formula in paragraph (3);
(iv)Dp is the amount by which D1 exceeds D2, where —
(A)D1 is the amount by which the member’s benefit component at the first computation time exceeds the shortfall in the amount of the retirement sum that has been set aside by the member immediately before the first computation time, calculated in accordance with the formula in paragraph (3); and
(B)D2 is the amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act immediately before the first computation time; and
(v)Ep is the sum of the following amounts (if any) that have been withdrawn from the member’s retirement account, but not refunded to the member’s retirement account, at the first computation time:
(A)the amount of moneys deposited in a bank account with an approved bank under the former section 15(6C)(b) of the Act;
(B)the amount withdrawn from the member’s retirement account to purchase an approved annuity;
(C)the amount deducted from the member’s retirement account for the payment of premium for any annuity plan under the Lifelong Income Scheme established and maintained by the Board under section 27K of the Act;
(b)at any recomputation time, is an amount calculated in accordance with sub‑paragraph (a) with the following modifications:
(i)the references to “the first computation time” are replaced by “the recomputation time”;
(ii)Cp is the retirement sum that has been set aside by the member immediately before the recomputation time, calculated in accordance with sub‑paragraph (c), less the benefit component at the last computation time;
(iii)D1 is the amount by which the member’s benefit component at the recomputation time exceeds D3, where D3 is the amount by which the retirement sum applicable to the member exceeds the difference between —
(A)the retirement sum set aside by the member immediately before the recomputation time, calculated in accordance with sub‑paragraph (a) or (c) (whichever applied at the last computation time); and
(B)the benefit component at the last computation time; and
(c)at any other computation time, is an amount calculated in accordance with the formula Fp – Gp – Hp, where —
(i)Fp is the sum of —
(A)the amount that has been set aside by the member with partial benefits at the last computation time; and
(B)all moneys credited or transferred to the retirement account after the last computation time;
(ii)Gp is an amount determined by the Board, not exceeding the total of the amounts mentioned in paragraph (3)(b) that have been credited to the member’s retirement account after the last computation time and on or before the determination by the Board for the current computation time; and
(iii)Hp is an amount determined by the Board, not exceeding the total of the amounts mentioned in paragraph (3)(c) that have been withdrawn from the moneys standing to the credit of the member’s retirement account after the last computation time and on or before the determination by the Board for the current computation time (excluding any amount withdrawn from the amounts mentioned in sub‑paragraph (ii)).
[S 597/2018 wef 01/10/2018]
(3B)  In paragraph (3A) —
“first computation time”, in relation to a member’s approved benefits, means the time of approval by the Board of any approved benefit of the member if the member has no other approved benefit at that time;
“last computation time” means the first computation time or the previous recomputation time, whichever is the later;
“other computation time” means any time (other than a first computation time or recomputation time) when the Board takes a member’s approved benefit into consideration in computing the retirement sum that has been set aside by a member for the purposes of these Regulations;
“recomputation time” means any time the Board recomputes a member’s benefit component for the purposes of these Regulations.
[S 597/2018 wef 01/10/2018]
(3C)  Paragraph (3D) applies to a member who —
(a)is a member with full benefits; or
(b)has an approved benefit that is taken into account in computing the amount of the retirement sum that has been set aside by the member.
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(3D)  If, immediately after a member’s approved benefit is terminated or surrendered, the member has no other approved benefits, the amount of the retirement sum that has been set aside by the member immediately after such termination or surrender is calculated in accordance with the formula Afa + Bfa + (A – B – C), where —
(a)Afa is —
(i)for a member mentioned in paragraph (3C)(a), the total amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act; or
(ii)for a member mentioned in paragraph (3C)(b), the retirement sum set aside by the member at that time, calculated in accordance with paragraph (3A)(c), less the member’s benefit component (if any) at that time;
(b)Bfa is —
(i)for a member mentioned in paragraph (3C)(a), the lower of the following:
(A)the amount paid to the member’s account under regulation 15(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations, regulation 19(3) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations or regulation 18(3) of the Central Provident Fund (New Retirement Sum Scheme) Regulations (as the case may be) in respect of the member’s approved benefit that is terminated or surrendered;
(B)the amount by which the retirement sum applicable to the member exceeds the total amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act; or
(ii)for a member mentioned in paragraph (3C)(b), the lower of the following:
(A)the amount paid to the member’s account under regulation 15(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations, regulation 19(3) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations or regulation 18(3) of the Central Provident Fund (New Retirement Sum Scheme) Regulations (as the case may be) in respect of the member’s approved benefit that is terminated or surrendered;
(B)the amount by which the retirement sum applicable to the member exceeds the total of the following amounts computed immediately before the amount mentioned in sub‑paragraph (A) is paid into the member’s account or (if no amount mentioned in sub‑paragraph (A) is to be paid) immediately before the member’s approved benefit is terminated or surrendered:
(BA)the retirement sum set aside by the member calculated in accordance with paragraph (3A), less the member’s benefit component, if any;
(BB)any amount of the retirement sum comprised by an amount covered by any charge or undertaking in respect of that member; and
(c)A, B and C refer to the corresponding amounts mentioned in paragraph (3) —
(i)immediately after payment to the member’s account of the amount payable (if any) under regulation 15(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations, regulation 19(3) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations or regulation 18(3) of the Central Provident Fund (New Retirement Sum Scheme) Regulations (as the case may be) in relation to the termination or surrender of the member’s approved benefit; or
(ii)if no amount is due to be paid to the member’s account under regulation 15(3) of the Central Provident Fund (Retirement Sum Scheme) Regulations, regulation 19(3) of the Central Provident Fund (Revised Retirement Sum Scheme) Regulations or regulation 18(3) of the Central Provident Fund (New Retirement Sum Scheme) Regulations (as the case may be), after the member’s approved benefit is terminated or surrendered.
[S 597/2018 wef 01/10/2018]
(4)  For the purposes of paragraph (2)(d)(ii), the net retirement amount of an applicable member is determined according to the formula D + E – F – G, where —
(a)D is the total of —
(i)the amount standing to the applicable member’s credit in the applicable member’s retirement account immediately after the applicable member was first authorised by the Board to withdraw a sum under section 15AA(1) of the Act because the member is suffering from a specified significant condition or a former provision (called in this paragraph the applicable member’s first authorisation);
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(ii)the total amount that has been credited into the applicable member’s retirement account on or after the applicable member’s first authorisation; and
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(iii)any determined amount paid to the applicable member after the applicable member’s first authorisation from moneys standing to the applicable member’s credit in his ordinary account and special account, other than any excluded paid amount;
[S 139/2022 wef 01/03/2022]
(b)E is the total of the amounts from the applicable member’s retirement account that have been used or withdrawn under section 15(6C)(a), (b) or (c) of the Act before the applicable member’s first authorisation;
(c)F is the applicable member’s relevant deductibles at the time the net retirement amount is determined; and
(d)G is the total of the following amounts that have been withdrawn from moneys standing to the credit of the applicable member’s retirement account after the applicable member’s first authorisation at the time the net retirement amount is determined (except any amounts withdrawn from applicable member’s relevant deductibles):
(i)any amount withdrawn from the applicable member’s retirement account mentioned in section 21(1), 21A(1) or 21B(1) of the Act or transferred to the applicable member’s ordinary account under any of the following regulations:
(A)regulation 17B of the Central Provident Fund (Approved Housing Schemes) Regulations;
(B)regulation 6B of the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations;
(C)regulation 8A of the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations;
(D)regulation 7A of the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations;
(E)regulation 15A of the Central Provident Fund (Non‑Residential Properties Scheme) Regulations;
(F)regulation 23A of the Central Provident Fund (Residential Properties Scheme) Regulations;
(ii)any amount transferred or paid to the applicable member’s spouse from the applicable member’s retirement account under section 27B of the Act;
(iii)any amount restored from the applicable member’s retirement account under section 13(7H)(a) of the Act to an account (of that member or any other member) in the Fund;
(iv)any amount refunded to a person from the applicable member’s retirement account under section 13(7I)(a) of the Act;
(v)any amount (other than periodic payments) withdrawn from the applicable member’s retirement account under section 15AA(6) of the Act or a former provision;
[S 139/2022 wef 01/03/2022]
(vi)any amount of the remaining moneys —
(A)refunded to a giver’s account from the applicable member’s retirement account under section 19D(2) or (7)(a) of the Act; or
(B)paid to a payer, the personal representatives of the payer or a proper claimant from the applicable member’s retirement account under section 19D(3) or (7)(b) of the Act;
[S 1022/2021 wef 01/01/2022]
[S 732/2016 wef 01/01/2017]
[S 284/2022 wef 01/04/2022]
(vii)any amount refunded from the member’s retirement account under section 19(1) of the Act as in force on or after 1 April 2022.
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Former provisions
3A.  In a regulation specified in the first column of the Schedule, a reference to a former provision means any provision of the Act specified in the second column of the Schedule opposite that regulation.
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Transfer of member’s moneys to relevant individual’s special account
4.—(1)  Any member who wishes to transfer an amount of moneys out of the sum standing to his credit in the Fund to the special account of a relevant individual under section 18(3)(a) of the Act shall make an application to the Board in such form and supported by such evidence as the Board may require.
[S 373/2009 wef 20/08/2009]
[S 538/2012 wef 01/11/2012]
(2)  The Board may grant an application made under paragraph (1) subject to such terms and conditions as the Board may impose.
(3)  The Board may grant an application under paragraph (1) if —
(a)where the member is below 55 years of age on the date the application is processed, the member’s relevant amount on that date is more than the prevailing retirement sum; and
[S 732/2016 wef 01/01/2017]
(b)where the member has attained 55 years of age on the date the application is processed, the member’s relevant amount on that date is more than the retirement sum applicable to the member.
[S 732/2016 wef 01/01/2017]
[S 854/2015 wef 01/01/2016]
[S 597/2018 wef 01/10/2018]
(4)  If the application under paragraph (1) is to transfer moneys to a relevant individual who is the member’s spouse, the Board may, instead of granting the application under paragraph (3), grant the application if —
(a)where the member is below 55 years of age on the date the application is processed, the member’s relevant amount on that date is more than half the prevailing retirement sum; and
[S 732/2016 wef 01/01/2017]
(b)where the member has attained 55 years of age on the date the application is processed, the member’s relevant amount on that date is more than half the retirement sum applicable to the member.
[S 732/2016 wef 01/01/2017]
[S 854/2015 wef 01/01/2016]
[S 597/2018 wef 01/10/2018]
(5)  If the application under paragraph (1) is to transfer moneys to a relevant individual who is the member’s parent or grandparent, the Board may, instead of granting the application under paragraph (3), grant the application if —
(a)where the member is below 55 years of age on the date the application is processed —
(i)the total of the following amounts on that date is more than the prevailing retirement sum:
(A)the amount of the payments to the member’s accounts in the Fund secured by any applicable property charges that satisfy the requirement in paragraph (6A);
[S 375/2019 wef 10/05/2019]
(B)the member’s relevant amount; and
(ii)the member’s relevant amount on that date is more than half the prevailing retirement sum; or
(b)where the member has attained 55 years of age on the date the application is processed —
(i)the total of the following amounts on that date is more than the retirement sum applicable to the member:
(A)the amount of the payments to the member’s accounts in the Fund secured by any applicable property charges that satisfy the requirement in paragraph (6A);
[S 375/2019 wef 10/05/2019]
(B)the member’s relevant amount; and
(ii)the member’s relevant amount on that date is more than half the retirement sum applicable to the member.
[S 597/2018 wef 01/10/2018]
(6)  If the application under paragraph (1) is to transfer moneys to a relevant individual who is the member’s parent‑in‑law or grandparent‑in‑law, the Board may, instead of granting the application under paragraph (3), grant the application if all of the following conditions are satisfied:
(a)the conditions set out in paragraph (5)(a) or (b), as the case may be;
(b)any other conditions as the Board may require.
[S 597/2018 wef 01/10/2018]
(6A)  Where an applicable property charge mentioned in paragraph (5)(a)(i)(A) and (b)(i)(A) is in respect of a leasehold estate in an immovable property, the unexpired term of the leasehold estate at the time when the Board considers granting the member’s application under paragraph (5)(a) or (b), or (6) (as the case may be) must be —
(a)at least (95 – T1) years, where T1 is the member’s age at that time; or
(b)such shorter period as the Board may permit.
[S 375/2019 wef 10/05/2019]
(7)  If an application under paragraph (1) is made by an applicable member to transfer moneys to a relevant individual, instead of granting the application under paragraph (3), (4), (5) or (6), the Board may grant the application if the applicable member’s relevant amount on that date is more than the reduced retirement sum applicable to the applicable member.
[S 597/2018 wef 01/10/2018]
Payment of moneys into special account
5.—(1)  Any person, whether a member of the Fund or otherwise, who wishes to pay money into the special account of a member under section 18(3)(b) of the Act shall make an application to the Board in such form and supported by such evidence as the Board may require.
[S 515/2008 wef 01/11/2008]
(2)  The Board may grant an application made under paragraph (1) subject to such terms and conditions as the Board may impose.
Transfer of member’s money to own special account
5A.—(1)  A member’s application under section 18B of the Act must be in such form and supported by such evidence as the Board may require.
(2)  The Board may grant a member’s application under section 18B of the Act subject to such terms and conditions as the Board may impose.
[S 791/2017 wef 01/01/2018]
Amount of moneys that may be transferred from member’s ordinary account, special account and retirement account
6.—(1)  Where the Board grants a member’s application mentioned in paragraph (1A), the amount that may be transferred out of the member’s ordinary account must not exceed —
(a)if the member who is below 55 years of age on the date the application is processed, the lower of the following:
(i)an amount equal to the member’s relevant amount on that date, less the prevailing retirement sum;
[S 732/2016 wef 01/01/2017]
(ii)the amount standing to the member’s credit in the member’s ordinary account on that date; and
(b)if the member has attained 55 years of age on the date the application is processed, the lower of the following:
(i)an amount equal to the member’s relevant amount on that date, less the retirement sum applicable to the member;
[S 732/2016 wef 01/01/2017]
(ii)the amount standing to the member’s credit in the member’s ordinary account on that date.
[S 597/2018 wef 01/10/2018]
(1A)  Paragraph (1) applies where the Board grants an application under regulation 4(3) to transfer moneys out of the member’s ordinary account to top‑up the special account of the member’s brother, sister, parent‑in‑law or grandparent‑in‑law.
[S 597/2018 wef 01/10/2018]
(2)  Where the Board grants a member’s application mentioned in paragraph (2A), the amount that may be transferred out of the member’s approved accounts must not exceed —
(a)if the member is below 55 years of age on the date the application is processed, the lower of the following:
(i)an amount equal to the member’s relevant amount on that date, less half the prevailing retirement sum;
(ii)the amount standing to the member’s credit in the member’s ordinary account on that date; and
(b)if the member has attained 55 years of age on the date the application is processed, the lower of the following:
(i)an amount equal to the member’s relevant amount on that date, less half the retirement sum applicable to the member;
(ii)the total of the following:
(A)the amount standing to the member’s credit in the member’s ordinary account and special account on that date;
[S 597/2018 wef 01/10/2018]
(B)the amount (if any) by which the amount mentioned in sub‑paragraph (BA) exceeds the amount mentioned in sub‑paragraph (BB):
(BA)the amount of retirement sum set aside in the member’s retirement account on that date, less any amount transferred or paid to the member’s retirement account under section 18 or 18A of the Act;
(BB)half the retirement sum applicable to the member.
[S 732/2016 wef 01/01/2017]
[S 597/2018 wef 01/10/2018]
(2A)  Paragraph (2) applies where the Board grants an application to transfer moneys out of the member’s ordinary account, special account or retirement account, or more than one of the accounts (called in this paragraph and paragraph (2) the member’s approved accounts), to top‑up the special account of the member’s —
(a)spouse, under regulation 4(3) or (4);
(b)parent or grandparent, under regulation 4(3) or (5); or
(c)parent‑in‑law or grandparent‑in‑law, under regulation 4(6).
[S 597/2018 wef 01/10/2018]
(3)  Where the Board grants an applicable member’s application to transfer moneys out of that member’s ordinary account to top-up the special account of a relevant individual under regulation 4(7), the amount that may be so transferred must not exceed the lower of the following:
(a)an amount equal to the member’s relevant amount on the date the application is processed, less the reduced retirement sum applicable to that member;
[S 732/2016 wef 01/01/2017]
(b)the amount standing to that member’s credit in the member’s ordinary account on the date the application is processed.
[S 597/2018 wef 01/10/2018]
[S 854/2015 wef 01/01/2016]
[S 732/2016 wef 01/01/2017]
Amount by which special account may be topped‑up
7.—(1)  The maximum amount prescribed for the purposes of section 18(3)(a) or (b) of the Act is the difference between —
(a)the prevailing retirement sum; and
(b)the aggregate sum immediately before the transfer or payment (as the case may be) to the special account under that section.
(2)  The special account top‑up limit, in relation to a transfer from a member’s ordinary account to the member’s special account under section 18B, is the difference between —
(a)the prevailing retirement sum; and
(b)the aggregate sum immediately before the transfer.
(3)  The aggregate sum mentioned in paragraph (1) or (2) is the total of the following amounts:
(a)the amount standing to the member’s credit in the member’s special account;
(b)the member’s investment amount in respect of each investment purchased with any amount withdrawn from the member’s special account under Part III or regulation 39 of the Investment Schemes Regulations that has not been completely disposed of, except if —
(i)the Board approves the member’s application under regulation 40(1) of the Investment Scheme Regulations to withdraw all securities which the member purchased or acquired under Part III of those Regulations; or
(ii)the member has died and the Board has been notified of the member’s death in accordance with regulation 43A of the Investment Schemes Regulations.
(4)  No amount may be —
(a)transferred or paid into an applicable member’s special account under section 18(3) of the Act; or
(b)transferred into an applicable member’s special account under section 18B of the Act.
[S 791/2017 wef 01/01/2018]
8.  [Deleted by S 538/2012 wef 01/11/2012]
Application of moneys transferred or paid to special account
9.—(1)  No moneys transferred or paid to a member’s special account under section 18(3)(a) or (b) of the Act (including any interest paid thereon) shall be withdrawn, unless such terms and conditions as the Board may impose are complied with by the member, the person applying for the withdrawal or both of them, as the Board may determine.
[S 702/2012 wef 01/01/2013]
(2)  For the purposes of section 18(4), (5) and (6) of the Act, if the aggregate amount determined under paragraph (3A) does not exceed the retirement sum applicable to the member, the Board shall, not earlier than 2 working days before the date on which the member attains the age of 55 years and not later than that date, transfer that aggregate amount from the member’s special account to the member’s retirement account as maintenance of the retirement sum.
[S 426/2014 wef 28/06/2014]
[S 732/2016 wef 01/01/2017]
(3)  For the purposes of section 18(4), (5) and (6) of the Act, if the aggregate amount determined under paragraph (3A) exceeds the retirement sum applicable to the member —
(a)the Board shall, not earlier than 2 working days before the date on which the member attains the age of 55 years and not later than that date, transfer an amount equal to the retirement sum applicable to the member from his special account to his retirement account as maintenance of the retirement sum in accordance with paragraph (3B); and
(b)the member may withdraw, in accordance with the Act, the balance of the aggregate amount determined under paragraph (3A) remaining in his special account after the transfer under sub‑paragraph (a).
[S 426/2014 wef 28/06/2014]
[S 732/2016 wef 01/01/2017]
(3A)  The aggregate amount referred to in paragraphs (2) and (3) is the sum of the following amounts determined at the time of the transfer by the Board under those paragraphs, respectively:
(a)all moneys transferred or paid to the member’s special account under section 18(3)(a) or (b) of the Act, excluding any such moneys which have already been withdrawn; and
(b)all interest paid into the member’s special account on any moneys transferred or paid to his special account under section 18(3)(a) or (b) of the Act (including any such moneys which have already been withdrawn), excluding any such interest which has already been withdrawn.
[S 426/2014 wef 28/06/2014]
(3B)  The transfer under paragraph (3)(a) shall be carried out by the Board in the following order:
(a)first, the moneys referred to in paragraph (3A)(a), according to the date on which the moneys were transferred or paid into the member’s special account under section 18(3)(a) or (b) of the Act, from the latest to the earliest date of transfer or payment of the moneys; and
(b)next, the interest referred to in paragraph (3A)(b).
[S 426/2014 wef 28/06/2014]
(4)  Subject to paragraph (4A), any moneys transferred to a member’s retirement account in accordance with section 18(4), (5) and (6) of the Act (including any interest paid thereon) may be —
(a)deposited before 1st January 2014 with an approved bank;
[S 855/2013 wef 01/01/2014]
(b)used to purchase an approved annuity from an insurer; or
(c)used for the payment of a premium referred to in section 27L(1) or (1A) of the Act.
[S 702/2012 wef 01/01/2013]
(4A)  No moneys transferred to a member’s retirement account in accordance with section 18(4), (5) and (6) of the Act (including any interest paid thereon) shall be withdrawn, unless such terms and conditions as the Board may impose are complied with by the member, the person applying for the withdrawal or both of them, as the Board may determine.
[S 702/2012 wef 01/01/2013]
(5)  Where the retirement sum applicable to a member comprises —
(a)an amount in cash; and
(b)an amount covered by any applicable property charge,
[S 226/2021 wef 01/04/2021]
for the purposes of computing the amount that may be covered by the applicable property charge, the amount in cash excludes the member’s relevant deductibles.
(i)[Deleted by S 375/2019 wef 10/05/2019]
(ii)[Deleted by S 375/2019 wef 10/05/2019]
[S 732/2016 wef 01/01/2017]
[S 597/2018 wef 01/10/2018]
[S 375/2019 wef 10/05/2019]
[S 226/2021 wef 01/04/2021]
(6)  Where any moneys have been transferred to the retirement account of a member in accordance with section 18(4), (5) and (6) of the Act, or any such moneys have been deposited with an approved bank under paragraph (4)(a), those moneys (including any interest paid thereon) may be withdrawn by him in accordance with the Central Provident Fund (New Retirement Sum Scheme) Regulations (Rg 31).
[S 702/2012 wef 01/01/2013]
[S 732/2016 wef 01/01/2017]
10.  [Deleted by S 284/2022 wef 01/04/2022]
[G.N. No. S 730/2007]