Application of moneys transferred or paid to special account
9.—(1) No moneys transferred or paid to a person’s special account under section 18(3)(a) or (b) of the Act, and no interest paid on any moneys transferred or paid to a person’s special account under section 18(3)(a) or (b) of the Act, shall be withdrawn except under or for the purposes of section 15(2A)(a) or (7B)(a), 18A, 19A or 27B of the Act or this regulation.
(2) When a person attains the age of 55 years, if the aggregate amount in his special account of —
(a)
all moneys transferred or paid to his special account under section 18(3)(a) or (b) of the Act, excluding any such moneys which have already been withdrawn; and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 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paid to his special account under section 18(3)(a) or (b) of the Act (including any such moneys which have already been withdrawn), excluding any such interest which has already been withdrawn,
does not exceed the minimum sum applicable to him, the aggregate amount shall be transferred by the Board to his retirement account in accordance with section 18(4), (5) and (6) of the Act.
(3) When a person attains the age of 55 years, if the aggregate amount in his special account of —
(a)
all moneys transferred or paid to his special account under section 18(3)(a) or (b) of the Act, excluding any such moneys which have already been withdrawn; and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 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paid to his special account under section 18(3)(a) or (b) of the Act (including any such moneys which have already been withdrawn), excluding any such interest which has already been withdrawn,
exceeds the minimum sum applicable to him —
(i)
an amount equal to the minimum sum applicable to him shall be transferred by the Board from his special account to his retirement account in accordance with section 18(4), (5) and (6) of the Act; and
(ii)
the balance of the aggregate amount in his special account may be withdrawn by him in accordance with the Act.
(4) Any moneys transferred to a person’s retirement account in accordance with section 18(4), (5) and (6) of the Act (including any interest paid thereon) —
(a)
may be used for the payment of the premium referred to in section 27L(1) of the Act, deposited with an approved bank or used to purchase an approved annuity from an insurer; but
(b)
shall not be withdrawn under section 15(9), (9A), (10) or (10A), 21, 21A or 21B of the Act.
(5) Where the minimum sum applicable to a person comprises —
(a)
an amount in cash; and
(b)
an amount covered by a charge on or pledge of any immovable property under section 15(9), (9A), (10) or (10A), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act,
for the purposes of computing the amount that may be covered by the charge or pledge, the amount in cash shall exclude any moneys transferred to the person’s retirement account in accordance with section 18(4), (5) and (6) of the Act (including any interest paid thereon).
(6) Where any moneys have been transferred to the retirement account of a person 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 Minimum Sum Scheme) Regulations (Rg 31).