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to a member’s special account under section 18(3)(a) or (b) of the Act (including any interest paid thereon) shall be withdrawn, unless such terms and conditions as the Board may impose are complied with by the member, the person applying for the withdrawal or both of them, as the Board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) When a member 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paid to his special account under section 18(3)(a) or (b) of the Act, excluding any such moneys which have already been withdrawn; and | (b) | all interest paid on any moneys transferred or paid to his special account under section 18(3)(a) or (b) of the Act (including any such moneys which have already been withdrawn), excluding any such interest which has already been withdrawn, |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. |
[S 702/2012 wef 01/01/2013] |
(3) When a member 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paid to his special account under section 18(3)(a) or (b) of the Act, excluding any such moneys which have already been withdrawn; and | (b) | all interest paid on any moneys transferred or paid to his special account under section 18(3)(a) or (b) of the Act (including any such moneys which have already been withdrawn), excluding any such interest which has already been withdrawn, |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section 18(4), (5) and (6) of the Act; and | (ii) | the balance of the aggregate amount in his special account may be withdrawn by him in accordance with the Act. [S 702/2012 wef 01/01/2013] |
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(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] |
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(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 minimum sum applicable to a member comprises —(a) | an amount in cash; and | (b) | an amount covered by a charge on or pledge of an immovable property 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, |
for the purposes of computing the amount that may be covered by the charge or pledge, the amount in cash shall exclude — |
(i) | the member’s relevant deductibles; and | (ii) | any moneys transferred to the member’s retirement account in accordance with section 18(4), (5) and (6) of the Act. [S 702/2012 wef 01/01/2013] |
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(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 Minimum Sum Scheme) Regulations (Rg 31). [S 702/2012 wef 01/01/2013] |
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