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to a member’s special account under section 18(3)(a) or (b) of the Act (including any interest paid thereon) shall be withdrawn, unless such terms and conditions as the Board may impose are complied with by the member, the person applying for the withdrawal or both of them, as the Board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 minimum 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 minimum sum. [S 426/2014 wef 28/06/2014] |
(3) For the purposes of section 18(4), (5) and (6) of the Act, if the aggregate amount determined under paragraph (3A) exceeds the minimum 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 minimum sum applicable to the member from his special account to his retirement account as maintenance of the minimum 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] |
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(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member’s special account under section 18(3)(a) or (b) of the Act, excluding any such moneys which have already been withdrawn; and | (b) | all interest paid into the member’s special account on any moneys transferred or paid to his special account under section 18(3)(a) or (b) of the Act (including any such moneys which have already been withdrawn), excluding any such interest which has already been withdrawn.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] |
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(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] |
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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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