28.—(1) Where —(a) | a member —(i) | has withdrawn any moneys under these Regulations in respect of a residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid); or | (ii) | is required under section 27C(1)(iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a residential property; and |
| (b) | the residential property or any estate or interest therein —(i) | is sold, transferred, assigned or otherwise disposed of by any other person, including any mortgagee, with or without the consent of the Board; or | (ii) | is compulsorily acquired under the Land Acquisition Act (Cap. 152) or any other written law, |
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the member shall pay to his account in the Fund the amount specified in the applicable paragraph of this regulation or such part thereof as the Board may determine, taking into consideration the circumstances of each case. |
[S 445/2009 wef 01/10/2009] (2) Subject to paragraphs (2D), (4) and (5), where the member whose residential property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person, or has been compulsorily acquired, is below the age of 55 years at the time of the sale, transfer, assignment, disposal or compulsory acquisition, he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts:(a) | the net proceeds of the sale, transfer, assignment, disposal or compulsory acquisition; or | (b) | such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts:(i) | where paragraph (1)(a)(i) applies to him, all moneys withdrawn by him under these Regulations in respect of the residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; | (ii) | where paragraph (1)(a)(ii) applies to him, the relevant amount. [S 445/2009 wef 01/10/2009] [S 733/2011 wef 30/12/2011] |
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(2A) [Deleted by S 733/2011 wef 30/12/2011] |
(2B) Subject to paragraphs (2C), (2D), (4) and (5), where the member whose residential property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person, or has been compulsorily acquired —(a) | has attained the age of 55 years at the time of the sale, transfer, assignment, disposal or compulsory acquisition; and | (b) | is required to set aside a minimum sum under section 15(6) of the Act, |
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts: |
(i) | the net proceeds of the sale, transfer, assignment, disposal or compulsory acquisition; or | (ii) | the aggregate of —(A) | the amount of the minimum sum or any deficiency thereof which he is required to set aside; and | (B) | any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made. [S 445/2009 wef 01/10/2009] [S 733/2011 wef 30/12/2011] |
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(2C) Notwithstanding paragraph (2B) but subject to paragraphs (4)paragraphs (2D), (4) and (5), where the member whose residential property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person, or has been compulsorily acquired —(a) | has attained the age of 55 years at the time of the sale, transfer, assignment, disposal or compulsory acquisition; | (b) | is required to set aside a minimum sum under section 15(6) of the Act; and | (c) | is a member of the Fund in relation to whom the relevant requirements have been satisfied, |
he shall pay to his account in the Fund, in such manner as the Board may determine, whichever is the lesser of the following amounts: |
(i) | the net proceeds of the sale, transfer, assignment, disposal or compulsory acquisition; or | (ii) | the aggregate of —(A) | the amount specified in the third column of the Second Schedule to the Central Provident Fund (Revised Minimum Sum Scheme) Regulations (Rg 2) which is applicable to him, or such lesser amount as the Board may determine, if he attained the age of 55 years on or after 1st July 1995 but before 1st July 2004; | (B) | 50% of the minimum sum applicable to him under regulation 4(1)(a) of the Central Provident Fund (New Minimum Sum Scheme) Regulations (Rg 31), or such lesser amount as the Board may determine, if he attained the age of 55 years on or after 1st July 2004; and | (C) | any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid, together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made. [S 445/2009 wef 01/10/2009] [S 733/2011 wef 30/12/2011] |
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(2D) Subject to paragraphs (4) and (5), where the member whose residential property or estate or interest therein has been sold, transferred, assigned or otherwise disposed of by any other person without consideration or for a consideration below the market value of the residential property or his estate or interest therein, the member shall, unless the Board otherwise directs, pay to his account in the Fund, in such manner as the Board may determine —(a) | the amount prescribed in paragraph (2)(b), if the member is below the age of 55 years at the time of the sale, transfer, assignment or disposal; | (b) | the amount prescribed in paragraph (2B)(ii), if the member —(i) | has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; and | (ii) | is required to set aside a minimum sum under section 15(6) of the Act; or |
| (c) | notwithstanding sub-paragraph (b), the amount prescribed in paragraph (2C)(ii), if the member —(i) | has attained the age of 55 years at the time of the sale, transfer, assignment or disposal; | (ii) | is required to set aside a minimum sum under section 15(6) of the Act; and | (iii) | is a member of the Fund in relation to whom the relevant requirements have been satisfied. [S 733/2011 wef 30/12/2011] |
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(3) Subject to paragraphs (4) and (5), all moneys withdrawn by a member under these Regulations in respect of a residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made, shall become due and payable to his account in the Fund in the event that —(a) | any mortgage or encumbrance is created over the residential property without the consent of the Board; or | (b) | the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations. [S 445/2009 wef 01/10/2009] |
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(4) Subject to paragraph (5), where a member —(a) | has withdrawn any moneys under these Regulations in respect of a residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid); or | (b) | is required under section 27C(1)(iii) or 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, |
(i) | on the death of the member; or | (ii) | when the member is entitled to withdraw the amount standing to his credit in the Fund under section 15 (2), (3) or (4) of the Act and has complied with the requirements for such withdrawal, |
such of the following amounts as may be applicable to the member or, if both amounts are applicable to him, the aggregate of both amounts, shall cease to be payable to his account in the Fund: |
(A) | if sub-paragraph (a) applies to him, all moneys withdrawn by him in respect of the residential property (other than any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), together with the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the withdrawal had not been made; [S 445/2009 wef 01/10/2009] | (B) | if sub-paragraph (b) applies to him, the relevant amount. |
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(5) Notwithstanding paragraphs (2), (2B), (2C), (2D) and (3), where —(a) | any event referred to in paragraph (1)(b) or (3) occurs; and | (b) | the member —(i) | withdraws the sum standing to his credit in the Fund under section 15(2)(d), (e) or (f) of the Act; or | (ii) | withdraws the minimum sum or any part thereof from his account with an approved bank or his retirement account, or surrenders his approved annuity from an insurer, under section 15(7A)(a), (b) or (ba) of the Act, |
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the member shall pay to his account in the Fund, in such manner as the Board may determine, such of the following amounts as may be applicable to him or, if both amounts are applicable to him, the aggregate of both amounts: |
(A) | where paragraph (1)(a)(i) or (3) applies to him, all moneys withdrawn by him in respect of the residential property (including any moneys lent to him under section 14A of the Act in respect of the residential property and withdrawn by him which have not been repaid), together with any interest that would have been payable thereon if the withdrawal had not been made, or such part thereof as the Board may determine; | (B) | where paragraph (1)(a)(ii) applies to him, the relevant amount, or such part thereof as the Board may determine. [S 445/2009 wef 01/10/2009] [S 733/2011 wef 30/12/2011] |
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(6) In this regulation —“net proceeds”, in relation to any residential property which has been sold, transferred, assigned, disposed of or compulsorily acquired, means any positive difference between —(a) | such of the following as may be applicable:(i) | if the residential property has been sold, transferred, assigned or disposed of, the consideration for the sale, transfer, assignment or disposal of the residential property, or, if the Board so elects, the value of the residential property at the time of the sale, transfer, assignment or disposal as assessed by the Board; or | (ii) | if the residential property has been compulsorily acquired, the amount of compensation paid upon the compulsory acquisition of the residential property; and |
| (b) | the aggregate of the following amounts paid in the following order:(i) | any amount outstanding under a housing loan for the purchase or acquisition of the residential property which is to be repaid in priority to the Fund pursuant to —(A) | an agreement between the Board, the member and the mortgagee; or | (B) | if there is no such agreement, the most recent Memorandum of Mortgage filed by the Board with the Registrar of Titles under rule 8 of the Land Titles Rules (Cap. 157, R 1); and |
| (ii) | any amount which, under any written law, is to be paid to any other person in priority to the Fund; |
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“relevant amount” means —(a) | in relation to a member who is required under section 27C(1)(iii) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, any positive difference between —(i) | the amount payment of which was secured by the charge on the residential property referred to in section 27C(1)(b) of the Act; and | (ii) | the amount which has been paid to the Board under section 27C(1)(i) of the Act towards covering the deficiency in the minimum sum which the spouse of the member is required to set aside; or |
| (b) | in relation to a member who is required under section 27E(1)(ii) of the Act to make a payment to the Fund upon the sale or disposal of a residential property, any positive difference between —(i) | the amount which would have been payable to the account of the member’s spouse in the Fund under paragraphs (2), (2B), (2C), (2D) or (5) (excluding such interest or part thereof payable under the applicable paragraph as the Board may determine), if there was no order of court referred to in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the residential property to the member; and [S 733/2011 wef 30/12/2011] | (ii) | the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(i) of the Act; |
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“spouse” includes a former spouse. [S 445/2009 wef 01/10/2009] [S 512/2007 wef 01/10/2007] |
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