Withdrawal under section 15, 15AA, 15AB or 27 of Act
40.—(1) A member who is entitled under section 15, section 15AA, 15AB or 27 of the Act, or who within such period as the Board may determine will be entitled under section 15(2)(a) or (3) of the Act, to withdraw any sum standing to the member’s credit in the Fund may do either or both of the following:
(a)
apply to the Board for its approval for him —
(i)
to withdraw all moneys standing to his credit in his CPF Investment Account; and
(ii)
to withdraw, from every investment scheme introduced under Parts II and III pursuant to which he has purchased or acquired any securities, all securities so purchased or acquired by him under those Parts;
(b)
apply to the Board for its approval for him to withdraw, from any investment scheme introduced under Part IV pursuant to which he has purchased or acquired any securities, all securities so purchased or acquired by him pursuant to that investment scheme.
[S 511/2008 wef 01/11/2008]
[S 857/2014 wef 01/01/2015]
[S 122/2022 wef 01/03/2022]
(2) The Board may —
(a)
require an application under paragraph (1)(a) or (b) to be made in such manner as the Board may determine; and
(b)
approve an application under paragraph (1)(a) or (b) subject to such terms and conditions as the Board may impose.
[S 511/2008 wef 01/11/2008]
(3) The Board may refuse to approve a member’s application under paragraph (1)(a) or (b) if it is not satisfied that adequate provision has been made for the member —
(a)
to set aside or top-up the retirement sum applicable to him, or to set aside or top-up in his retirement account the amount referred to in section 15AA(5)(a) of the Act or a former provision, as the case may be; and
[S 744/2015 wef 01/01/2016]
[S 652/2016 wef 01/01/2017]
[S 122/2022 wef 01/03/2022]
(b)
[Deleted by S 744/2015 wef 01/01/2016]
(c)
to pay or repay into the Fund every amount which, apart from regulation 39A, he is required under the Act to pay or repay into the Fund.
[S 511/2008 wef 01/11/2008]
(4) A member shall not be obliged to repay into the Fund —
(a)
any moneys withdrawn from his CPF Investment Account with the approval of the Board under paragraph (1)(a)(i); and
(b)
any proceeds or benefits of any securities which he has withdrawn with the approval of the Board under paragraph (1)(a)(ii) or (b).