Transfer of nominee’s portion of amount payable on member’s death out of Fund to member’s nominee accounts
4.—(1) For the purposes of section 20(1D) of the Act, the Board has been notified in the prescribed manner of the death of a member of the Fund, if the Board has received satisfactory proof of, or obtained reliable information on, the member’s death from any person.
(2) For the purposes of section 20(1D)(b) of the Act, where a member of the Fund has executed a memorandum under section 25(1) of the Act nominating any person to receive the person’s portion of the amount payable on the member’s death out of the Fund in accordance with section 25(1)(a)(iii) of the Act, and the Board has been notified in accordance with paragraph (1) of the death of the member, the Board shall, as soon as practicable, transfer the person’s portion of the amount payable on the member’s death out of the Fund to the nominee accounts maintained for the member in the following manner:
(a)
any part of that portion that is in the member’s ordinary account shall be transferred to the member’s nominee ordinary account;
(b)
any part of that portion that is in the member’s special account shall be transferred to the member’s nominee special account;
(c)
any part of that portion that is in the member’s medisave account shall be transferred to —
(i)
the member’s nominee medisave account, in any case where —
(A)
the member has nominated the person to receive such part of that portion as the Board may determine by the transfer of that part to the person’s medisave account in periodic instalments; and
(B)
the person —
(BA)
is required under section 16(1) of the Act to maintain in his medisave account the prescribed amount under section 16 of the Act; or
(BB)
has applied for, and has been granted, approval under regulation 3(3) of the Central Provident Fund (Prescribed Amount for Medisave Account) Regulations (Rg 22) to maintain in his medisave account the amount referred to in that provision; or
(ii)
the member’s nominee special account, in any other case; and
[S 236/2015 wef 24/04/2015]
(d)
any part of that portion that is in the member’s retirement account (if any) shall be transferred to the member’s nominee retirement account.