Singapore Statutes Online - 36 - Central Provident Fund Act

[18/2009 wef 01/03/2010]

(3) Subject to subsection (6), a member of the Fund who has withdrawn any money from the Fund on the ground that he has attained the age of 55 years shall be entitled to make one further withdrawal of the sum standing to his credit in the Fund on or after every third anniversary of his date of birth after he has attained the age of 55 years.

[5/87]

(4) Notwithstanding subsection (3) but subject to subsection (6), the Board may at any time allow a member who has attained the age of 55 years to withdraw the sum standing to his credit in the Fund if the member satisfies the Board that he has been unemployed throughout the period of 6 months immediately preceding the date on which he makes an application for the withdrawal of any sum of money standing to his credit in the Fund.

[5/87]

(5) After the death of a member of the Fund, a person nominated by that member in accordance with section 25(1) shall be entitled to withdraw such portion of the sum standing to the credit of that member in the Fund as is set out in the memorandum executed in accordance with that section.

(6) Subject to subsections (6A) and (8), a member of the Fund who is entitled to withdraw the sum standing to his credit in the Fund under subsection (2)(a) shall at the time of the withdrawal set aside or top-up a prescribed sum (referred to in this Act as the minimum sum) in accordance with any regulations made under this Act.

[10/94]

(6A) Where a member and his spouse desire to set aside jointly an amount equal to one and a half times the minimum sum, the Board may permit them to set aside that amount if they have each executed a memorandum under section 25(1) nominating each other to receive the amount of the minimum sum belonging to either party on the death of the other party.

[10/94]

(6B) Any memorandum executed under subsection (6A) shall be irrevocable during the subsistence of the marriage between the members.

[10/94]

(6C) The minimum sum may be deposited with an approved bank or in a retirement account with the Board or used to purchase an approved annuity from an insurer.

[10/94]

(7) A member who has attained the age of 60 years or such other age as the Minister may prescribe shall be entitled to withdraw from the minimum sum deposited with an approved bank or in a retirement account and any interest accruing thereon in accordance with any regulations made under this Act.

[10/94]

(7A) A member who has attained the age of 55 years but has not attained the age of 60 years or such other age as the Minister may prescribe shall be entitled to withdraw the minimum sum or such part thereof as the Board may determine from his account with an approved bank or his retirement account or surrender his approved annuity from an insurer if the Board is satisfied that the member is —

(a)

physically or mentally incapacitated from ever continuing in any employment;

(b)

found to be of unsound mind;

(c)

suffering from a terminal illness or disease; or

(d)

receiving a pension, annuity or other benefit as may be approved which will provide him with a monthly income of not less in value than the amount prescribed by the Minister.

[10/94]

(8) A member need not deposit the minimum sum with an approved bank or in a retirement account or use the minimum sum to purchase an approved annuity from an insurer if the Board is satisfied that the member —

(a)

is suffering from a terminal illness or disease;

(b)

on his retirement will receive a pension, annuity or other benefit as may be approved which will provide him with a monthly income of not less in value than the amount prescribed by the Minister; or

(c)

has attained the age of 55 years before 1st January 1987.

[5/87]

(9) Where a member or his spouse owns any immovable property of a value equal to or exceeding the minimum sum, the Board may permit the member —

(a)

to withdraw the minimum sumfrom his account with an approved bank or his retirement account; or

(b)

to surrender his approved annuity,

if the member or his spouse, as the case may be, agrees to the creation of a charge on the immovable property owned by him or his spouse, to secure the payment to the Board of the minimum sum for any of the purposes mentioned in subsection (6).

[5/87; 39/2000]

(9A) Where a member and one or more related persons jointly own any immovable property of a value equal to or exceeding the minimum sum, the Board may permit the member —

(a)

to withdraw the minimum sum or part thereof from his account with an approved bank or his retirement account; or

(b)

to surrender his approved annuity,

if the member and the related person or persons, as the case may be, agree to the creation of a charge on the immovable property owned by them to secure the payment to the Board of the minimum sum for any of the purposes mentioned in subsection (6).

[39/2000]

(10) Where a member or his spouse or both of them jointly own any immovable property sold by a Housing Authority or by a lessee of a Housing Authority, the Board may permit the member —

(a)

to withdraw the minimum sum or part thereof from his account with an approved bank or his retirement account; or

(b)

to surrender his approved annuity,

if the member or his spouse (or both of them), as the case may be, gives an undertaking to refund to the Board an amount equal to the minimum sum or part thereof which he is required to set aside for the purposes of subsection (6) in the event the property is sold or otherwise disposed of.

[5/87]

(10A) Where a member and one or more persons jointly own any immovable property sold by a Housing Authority or by a lessee of a Housing Authority, the Board may permit the member —

(a)

to withdraw the minimum sum or part thereof from his account with an approved bank or his retirement account; or

(b)

to surrender his approved annuity,

if the member and the person or persons, as the case may be, give an undertaking to refund to the Board an amount equal to the minimum sum or part thereof which the member is required to set aside for any of the purposes mentioned in subsection (6) in the event the property is sold or otherwise disposed of.

[39/2000]

(11) Where a member has withdrawn any money from the Fund for the purchase of an immovable property from a Housing Authority or from a lessee of a Housing Authority pursuant to any regulations made under section 77 and the sum standing to the credit of the member in the Fund at the time he attains the age of 55 years is less than the minimum sum, the member shall, in the event the property is sold or otherwise disposed of, refund to the Board from the proceeds of sale or other disposition, an amount sufficient to cover the deficiency in the minimum sum.

[5/87]

(12) No moneys deposited in an account with an approved bank or in a retirement account under subsection (6C) and no withdrawals made by a member from that account with an approved bank or from a retirement account and no payments received by a member from an approved annuity purchased with the minimum sum shall be liable to be attached, sequestered or levied upon for or in respect of any debt or claim.

(13) Such moneys, withdrawals and payments mentioned in subsection (12) shall not pass to the Official Assignee on the bankruptcy of the member.

(14) If the member is adjudicated a bankruptor is declared insolvent by a court, such moneys, withdrawals and payments shall be deemed not to form part of his after-acquired property.

[5/87; 10/94]

(15) The following provisions shall apply to a charge created over any immovable property under subsection (9) or (9A):

(a)

the charge shall be subject to all prior statutory rights and charges of any public authority over the immovable property and to all encumbrances registered or notified prior to the date of the notification of the charge;

(b)

upon lodgment by the Board with the Registrar of an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying the charge and the acceptance of the instrument by the Registrar, the Board shall have —

(i)

the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee; and

(ii)

the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property;

(c)

the charge shall extend to all the rights, benefits and interests of the member or his spouse, or the member and the related person or persons, as the case may be, under his or their agreement for sale and purchase of the immovable property;

(d)

the Registrar shall not be concerned to enquire into the regularity or validity of the charge, and shall, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act (Cap. 157), the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act (Cap. 269), as the case may be;

(e)

the charge shall on the application of the member or any other person having an interest in the property be cancelled if the Board is satisfied of the occurrence of any one of the following events:

(i)

the death of the member;

(ii)

if the member is suffering from a terminal illness or disease;

(iii)

if the member has complied with the requirements of subsection (6);

(iv)

if the minimum sum set aside by the member under subsection (6) has been exhausted on account of withdrawals made by him under subsection (7); or

[22/2010 wef 01/01/2011]

(v)

if the member satisfies any of the grounds for withdrawals under subsection (2)(b) or (c).

[5/87; 39/2000]

(16) In this section and section 15B —

“approved”, in relation to a bank or an annuity from an insurer, means approved by the Board for the purposes of this section;

“Housing Authority” has the same meaning as in section 28;

“related person”, in relation to a member, means —

(a)

his spouse;

(b)

a child of the member, including an adopted child and a step-child;

(c)

a father or mother of the member;

(d)

a brother or sister of the member;

(e)

a grandchild of the member;

(f)

a grandparent of the member; or

(g)

any other person who in the opinion of the Board should be regarded as a related person for the purposes of this section.

[39/2000]

Restrictions on withdrawals to ensure repayment of approved loan

15A. Notwithstanding anything in section 15, a member of the Fund shall not be entitled to withdraw from the Fund any sum standing to his credit under section 15(2)(b), (c), (d) or (e) unless the Board is satisfied that all moneys lent to the member pursuant to any approved loan scheme within the meaning of section 14A and which have been paid into the Fund under section 14A(2) for the benefit of the member, together with any interest and other charges which the member is liable to pay to the Government under the terms and conditions of the loan, have been repaid to the Government.

[12/99]

Setting aside additional sum

15B.

—(1) A member who is entitled to withdraw the sum standing to his credit in the Fund under section 15(2)(a), (3) or (4) may, in addition to the minimum sum that the member is required to set aside under section 15, set aside in accordance with regulations made under this Act, the balance or any part of the balance of the sum which the member is entitled to withdraw under section 15(2)(a), (3) or (4) (referred to in this section as the additional sum).

[39/2000]

(2) The additional sum set aside under subsection (1) may be deposited with an approved bank or used to purchase an approved annuity from an insurer.

[39/2000]

(3) Section 25 shall not apply to the additional sum set aside under subsection (1).

[39/2000]

Restrictions on withdrawal from medisave account

16.

—(1) Notwithstanding anything in section 15, a member of the Fund, or a committee of his person or of his estate appointed under the Mental Disorders and Treatment Act (Cap. 178), shall not be entitled to withdraw any sum standing to the member’s credit in the medisave account under section 15(2)(a), (d) or (e) or (3) if the amount in his medisave account does not exceed the prescribed amount.

[18/2009 wef 01/03/2010]

[32/84]

(2) Where the amount in a member’s medisave account exceeds the prescribed amount, such amount as is in excess of the prescribed amount may be withdrawn under section 15(2)(a), (d) or (e) or (3).

[32/84]

(3) In this section, “prescribed amount” means such amount as may be prescribed by the Minister from time to time by regulations made under section 77.

[32/84]

Withdrawal from special account for loan, etc.

17. The Board may allow a member to withdraw the whole or part of the moneys standing to his credit in his special account for all or any of the following purposes:

(a)

for the payment of any loan taken by him for the purchase of any immovable property by the member in accordance with any regulations made under section 77;

(b)

for the payment of improvement contributions due to the Housing and Development Board in respect of upgrading works carried out under Part IVA of the Housing and Development Act (Cap. 129), including the payment of such costs, fees or other incidental expenses arising from the upgrading works as are authorised by any regulations made under section 77.

[23/2005 wef 15/08/2005]

[12/99]

Provisions relating to maintenance of minimum sum and transfer or payment of moneys into retirement account

18. The Board may, for any of the purposes mentioned in section 15(6C) and subject to such terms and conditions as it may impose, permit —

(a)

a member to transfer such portion of the sum standing to his credit in the Fund as may be prescribed to the retirement account of his parent or spouse to be applied by the parent or spouse;

(b)

any person to voluntarily maintain a minimum sum with the Board; or

(c)

any person to pay money into his parent’s, grandparent’s or spouse’s retirement account.

[10/94; 39/2000]

Transfer of member’s moneys in ordinary account to retirement account

18A. The Board may, subject to such terms and conditions as it may impose, permit a member to transfer such portion of the sum standing to his credit in the ordinary account as may be prescribed to his retirement account.

[31/95]

Transfer of member’s moneys in ordinary account to special account

18B.

—(1) Subject to subsection (2), a member who has less than the prescribed amount standing to his credit in his special account may apply to the Board to transfer a sum standing to his credit in his ordinary account, not exceeding the difference between the prescribed amount and the sum standing to his credit in his special account, to his special account.

[30/98]

(2) An application by a member to transfer the sum standing to his credit in his ordinary account to his special account under subsection (1) shall be irrevocable and the transfer shall be subject to such terms and conditions as the Board may determine.

[30/98]

(3) In this section, “prescribed amount” means —

(a)

$65,000, where no other sum is specified under paragraph (b); or

(b)

where a sum is specified under this paragraph by the Minister for the purposes of this section by notification in the Gazette, such sum as may for the time being be so specified.

[30/98; 39/2000]

[See S 320/2002 wef 01/07/2002; S395/2004wef1stJuly2004]

Provisions relating to moneys transferred or paid to parent’s, grandparent’s or spouse’s retirement account on death

19.

—(1) Any moneys transferred by a member to his parent’s or spouse’s retirement account or paid by any person into his parent’s, grandparent’s or spouse’s retirement account under section 18 shall be deemed to be contributions for the purposes of this Act and shall not form part of the moneys payable out of the Fund on the death of the parent, grandparent or the spouse, as the case may be.

[39/2000]

(2) On the death of the parent, grandparent or the spouse, any moneys so transferred or paid or the balance thereof shall be credited to the account from which it was transferred or to the account of the person who made the payment, as the case may be.

[10/94; 39/2000]

Withdrawals

20.

—(1) Upon an application for the withdrawal of the sum of money standing to the credit of a member of the Fund by a person entitled thereto under section 15, the Board may authorise the payment to the applicant of such sum as the member is entitled to withdraw from the Fund and any interest calculated in accordance with section 12(2) up to the date of the authorisation or, if the applicant is a nominee appointed in accordance with section 25(1), such portion of the sum as he is nominated to receive.

[18/2009 wef 20/08/2009]

(1A) Subject to section 25(3) and such conditions as the Minister may impose, where the Board has been notified, in such manner as may be prescribed in any regulations made under section 77(1), of the death of a member of the Fund who has executed a memorandum in accordance with section 25(1), the Board may, without any application for the withdrawal of a sum of money standing to the credit of that member by a person nominated by that member by the memorandum —

(a)

if the memorandum provides for payment in accordance with section 25(1)(a)(i), and the person is a citizen or permanent resident of Singapore, pay the person such portion of the sum as he is nominated to receive; or

(b)

if the memorandum provides for payment in accordance with section 25(1)(a)(ii), and the person is a citizen or permanent resident of Singapore —

(i)

subject to sub-paragraph (ii), transfer to the person’s accounts in the Fund, in such manner as the member has specified in the memorandum, such portion of the sum as the person is nominated to receive; or

(ii)

if that portion exceeds such maximum amount as the Minister may determine for the purposes of section 25(1)(a)(ii)(B), transfer that maximum amount to the person’s accounts in the Fund in such manner as the member has specified in the memorandum, and pay the person the excess.

(2) When any contributions are due to be paid for a member of the Fund in respect of any period ending not later than the last day of the month next following the date on which the withdrawal of the sum of money standing to his credit in the Fund is authorised and the contributions are not paid to the Fund until after the date of authorisation, those contributions may in the discretion of the Board be treated as if they had been included in the amount standing to the credit of the member at the date of authorisation of withdrawal and paid to the applicant accordingly.

[22/2010 wef 01/01/2011]

[5/87]

(3) All applications for withdrawal shall be supported by such evidence as may be prescribed and by such further evidence as the Board may reasonably require.

[22/2010 wef 01/10/2010]

Charge on immovable property to secure repayment of withdrawals from Fund

21.

—(1) Where in accordance with any regulations made under section 77, a member of the Fund has on or after 1st June 1981 withdrawn any money standing to his credit in the Fund for all or any of the following purposes:

(a)

to make payment, either full or partial, towards the purchase of an immovable property;

(b)

to repay or to make periodic payments towards the repayment of any loan taken by the member to finance or re-finance the purchase of an immovable property;

(c)

to repay any loan or to reimburse any cost, fee or other expense pursuant to regulations made under section 77(1)(i);

(d)

to pay any costs, fees or other expenses incurred —

(i)

for the purchase of an immovable property;

(ii)

for obtaining a loan to finance or re-finance such purchase ; and

(iii)

in connection with withdrawals of any money from the Fund,

there shall be a charge on the member’s estate or interest in the immovable property to secure the repayment of the money withdrawn from the Fund including the interest that would have accrued thereto if the withdrawal had not been made and to secure the payment of the minimum sum into the member’s retirement account.

(1A) Where the immovable property is purchased or owned by the member as a co-purchaser, joint-tenant or tenant-in-common, as the case may be, with one or more persons, the charge shall, with the prior written consent of all the co-purchasers or co-owners, extend to all their respective estates or interests in the immovable property.

[19/83; 16/86; 5/87; 29/93]

(2) A charge under subsection (1) shall extend to all the rights, benefits and interests of the member or the co-purchasers or co-owners, as the case may be, under his or their agreement for sale and purchase of the immovable property.

[19/83; 16/86]

(3) Any charge created over any immovable property under subsection (1) from 1st June 1981 to 31st December 1986 (both dates inclusive) shall unless the Board otherwise decides be deemed to have secured the payment of the minimum sum into a member’s retirement account.

[5/87]

(4) Upon lodgment by the Board with the Registrar of an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying any charge under subsection (1) and the acceptance of the instrument by the Registrar, the Board shall have —

(a)

the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee; and

(b)

the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property.

[19/83; 16/86]

(5) The Registrar shall not be concerned to enquire into the regularity or validity of a charge under subsection (1), and shall, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act (Cap. 157), the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act (Cap. 269), as the case may be.

[19/83]

(6) Any charge under subsection (1) shall be subject to all statutory rights and charges of any public authority over the immovable property and, in the absence of any agreement giving priority to the Board, to all encumbrances registered or notified prior to the date of acceptance by the Registrar of the instrument to register or notify the charge.

[19/83; 16/86]

(7) The repayment of the minimum sum to the Board, if it is secured by a charge on the member’s estate or interest on the immovable property under subsection (1), shall rank after the claims of a mortgagee or chargee other than the Board prior to the date when the member is required to deposit a prescribed sum in accordance with section 15(6).

[5/87]

(8) Notwithstanding section 80 of the Land Titles Act (Cap. 157) and section 15 of the Registration of Deeds Act (Cap. 269) —

(a)

where further withdrawals from the Fund are authorised by the Board after the registration or notification of any mortgage or charge created in favour of the Board at any time after the acceptance by the Registrar of the instrument lodged under subsection (4) for the purpose of registering or notifying a charge under subsection (1), all such withdrawals shall rank in priority to any other claims as if the withdrawals were made at the date of the creation of the mortgage or charge in favour of the Board; and

(b)

where any further advances have been made by a prior mortgagee or chargee after the Board has given notice in writing of the charge under subsection (1) to the prior mortgagee or chargee or after the acceptance by the Registrar of the instrument to register or notify the charge under subsection (4), such further advances shall not rank in priority to the Board’s charge under subsection (1).

[19/83; S227/95]

(9) Notwithstanding subsections (1) and (8), advances, interest and other moneys secured by a mortgage or charge on an immovable property may, with the agreement of the Board and subject to such conditions as the Board may impose, rank in priority or in pari passu to the Board’s charge under subsection (1) or any mortgage or charge created in favour of the Board.

[19/83; 16/86]

(10) A charge under subsection (1) shall continue in force until all the moneys secured by the charge have been repaid or are no longer required by any regulations made under section 77 to be repaid to the Fund or if the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e) in which event the member concerned or any other party having an interest in the immovable property shall be entitled to have the charge cancelled.

[19/83; 5/87]

(11) Subsections (4), (9) and (10) shall apply to all charges under subsection (1) securing the repayment of moneys withdrawn from the Fund pursuant to any regulations made under section 77.

[19/83]

(12) In this section and sections 15and 21A —

“public authority” means the Government, the Collector of Land Revenue, the Comptroller of Property Tax, and any other person, corporation or body, authorised or empowered by any written law to attach, sell or acquire land compulsorily;

“Registrar” means —

(a)

the Registrar of Titles, a Deputy Registrar of Titles or an Assistant Registrar of Titles appointed under the Land Titles Act (Cap. 157); and

(b)

where the occasion requires, the Registrar of Deeds or a Deputy Registrar of Deeds appointed under the Registration of Deeds Act (Cap. 269).

[19/83; 5/87; 27/95]

(13) This section shall not apply to any immovable property or class of immovable properties which the Minister may, by notification in the Gazette, specify.

[19/83; 16/86]

Registration of charge on immovable property to secure repayment of withdrawals from Fund before 1st June 1981

21A.

—(1) Where in accordance with any regulations made under section 77 a member of the Fund has before 1st June 1981 withdrawn any money standing to his credit in the Fund —

(a)

to make payment, either full or partial, towards the purchase of an immovable property;

(b)

to repay or to make periodic payments towards the repayment of any loan taken by the member to finance or re-finance the purchase of an immovable property; or

(c)

to pay any costs, fees or other expenses incurred —

(i)

for the purchase of an immovable property;

(ii)

for obtaining a loan to finance or re-finance such purchase ; and

(iii)

in connection with withdrawals of any money from the Fund,

the Board may register or notify, in the appropriate register maintained by the Registrar under the Land Titles Act, the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act, a charge on the member’s estate or interest in the immovable property to secure the repayment of the money withdrawn from the Fund including the interest that would have accrued thereto if the withdrawal had not been made and to secure the payment of the minimum sum into the member’s retirement account.

[27/95]

(3) Upon lodgment by the Board with the Registrar of an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying any charge under subsection (1) and the acceptance of the instrument by the Registrar, the Board shall have —

(a)

the power of sale and all other powers relating or incidental thereto as if the Board is a registered mortgagee; and

(b)

the power to sell, assign and dispose of all rights, benefits and interests under the agreement for the sale and purchase of the immovable property.

[27/95]

(4) The Registrar shall not be concerned to enquire into the regularity or validity of a charge under subsection (1) and shall, on acceptance of the instrument to register or notify the charge, register or notify the charge in the appropriate register maintained by the Registrar under the Land Titles Act (Cap. 157), the Land Titles (Strata) Act (Cap. 158) or the Registration of Deeds Act (Cap. 269), as the case may be.

[27/95]

(5) Any charge under subsection (1) shall be subject to all statutory rights and charges of any public authority over the immovable property and, in the absence of any agreement giving priority to the Board, to all encumbrances registered or notified prior to the date of acceptance by the Registrar of the instrument to register or notify the charge.

[27/95]

(6) The repayment of the minimum sum to the Board, if it is secured by a charge on the member’s estate or interest on the immovable property under subsection (1), shall rank after the claims of a mortgagee or chargee other than the Board prior to the date when the member is required to deposit a prescribed sum in accordance with section 15(6).

[27/95]

(7) Notwithstanding section 80 of the Land Titles Act (Cap. 157) and section 15 of the Registration of Deeds Act (Cap. 269) —

(a)

where further withdrawals from the Fund are authorised by the Board after the registration or notification of any mortgage or charge created in favour of the Board at any time after the acceptance by the Registrar of the instrument lodged under subsection (3) for the purpose of registering or notifying a charge under subsection (1), all such withdrawals shall rank in priority to any other claims as if the withdrawals were made at the date of the creation of the mortgage or charge in favour of the Board; and

(b)

where any further advances have been made by a prior mortgagee or chargee after the Board has given notice in writing of the charge under subsection (1) to the prior mortgagee or chargee or after the acceptance by the Registrar of the instrument to register or notify the charge under subsection (3), such further advances shall not rank in priority to the Board’s charge under subsection (1).

[27/95]

(8) Notwithstanding subsections (1) and (7), advances, interest and other moneys secured by a mortgage or charge on an immovable property may, with the agreement of the Board and subject to such conditions as the Board may impose, rank in priority or in pari passu to the Board’s charge under subsection (1) or any mortgage or charge created in favour of the Board.

[27/95]

(9) A charge under subsection (1) shall continue in force until all the moneys secured by the charge have been repaid or are no longer required by any regulations made under section 77 to be repaid to the Fund or if the Board is satisfied of the occurrence of any of the events mentioned in section 15(15)(e) in which event the member concerned or any other party having an interest in the immovable property shall be entitled to have the charge cancelled.

[27/95]

(10) Where costs, fees or other incidental expenses are incurred for the registration or notification of a charge under subsection (1) or section 21(4) or the discharge thereof, the Board may, subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn and used to pay such costs, fees and other incidental expenses.

[27/95]

(11) This section shall not apply to any immovable property or class of immovable properties which the Minister may, by notification in the Gazette, specify.

[27/95]

Withdrawals for payment of tuition fees at approved tertiary institution

22.

—(1) The Board may, subject to such terms and conditions as it may impose, permit a member of the Fund to withdraw such portion of the sum standing to his credit in the Fund as may be prescribed for the payment of tuition fees payable by that member, his child or such other relative as may be approved by the Board, for a course of study at an approved tertiary institution.

[30/89]

(2) Every application for withdrawal under subsection (1) shall be made to the Board in such form as may be approved by the Board.

[30/89]

(3) Where a member wishes to make any withdrawals for himself, his child or relative for the purpose of subsection (1), that member, child or relative shall —

(a)

give an undertaking to the Board; and

(b)

if required by the Board, furnish a guarantee by any person acceptable to the Board,

for the repayment to the Board to the account of that member in the Fund from whose account such withdrawals were made, all such withdrawals plus interest in such manner and within such time as may be prescribed.

[30/89]

(4) An undertaking given to the Board by any person under subsection (3) shall be enforceable notwithstanding that the person was a minor at the time the undertaking was given.

[30/89]

(5) Notwithstanding anything in this Act, any sum not returned to the Board to the account of the member in the Fund under subsection (3) shall be deemed to be a debt due to the Board and may be sued for by the Board in any court.

[30/89]

(6) In this section —

“approved tertiary institution” means any tertiary institution in Singapore approved by the Minister;

“relative” means a person who is related to a member and who is dependent on that member for his care and maintenance;

“tuition fees” includes any administrative fees imposed by the Board in respect of any withdrawals made by a member under this section.

[30/89]

Regulations for purposes of section 22

23. The Minister may make such regulations as are necessary or expedient for the purpose of carrying out the provisions of section 22 and, in particular, such regulations may —

(a)

prescribe the amount and the manner in which withdrawals may be made by members;

(b)

provide for the manner and time for the repayment of such withdrawals by members and other persons who have utilised the withdrawals;

(c)

provide for such information, evidence and documents that the Board may require from members of the Fund and other persons who have utilised such withdrawals; and

(d)

prescribe anything which may be prescribed by the Minister under section 22.

[30/89]

Protection of benefits

24.

—(1) Except as may be provided for in any regulations made under section 77, no withdrawals made by the authority of the Board from the Fund under section 15 nor the rights of any member of the Fund acquired thereunder shall be assignable or transferable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim.

(2) Precious metals and securities purchased by a member under any scheme in accordance with any regulations made under section 77 which allow members to withdraw their moneys in the Fund for the purposes of investment and the proceeds from the sale of such precious metals and securities which a member is obliged to repay into the Fund shall not be liable to be attached, sequestered or levied upon for or in respect of any debt or claim.

(3) Such precious metals, securitiesor proceeds shall not pass to the Official Assignee on the bankruptcy of such member, and if such member is adjudicated a bankrupt or is declared insolvent by a court, such precious metals, securitiesor proceeds shall be deemed not to form part of the property of the member.

[16/86]

(3A) All moneys paid out of the Fund on the death of any member of the Fund shall be deemed to be impressed with a trust in favour of —

(a)

the person or persons nominated under section 25(1) by the deceased member, if any; or

(b)

the person or persons determined by the Public Trustee in accordance with section 25(2) to be entitled thereto,

but shall, without prejudice to the operation of the Estate Duty Act (Cap. 96), be deemed not to form part of the deceased member’s estate or to be subject to his debts.

[57/2007 wef 28/12/2007]

[22/2010 wef 01/10/2010]

(4) No contribution to the Fund or interest thereon shall be subject to the debts of the member of the Fund, nor shall the contribution or interest pass to the Official Assignee on the bankruptcy of the member.

[57/2007 wef 28/12/2007]

(5) If the member is adjudicated a bankrupt or is declared insolvent by judgment of the court, the contribution and interest shall be deemed not to form part of the property of the member.

[22/2010 wef 01/10/2010]

(6) The bankruptcy of an employee shall not affect the payment of contributions from the wages of the employee in accordance with the provisions of this Act, but that payment shall continue to be made notwithstanding the provisions of any written law and the portion of wages so paid shall be deemed not to form part of his after-acquired property.

Moneys payable on death of member

25.

—(1) Any member of the Fund may by a memorandum executed in the prescribed manner nominate a person or persons to receive in his or their own right such portions of the amount payable on his death out of the Fund under section 20(1) or of any shares designated under section 26(1) as the memorandum shall indicate.