On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 30/11/2006.
PART III
GENERAL PROVISIONS
13. For the purposes of these Regulations, in assessing the value of any immovable property in respect of which a charge is created under section 15 (9) or (9A), 21, 21A or 21B of the Act or a pledge is given under section 15(10) or (10A) of the Act, the Board may appoint a Government valuer or a licensed valuer to value the immovable property and the expenses of such valuation shall be borne by the member concerned.
14. Where a charge or a pledge subsists over any immovable property belonging to a member or his spouse or both of them jointly under section 15 (9), (9A), (10) or (10A), 21, 21A or 21B of the Act to secure the payment of the minimum sum into the member’s retirement account, the member or his spouse or both of them shall not mortgage, charge or otherwise encumber the immovable property unless with the prior written consent of the Board.
15.
—(1) The Board may, from time to time, approve any bank with whom a member may deposit the minimum sum or an annuity which a member may purchase from the insurer of that annuity with the minimum sum which he is required to set aside under section 15(6)(a) of the Act.
(2) Any bank approved by the Board or any insurer whose annuity has been approved by the Board under paragraph (1) shall comply with the provisions of the Act, these Regulations and the terms, conditions and directions imposed or given by the Board relating to the minimum sum scheme.
16.
—(1) A member shall, if he desires to deposit in an approved bank the amount maintained by him as the minimum sum, use the whole amount maintained by him as the minimum sum at that time for such deposit.
(2) A member shall, if he desires to purchase an approved annuity with the amount maintained by him as the minimum sum, use the whole or part of the amount maintained by him as the minimum sum at that time for such purchase.
17.
—(1) A member who wishes to deposit the minimum sum with an approved bank shall first open an account with that bank.
(2) If the Board is satisfied that the member has opened an account with an approved bank, the Board shall transfer the amount deposited as the minimum sum and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3) to the member’s account in that bank.
(3) The moneys standing to the credit of the account of the member in the approved bank shall bear interest at such rate as may be determined by the bank from time to time.
(4) No member shall be entitled to deposit the minimum sum in more than one account with any approved bank or banks at any one time unless approved by the Board.
18.
—(1) Where a member elects to use the amount deposited as the minimum sum to purchase an approved annuity from an insurer, the Board shall, at the request of the member, forward to the insurer in payment for such purchase —
(a)
the whole or part of the amount maintained as the minimum sum and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3); and
(b)
where the purchase price of the approved annuity exceeds the amount referred to in sub-paragraph (a), any interest accrued on such amount.
(2) Any payment from the approved annuity shall be determined in accordance with the terms and conditions of the approved annuity.
19.
—(1) Where a member, who has deposited the amount maintained as the minimum sum in an account with an approved bank, closes the account and does not open another account with another approved bank or does not purchase an approved annuity from an insurer, the approved bank in which the account was opened shall immediately transfer all the moneys in that account to the member’s retirement account.
(2) Where a member surrenders his approved annuity and does not purchase another approved annuity or does not open an account with an approved bank, the insurer from whom the approved annuity was purchased shall immediately transfer all the moneys representing the surrender value of the approved annuity to the member’s retirement account.
(3) Where a member who has been exempted under section 15(8)(e) of the Act from setting aside the minimum sum surrenders the pension, annuity or other benefit and does not purchase another approved annuity or does not open an account with an approved bank, the member shall transfer all the moneys representing the surrender value of the pension, annuity or other benefit or, where the surrender value of the pension, annuity or other benefit is more than the minimum sum applicable to him, an amount equal to the value of the minimum sum to his retirement account.
20. Where a member has deposited his minimum sum with an approved bank or has purchased an approved annuity with an insurer, upon the death of the member, the minimum sum set aside by him or any balance thereof or the amount representing the residual value of his approved annuity purchased with the minimum sum shall be transferred to his account in the Fund to be dealt with in accordance with law.
21. For the purposes of these Regulations, where the date of birth of a member cannot be ascertained or is doubtful, his date of birth shall be deemed to be 1st January of the year in which he was born.
22. Every application by any person —
(a)
for the withdrawal of the minimum sum for deposit in a retirement account with an approved bank;
(b)
for the withdrawal of the minimum sum to purchase an approved annuity from an insurer;
(c)
for exemption under section 15(8) of the Act; or
(d)
for any purpose in connection with these Regulations,
shall be made in such form and supported by such evidence as the Board may require.
23. If a member commits a breach of any of the provisions of these Regulations or for any purpose connected with these Regulations makes a false representation or furnishes any false information, the Board may require the member —
(a)
to refund to his retirement account the payment from the minimum sum together with interest that would have accrued thereto if the payment had not been given; or
(b)
to surrender the approved annuity purchased with the minimum sum and refund all the moneys representing the surrender value of the approved annuity to his retirement account together with interest that would have accrued thereto if the withdrawal had not been made.