Singapore Government
Link to AGC Website
Home | Search | Browse | Results | My Preferences
 
Contents

Long Title

Part I PRELIMINARY

Part II CONTRIBUTIONS TO FUND

Part III WITHDRAWAL OF CONTRIBUTIONS

Part IIIA DIVISION OF FUND-RELATED ASSETS IN MATRIMONIAL PROCEEDINGS

Part IIIB LIFELONG INCOME SCHEME

Part IV HOME PROTECTION INSURANCE SCHEME

Part V DEPENDANTS’ PROTECTION INSURANCE SCHEME

Part VI MEDISHIELD SCHEME

Part VIA WORKFARE INCOME SUPPLEMENT SCHEME

Part VII OFFENCES, PENALTIES AND PROCEEDINGS

Part VIII MISCELLANEOUS

FIRST SCHEDULE Rates of Contribution

SECOND SCHEDULE Financial Provisions

THIRD SCHEDULE Specified Acts Relating to Self-employed Persons

Legislative History

Comparative Table

 
Slider
Left Corner
Print   Link to In-Force Version
On 25/10/2014, you requested the version in force on 25/10/2014 incorporating all amendments published on or before 25/10/2014. The closest version currently available is that of 01/10/2014.
Slider
Authorisation and conditions for withdrawal from Fund
15.
—(1)  No sum of money standing to the credit of a member of the Fund may be withdrawn from the Fund except with the authority of the Board.
(1A)  Subject to subsections (1B), (1C) and (1D), sections 14, 14A, 15A and 25(2) and (3) and any regulations and rules made under section 77, the authority under subsection (1) shall not be given except on the application of a person who is entitled, or who within such period as the Board may determine will be entitled under subsection (2)(a) or (3), to withdraw the money from the Fund.
[18/2009; 22/2010; 23/2012]
(1B)  The authority under subsection (1) may be given for a withdrawal from the Fund by a relevant member under subsection (7), or for the payment by a relevant member of a premium referred to in section 27L(1) or (1A) from any amount standing to his credit in his retirement account, without any application being made by the relevant member under subsection (1A).
[18/2009; 22/2010; 23/2012]
(1C)  After the death of a member of the Fund, the authority under subsection (1) may be given for a withdrawal from the Fund under subsection (5) by a person nominated by that member in accordance with section 25(1), without any application being made by that person under subsection (1A).
[22/2010]
(1D)  The authority under subsection (1) may be given for a withdrawal from the Fund by a member who has attained the age of 55 years under subsection (4)(b), without any application being made by that member under subsection (1A).
[23/2012]
(2)  Subject to this section and sections 19 and 19A, a member of the Fund shall be entitled to withdraw the sum standing to the credit of the member in the Fund at any time after the Board is satisfied that the member —
(a)
has attained the age of 55 years;
(b)
not being a citizen of Singapore, has left or is about to leave Singapore and the States of Malaya permanently with no intention to return thereto;
(c)
being a citizen of Malaysia has left or is about to leave Singapore permanently for the States of Malaya in such circumstances as the Minister may approve;
(d)
is physically or mentally incapacitated —
(i)
from ever continuing in any employment; or
(ii)
in such other manner as the Minister may approve;
(e)
lacks capacity within the meaning of section 4 of the Mental Capacity Act (Cap. 177A);
(f)
is suffering from a medical condition leading to a severely impaired life expectancy; or
(g)
is suffering from a terminal illness or disease.
[5/87; 15/2006; 21/2008; 25/2008; 18/2009; 22/2010]
(2A)  Where a member of the Fund is entitled under subsection (2)(d), (e) or (f) to withdraw the sum standing to his credit in the Fund, at the time of the withdrawal and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —
(a)
such amount as the Minister may specify shall be set aside or topped-up in the member’s retirement account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his ordinary account;
(b)
unless the Minister otherwise allows, the prescribed amount referred to in section 16 shall be set aside or topped-up in the member’s medisave account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his ordinary account; and
(c)
if there exist such circumstances as may be prescribed by any regulations made under section 77(1) and the member is thereby required to reserve any amount in his ordinary account, such reserved amount shall be set aside or topped-up in that account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in that account.
[Act 24 of 2013 wef 01/06/2014]
(2B)  Where any amount has been set aside or topped-up in the member’s retirement account for the purposes of subsection (2A)(a), the amount standing to the credit of the member in his retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(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 first anniversary of his date of birth after he has attained the age of 55 years or such other period as the Minister may direct.
[5/87; 36/2002]
(4)  Notwithstanding subsection (3) but subject to subsection (6), the Board may —
(a)
where a member has withdrawn any money from the Fund on the ground that he has attained the age of 55 years, allow him to withdraw, at any time, the sum standing to his credit in the Fund if he satisfies such conditions as the Board may impose in any particular case; and
(b)
where a member has attained the age of 55 years, allow him to withdraw, within such time as the Board may permit, the whole or any part of the amount of any money that is paid, repaid or refunded into his account in the Fund pursuant to a charge under subsection (9), (9A), (11D) or (11E) or section 21(1), 21A(1), 21B(1), 27C(1)(v)(A) or (B), 27D(1)(v)(B), 27DA(1)(v), 27E(1)(iv) or 27F(1)(iv), or pursuant to an undertaking given under subsection (10) or (10A) or section 27D(1)(v)(A).
(5)  Subject to section 25(3), after the death of a member of the Fund, a person who is nominated by the deceased member, by a memorandum executed in accordance with section 25(1), shall be entitled to withdraw, in the manner provided for in the memorandum, from the balance standing to the credit of the deceased member in the Fund, such portion of the amount payable on the deceased member’s death out of the Fund as the person has been nominated to receive under the memorandum.
[20/2011]
(6)  Subject to subsections (6A), (8) and (8A), where a member of the Fund is entitled under subsection (2)(a), (3) or (4) to withdraw the sum standing to his credit in the Fund, at the time of the withdrawal and in accordance with any regulations made under this Act —
(a)
such minimum sum applicable to the member as may be prescribed shall be set aside or topped‑up —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his ordinary account;
(b)
unless the Board otherwise allows, such amount as may be specified under subsection (6D) shall be set aside or topped-up in the member’s medisave account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in the Fund, after excluding —
(A)
any reserved amount standing to the member’s credit in his ordinary account; and
(B)
any sum standing to the member’s credit in his retirement account; and
(c)
if there exist such circumstances as may be prescribed by any regulations made under section 77(1) and the member is thereby required to reserve any amount in his ordinary account, such reserved amount shall be set aside or topped-up in that account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in that account.
[Act 24 of 2013 wef 01/06/2014]
(6A)  Where 2 members of the Fund are parties to a marriage, and neither member is a relevant member, the Board may, on a joint application made by them before 1st January 2013, permit them to set aside jointly an amount which is less than 2 times the minimum sum if each member has executed a memorandum under section 25(1) nominating the other member to receive, on his death, an amount belonging to him which is not less than such amount as the Board may specify.
[15/2006; 18/2009; 23/2012]
(6B)  Any memorandum executed under subsection (6A) by 2 members of the Fund who are parties to a marriage —
(a)
shall not be revocable during the subsistence of the marriage, unless the Board is satisfied that —
(i)
either member is, or both members are, physically or mentally incapacitated —
(A)
from ever continuing in any employment; or
(B)
in such other manner as the Minister may approve;
(ii)
either member lacks, or both members lack, capacity within the meaning of section 4 of the Mental Capacity Act;
(iii)
either member is, or both members are, suffering from a medical condition leading to a severely impaired life expectancy; or
(iv)
either member is, or both members are, suffering from a terminal illness or disease; and
(b)
shall, where the marriage has been dissolved (otherwise than by death) or has been annulled, be revoked upon the Board being notified of the dissolution or annulment of the marriage.
[40/2007; 21/2008; 22/2010]
(6C)  The amount standing to the credit of a member in his retirement account shall be utilised as follows:
(a)
such amount (if any) as the Board may determine shall be used for the payment of a premium referred to in section 27L(1) or (1A); and
(b)
any remaining amount may be —
(i)
deposited before 1st January 2014 with an approved bank or retained in the member’s retirement account;
(ii)
used to purchase an approved annuity from an insurer; or
(iii)
used for the payment of a premium referred to in section 27L(1) or (1A).
[18/2009; 22/2010; 20/2011; 23/2012]
(6CA)  For the purposes of subsections (6)(a) and (6C), the Board shall, if required by any regulations made under section 77(1), transfer from the sum standing to the credit of a member in the Fund to his retirement account, towards the maintenance of the minimum sum, such amount at such time as may be prescribed in those regulations.
[23/2012]
(6CB)  For the purposes of subsection (6CA), different amounts and times may be prescribed for different classes of members.
[23/2012]
(6D)  The Minister may, by order published in the Gazette
(a)
specify such amount as he thinks fit for the purposes of subsection (6)(b); and
(b)
specify different amounts in respect of different classes of members.
[20/2011]
(7)  Where a member has deposited the amount referred to in subsection (6C)(b) with an approved bank or retained that amount in his retirement account, the member shall, on attaining the prescribed age, be entitled to withdraw from that amount and any interest accruing thereon in accordance with any regulations made under section 77(1).
[18/2009; 23/2012]
(7A)  A member who has attained the age of 55 years but has not attained the prescribed age shall be entitled to withdraw the amount referred to in subsection (6C)(b), or such part thereof as the Board may determine, from his account with an approved bank or his retirement account, or to surrender his approved annuity from an insurer, if the Board is satisfied that the member —
(a)
is physically or mentally incapacitated —
(i)
from ever continuing in any employment; or
(ii)
in such other manner as the Minister may approve;
(b)
lacks capacity within the meaning of section 4 of the Mental Capacity Act;
(c)
is suffering from a medical condition leading to a severely impaired life expectancy;
(d)
is suffering from a terminal illness or disease; or
(e)
is receiving or will receive such pension, annuity or other benefit as may be approved which will provide him with a monthly income of an amount that is not less in value than the amount prescribed by the Minister.
[22/2010]
(7B)  Where a member of the Fund is entitled under subsection (7A)(a), (b) or (c) to withdraw the amount referred to in subsection (6C)(b) or any part thereof from his account with an approved bank or his retirement account or surrender his approved annuity from an insurer, at the time of the withdrawal or surrender, as the case may be, and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —
(a)
such amount as the Minister may specify shall be set aside or topped-up in the member’s retirement account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his ordinary account;
(b)
unless the Minister otherwise allows, the prescribed amount referred to in section 16 shall be set aside or topped-up in the member’s medisave account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his ordinary account; and
(c)
if there exist such circumstances as may be prescribed by any regulations made under section 77(1) and the member is thereby required to reserve any amount in his ordinary account, such reserved amount shall be set aside or topped-up in that account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in that account.
[Act 24 of 2013 wef 01/06/2014]
(7C)  Where any amount has been set aside or topped-up in the member’s retirement account for the purposes of subsection (7B)(a), the amount standing to the credit of the member in his retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(8)  A member need not comply with subsection (6)(a) if the Board is satisfied that the member —
(a)
is physically or mentally incapacitated —
(i)
from ever continuing in any employment; or
(ii)
in such other manner as the Minister may approve;
(b)
lacks capacity within the meaning of section 4 of the Mental Capacity Act;
(c)
is suffering from a medical condition leading to a severely impaired life expectancy;
(d)
is suffering from a terminal illness or disease;
(e)
is receiving or will receive such pension, annuity or other benefit as may be approved which will provide him with a monthly income of an amount that is not less in value than the amount prescribed by the Minister; or
(f)
has attained the age of 55 years before 1st January 1987.
[15/2006; 21/2008; 18/2009; 22/2010]
(8A)  Where a member of the Fund is entitled under subsection (2)(a), (3) or (4) to withdraw the sum standing to his credit in the Fund and, under subsection (8)(a), (b) or (c), need not comply with subsection (6)(a), at the time of the withdrawal and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —
(a)
such amount as the Minister may specify shall be set aside or topped-up in the member’s retirement account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his ordinary account;
(b)
unless the Minister otherwise allows, the prescribed amount referred to in section 16 shall be set aside or topped-up in the member’s medisave account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his ordinary account; and
(c)
if there exist such circumstances as may be prescribed by any regulations made under section 77(1) and the member is thereby required to reserve any amount in his ordinary account, such reserved amount shall be set aside or topped-up in that account —
(i)
by the member; or
(ii)
from the sum standing to the member’s credit in that account.
[Act 24 of 2013 wef 01/06/2014]
(8B)  Where any amount has been set aside or topped-up in the member’s retirement account for the purposes of subsection (8A)(a), the amount standing to the credit of the member in his retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.
(8C)  Notwithstanding subsections (2A), (6), (7B) and (8A) and section 27, where any amount which a relevant member is entitled to withdraw from his retirement account under subsection (7), or which is due to a relevant member under section 27K(6), has been transferred or paid by the Board into his ordinary account, the Board may, on his application, permit him to withdraw that amount.
[18/2009]
(9)  Where a member or his spouse owns any immovable property of a value equal to or exceeding the minimum sum, the Board may, on an application made before 1st January 2013, permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) 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, 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.
[5/87; 39/2000; 15/2006; 18/2009; 23/2012]
(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, on an application made before 1st January 2013, permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) 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.
[39/2000; 18/2009; 23/2012]
(10)  Where a member or his spouse or both of them jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made before 1st January 2013, permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) 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 member’s minimum sum or part thereof which is required to be set aside in the event the property is sold or otherwise disposed of.
[5/87; 40/2007; 18/2009; 20/2011; 23/2012]
(10A)  Where a member and one or more persons jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made before 1st January 2013, permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) 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 member’s minimum sum or part thereof which is required to be set aside in the event the property is sold or otherwise disposed of.
[39/2000; 40/2007; 18/2009; 20/2011; 23/2012]
(10B)  The Board shall not enforce any undertaking under subsection (10) or (10A) if there exist such circumstances as may be prescribed in any regulations made under section 77(1) for the purposes of this subsection.
[15/2006; 23/2012]
(10C)  [Deleted by Act 23 of 2012 wef 01/01/2013]
(11)  Where a member owns any immovable property of a value equal to or exceeding the minimum sum, the Board may, on an application made on or after 1st January 2013, permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account; or
(b)
to surrender his approved annuity.
[23/2012]
(11A)  Where a member and one or more persons jointly own any immovable property of a value equal to or exceeding the minimum sum, the Board may, on an application made on or after 1st January 2013, permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account; or
(b)
to surrender his approved annuity.
[23/2012]
(11B)  Where a member owns any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made on or after 1st January 2013, permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account; or
(b)
to surrender his approved annuity.
[23/2012]
(11C)  Where a member and one or more persons jointly own any immovable property sold by an approved developer, by a Housing Authority or by a lessee of a Housing Authority, the Board may, on an application made on or after 1st January 2013, permit the member —
(a)
to withdraw the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account; or
(b)
to surrender his approved annuity.
[23/2012]
(11D)  Where a member, with the permission of the Board under subsection (11), (11A), (11B) or (11C), has withdrawn the amount referred to in subsection (6C)(b) or part thereof from his account with an approved bank or his retirement account, there shall be a charge constituted on the immovable property referred to in subsection (11), (11A), (11B) or (11C), as the case may be, to secure the payment to the Board of the amount withdrawn.
[23/2012]
(11E)  Where a member, with the permission of the Board under subsection (11), (11A), (11B) or (11C), has surrendered his approved annuity, there shall be a charge constituted on the immovable property referred to in subsection (11), (11A), (11B) or (11C), as the case may be, to secure the payment to the Board of the entire surrender value of the approved annuity.
[23/2012]
(11F)  The following provisions shall apply to a charge constituted on any immovable property under subsection (11D) or (11E):
(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 constitution of the charge;
(b)
upon the constitution of the charge, the Board shall have the power of sale and all other powers relating or incidental thereto to sell and effectually transfer the immovable property to any purchaser as if the Board were a registered mortgagee and, in any case where the immovable property is registered land within the meaning of the Land Titles Act (Cap. 157), notwithstanding that the charge is not registered under that Act;
(c)
the charge shall extend to all the rights, benefits and interests of the member, or of the member and the other person or persons who jointly own the immovable property, as the case may be, under his or their agreement for sale and purchase of the immovable property;
(d)
where the Board has lodged with the Registrar an instrument (which shall be in such form as the Registrar may require) for the purpose of registering or notifying the charge, the Registrar shall not be concerned to enquire into the regularity or validity of the charge and shall, on acceptance of the instrument, register or notify the charge 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 (Cap. 269), as the case may be;
(e)
the charge shall continue in force until the Board is satisfied of the occurrence of any event prescribed in any regulations made under section 77(1) for the purposes of this paragraph.
[23/2012]
(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, the Land Titles (Strata) Act or the Registration of Deeds Act, 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 event prescribed in any regulations made under section 77(1) for the purposes of this paragraph.
[5/87; 39/2000; 15/2006; 18/2009; 22/2010; 20/2011; 23/2012]
(15A)  Section 73 of the Conveyancing and Law of Property Act (Cap. 61) and sections 49L and 49M of the Insurance Act (Cap. 142) shall not apply to any annuity purchased with any amount standing to the credit of a member in his retirement account.
[3/2009; 23/2012]
(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;
“approved developer” means an approved developer under Part IVB of the Housing and Development Act (Cap. 129);
“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;
“relevant member” has the same meaning as in section 27J.
[39/2000; 40/2007; 18/2009; 23/2012]