Central Provident Fund (Non-Residential Properties Scheme) Regulations 1986

Central Provident Fund Act 1953

(Section 77(1))

Central Provident Fund
(Non-Residential Properties Scheme)
Regulations 1986

2025 REVISED EDITION

(17 December 2025)

[1 May 1986]

Citation

1. These Regulations are the Central Provident Fund (Non-Residential Properties Scheme) Regulations 1986.

Definitions

2.—(1) In these Regulations —

“loan” means a loan —

(a)	obtained by a member to finance or re‑finance in whole or in part the purchase or acquisition of a property; or
(b)	to make full or periodic payment towards the repayment of a mortgage on any property inherited by a member if the mortgage was obtained solely for the purchase or acquisition of that property,

including the payment of any costs, fees, stamp duties or other incidental expenses incurred in connection with paragraph (a) or (b);

“mortgage” includes any charge on any property for securing the repayment of any money lent to a person;

“property” means any building or part of a building or any flat which is permitted pursuant to any written law to be used for any commercial or industrial purpose or any such building or flat which is in the course of erection, and includes any land adjacent to any such building or flat that the Housing and Development Board has approved for purchase or acquisition as part of the building or flat, but does not include any temporary building;

“temporary building” means a building which is permitted by the Building Authority under the Building Control Act 1989 to be erected or to remain for a specified period at the expiration of which the building must be demolished, and includes a building erected, in the opinion of the Board, with materials either wholly or in part which are in the absence of special care, liable to rapid deterioration or are otherwise unsuitable for the erection of a permanent building.

(2) A reference in these Regulations to the purchase of a property includes a purchase made under an agreement for the sale and purchase of the property where title to the property will be conveyed, transferred or assigned to the purchaser on payment of the full purchase price.

Former provisions

2A. In a regulation specified in the first column of the Schedule, a reference to a former provision means any provision of the Act specified in the second column of the Schedule opposite that regulation.

Scheme applicable only if application made before 1 July 2006

3.—(1) Subject to paragraph (2), unless a member has, before 1 July 2006, made an application for the withdrawal of money under these Regulations in respect of a property, no money standing to the credit of that member in the Fund is to be withdrawn under these Regulations in respect of that property.

(2) Where —

(a)	a member who is a joint‑owner of a property makes an application, on or after 1 July 2006, for the withdrawal of money under these Regulations in respect of that property;
(b)	any other joint‑owner of that property has, before 1 July 2006, made an application for the withdrawal of money under these Regulations in respect of that property; and
(c)	the Board has authorised the whole or part of the amount standing to the credit of that other joint‑owner in the Fund to be withdrawn under these Regulations in respect of that property,

the Board may, subject to such terms and conditions as it may impose, authorise the whole or part of the amount standing to the credit of that member in the Fund to be withdrawn under these Regulations in respect of that property.

Scheme applicable to property of certain tenures only

4. No money standing to the credit of a member in the Fund is to be withdrawn under these Regulations for the payment of the whole or a part of the purchase price of a property or for the repayment of any loan in full or in part unless the member has acquired or will acquire with respect to the property —

(a)	an estate in fee simple or perpetuity; or
(b)	a leasehold estate having an unexpired term of at least 60 years at the date of the member’s application for the withdrawal of money under these Regulations.

Application to withdraw moneys for purchase or acquisition of property

5.—(1) A member who has purchased or acquired a property or has obtained a loan, whether before or after 1 May 1986, may submit an application to the Board to withdraw the whole or part of the amount standing to the member’s credit in the Fund to be used for the payment of the whole or a part of the purchase price or for the repayment of any loan in full or in part, or for both.

(2) An application under paragraph (1) may be approved by the Board subject to such terms and conditions as the Board may impose.

(3) A member who has obtained a loan is not entitled to make any withdrawals under these Regulations for the repayment of the loan unless the loan is a term loan or is granted on an overdraft basis and the repayment of the loan is secured by a mortgage on the property or on another property of which the member is the owner or a joint‑owner.

Withdrawal for payment upon transfer (other than by way of sale) of property

5A.—(1) Where a member (called in this paragraph the transferor), being a joint‑owner of a property, will or is required to transfer (other than by way of sale) the member’s estate or interest in the property to another member (called in this paragraph the transferee), also being a joint‑owner of the property, the transferee may apply to the Board to withdraw the whole or any part of the amount standing to the transferee’s credit in the Fund for the payment of any amount which the transferor is required, under these Regulations, to pay to the transferor’s account in the Fund upon the transfer.

(2) The Board may approve an application under paragraph (1) subject to such terms and conditions as it may impose.

Application to withdraw moneys for payment of mortgaged property

6. Subject to regulation 8, where a member has, whether before or after 1 May 1986, obtained a loan the repayment of which is secured by a mortgage on that property or another property of which the member is the owner or a joint‑owner and is required to pay instalments of principal and interest towards the loan either at monthly intervals or otherwise, the Board may, on application being made by the member and subject to such terms and conditions as the Board may impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn by the member and used for the payment of those instalments.

Loan by Government to member

7.—(1) Where the Board has, on or after 1 March 1999, credited into the ordinary account of any member moneys lent by the Government to the member under any approved loan scheme under section 14A of the Act, the Board may —

(a)	on the application of the member; or
(b)	if it considers necessary,

and subject to such terms and conditions as it may impose, permit the member to withdraw such moneys for payment of the monthly instalments of principal and interest towards a loan.

(2) The total amount which a member may withdraw under paragraph (1) to pay such monthly instalments is to be determined by the Board.

Use of money in special account for payment of loan

8.—(1) Where a member is liable, as owner of a property, to pay the monthly instalments of principal and interest towards a loan, the Board may authorise to be withdrawn from the moneys standing to the member’s credit in the member’s special account an amount not exceeding one of the following to pay the monthly instalments:

(a)	the balance remaining of moneys transferred from the member’s medisave account under section 13(6) of the Act to the member’s special account;
(b)	if the Minister approves the withdrawal, the total amount of moneys standing to the member’s credit in the member’s special account from time to time.

(2) The Board may authorise either or both of the amounts under paragraph (1)(a) and (b) to be withdrawn —

(a)	on the application of the member or if the Board considers it necessary; and
(b)	subject to such terms and conditions as the Board may impose.

(3) The amounts that a member may withdraw under paragraph (1) are to be determined by the Board.

Power of Board to allow withdrawal for repayment of unsecured loan

9. Despite regulations 5, 6, 7 and 8, the Board may, in its discretion and subject to such terms and conditions as it may impose, allow a member to withdraw money under any of those regulations even if the loan obtained by the member is not secured by a mortgage on the property or any other property.

Maximum withdrawal limit under regulations 4, 5, 7 and 8

10. The total amount which may be withdrawn by a member to pay one or more loans under regulations 4, 5, 7 and 8 is to be determined by the Board but the total amount must not exceed 70% of the value of the property as assessed by the Board at the date of —

(a)	the signing of the agreement for the purchase or acquisition of the property; or
(b)	the inheritance of the property,

as the case may be.

Maximum withdrawal limit under these Regulations

11.—(1) The total amount which may be withdrawn by a member under these Regulations for any one or both of the purposes specified in paragraph (2) must not exceed 70% of the value of the property as assessed by the Board at the date of —

(a)	the signing of the agreement for the purchase or acquisition of the property; or
(b)	the inheritance of the property,

as the case may be.

(2) The purposes mentioned in paragraph (1) are —

(a)	to make full or partial payment towards the purchase or acquisition of a property; or
(b)	to make periodic payments towards the repayment of a loan or to make full or partial repayment of a loan.

Conditions for withdrawal for mortgaged property

12.—(1) Where the property is subject to one or more subsisting mortgages, the Board may, as a condition for the withdrawal of money under these Regulations, require the member to satisfy the Board that the mortgagees have agreed —

(a)	that their rights under the mortgages are to rank pari passu with the rights of the Board in respect of all withdrawals authorised by the Board, in such manner and on such terms as may be agreed upon between the Board and the mortgagees; and
(b)	to obtain the prior written approval of the Board before they sell, sub‑mortgage, transfer their mortgage or apply to the Court for an order to foreclose the property.

(2) Where a property is purchased, acquired or owned by 2 or more persons, the Board may, as a condition for withdrawal of money by any one of them under these Regulations, require all the co‑purchasers or co‑owners of the property to give their written consent to extend any charge under section 21(1A) of the Act to all their respective estates or interests in the property.

Withdrawal of moneys for payment of costs, etc.

13.—(1) Where an application for the withdrawal of money under these Regulations has been approved by the Board and the member is required to pay any costs, fees or other expenses mentioned in section 21(1)(d) or 21B(1)(d) of the Act, the Board may, on the application of the member and subject to such terms and conditions as the Board may see fit to impose, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn and used for all or any of those purposes.

(2) To avoid doubt, where a member is required to pay any costs, fees or other expenses mentioned in section 21(1)(d) or 21B(1)(d) of the Act in connection with —

(a)	any divestment, whether by sale, transfer, assignment or otherwise, by the member of the whole of the member’s interest or title in a property; or
(b)	the discharge of any mortgage on a property upon divestment by the member of the whole of the member’s interest in such property,

the member must not withdraw any amount standing to the member’s credit in the Fund for those payments.

Withdrawal of money by undischarged bankrupt

14.—(1) Despite the provisions of these Regulations, an undischarged bankrupt is not entitled to —

(a)	make an application to the Board to withdraw money under these Regulations; or
(b)	withdraw money under these Regulations except in accordance with paragraph (2).

(2) Where a member is adjudicated a bankrupt after the member has obtained authorisation from the Board to withdraw money under these Regulations, the Board may, despite the member’s bankruptcy, permit the member to make or continue to make (as the case may be) the authorised withdrawals subject to the member’s compliance with these Regulations, the Act and any other condition which the Board thinks fit to impose.

Maximum withdrawal limit for co‑purchasers or co‑owners

15.—(1) Where 2 or more co‑purchasers or co‑owners of a property each make an application for the withdrawal of money under regulation 5 or 6 or both, the total amount of money which may be withdrawn by them under either or both of those regulations must not exceed the limit prescribed by regulation 10 or 11, as the case may be.

(2) Subject to paragraph (1), where a member has purchased, acquired or inherited a property jointly with one or more persons and the relationship between the co‑owners of the property does not fall within any of the following categories:

(a)	husband and wife;
(b)	parent and child;
(c)	brother and brother, sister and sister or brother and sister;
(d)	grandparent, parent and child;
(e)	grandparent and grandchild,

the member is entitled to withdraw such amount of money as may be determined by the Board.

Transfer of money from retirement account to ordinary account

15A. Where the Board has permitted a member to withdraw a sum standing to the member’s credit in the member’s retirement account for any purpose under these Regulations, the Board may transfer such sum from the member’s retirement account to the member’s ordinary account to be withdrawn for that purpose.

Government valuer to assess property

16.—(1) For the purpose of assessing the value of any property under these Regulations, the Board may appoint a Government valuer or a licensed valuer and the expenses of any such valuation are to be borne by the member concerned.

(2) Where a member is required to pay the expenses of any valuation under paragraph (1), the Board may, on the application of the member, authorise the whole or part of the amount standing to the member’s credit in the Fund to be withdrawn and used for the payment of such expenses.

Payment by Board to vendor, etc.

17. All moneys withdrawn from the Fund under regulation 5, 6, 7, 8 or 13 must be paid by the Board to the vendor, mortgagee, chargee or such person as the Board thinks fit to receive such moneys.

No disposal of property without Board’s permission

18. Where a member —

(a)	has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid); or
(b)	is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to pay any moneys to the Fund upon the sale or disposal of a property,

as long as any such moneys remain payable to the Fund, the member must not sell, transfer, assign or otherwise dispose of the property or any of the member’s estate or interest in the property without the prior written permission of the Board.

Conditions for disposal of property

19.—(1) The Board may, in its discretion and subject to such terms and conditions as it may impose, permit a member who —

(a)	has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid); or
(b)	is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property,

to sell, transfer, assign or otherwise dispose of the property or any of the member’s estate or interest in the property to any person, if the Board is satisfied that adequate arrangements have been made to secure the payment to the member’s account in the Fund of the amount specified in this regulation or such part of the amount as the Board may determine.

(2) Subject to paragraphs (3), (4) and (5), the member making the sale, transfer, assignment or disposal must pay to the member’s account in the Fund, in the manner determined by the Board, the lesser of the following amounts:

(a)

the net proceeds of the sale, transfer, assignment or disposal;

(b)

such of the following amounts as may be applicable to the member or, if both amounts are applicable to the member, the aggregate of both amounts:

(i)

where paragraph (1)(a) applies to the member, all moneys withdrawn by the member under these Regulations in respect of the property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;

(ii)

where paragraph (1)(b) applies to the member, the relevant amount.

(3) Subject to paragraphs (4) and (5), where the member sells, transfers, assigns or disposes of the property or the member’s estate or interest in the property to any person without consideration or for a consideration below the market value of the property or the member’s estate or interest in the property (as the case may be) the member must, unless the Board otherwise directs, pay to the member’s account in the Fund, in the manner determined by the Board, the amount prescribed in paragraph (2)(b).

(4) Paragraphs (1), (2) and (3) do not apply where the member sells, transfers, assigns or disposes of only part (but not the whole) of the member’s estate or interest in the property.

(5) Despite paragraphs (2), (3) and (4), where the member transfers (other than by way of sale) the member’s estate or interest in the property to the member’s spouse pursuant to an order of court mentioned in section 27C(1)(c), 27DA(1)(c), 27DB(1)(c) or 27E(1)(c) of the Act —

(a)	in the case of an order of court mentioned in section 27C(1)(c) of the Act, the person mentioned in section 27C(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27C(1)(e) of the Act which the person may be required by the order of court to pay to the Board;
(b)	in the case of an order of court mentioned in section 27DA(1)(c) of the Act, the person mentioned in section 27DA(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, any amount mentioned in section 27DA(1)(e) of the Act which the person may be required by the order of court to pay to the Board;
(c)	in the case of an order of court mentioned in section 27DB(1)(c) of the Act, the person mentioned in section 27DB(2)(a) of the Act must pay to the member’s account in the Fund, in the manner that the Board determines, any amount mentioned in section 27DB(2)(a) of the Act which the person may be required by the order of court to pay to the Board; or
(d)	in the case of an order of court mentioned in section 27E(1)(c) of the Act, the member or person mentioned in section 27E(1)(e) of the Act must pay to the member’s account in the Fund, in the manner determined by the Board, such of the amounts mentioned in section 27E(1)(e)(i), (ii) or (iii) of the Act as may be applicable to the member or person.

(6) In this regulation —

“net proceeds”, in relation to any property, or a member’s estate or interest in a property, which is sold, transferred, assigned or disposed of, means the excess (if any) of —

(a)

the consideration for the sale, transfer, assignment or disposal of the property, or of the member’s estate or interest in the property (as the case may be) or, if the Board so elects, the value of the property, or of the member’s estate or interest in the property (as the case may be) at the time of the sale, transfer, assignment or disposal as assessed by the Board; over

(b)

the aggregate of the following amounts paid in the following order:

(i)

any amount outstanding under a loan for the purchase or acquisition of the property, or of the member’s estate or interest in the property (as the case may be) which is to be repaid in priority to the Fund pursuant to —

(A)	an agreement between the Board, the member and the mortgagee; or
(B)	if there is no such agreement, the most recent Memorandum of Mortgage filed by the Board with the Registrar of Titles under rule 8 of the Land Titles Rules (R 1);

(ii)

any amount which, under any written law, is to be paid to any other person in priority to the Fund, or such part of that amount as the Board determines to be attributable to the member’s estate or interest in the property, as the case may be;

“relevant amount” means —

(a)

in relation to a member who is required under section 27C(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —

(i)	the amount payment of which was secured by the charge on the property referred to in section 27C(1)(b) of the Act; over
(ii)	the amount which has been paid to the Board under section 27C(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse of the member is required to set aside;

(b)

in relation to a member who is required under section 27DA(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —

(i)	the amount payment of which was secured by the charge constituted under section 15AB(10) or (11) of the Act or a former provision on the property; over
(ii)	the amount which has been paid to the Board under section 27DA(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside;

(c)

in relation to a member who is required under section 27DB(2)(c) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —

(i)	the amount payment of which was secured by the charge constituted under section 15AB(13) of the Act or a former provision on the property; over
(ii)	the amount which has been paid to the Board under section 27DB(2)(a) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; or

(d)

in relation to a member who is required under section 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —

(i)

the amount which would have been payable to the account of the member’s spouse in the Fund under paragraph (2) or (3) (excluding such interest or part of the interest payable under the applicable paragraph as the Board may determine), if there was no order of court referred to in section 27E(1)(c) of the Act requiring the transfer (other than by way of sale) of the spouse’s interest in the property to the member; over

(ii)

the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(e) of the Act;

“spouse” includes a former spouse.

Prohibition on mortgage

20.—(1) Where a member has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), as long as any such moneys remain payable to the Fund, the member must not mortgage or in any way encumber the property without the prior written permission of the Board.

(2) In granting any permission under paragraph (1), the Board may —

(a)

require the member to make adequate arrangements to secure the payment to the member’s account in the Fund of —

(i)	all moneys withdrawn by the member in respect of the property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made; and
(ii)	where the member is also required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to pay any moneys to the Fund upon the sale or disposal of the property, the relevant amount as defined in regulation 19(6); or

(b)

impose such other terms and conditions as the Board may think fit.

Repayment of moneys in certain circumstances

21.—(1) Where —

(a)

a member —

(i)	has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid); or
(ii)	is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property; and

(b)

the property or any estate or interest in the property —

(i)	is sold, transferred, assigned or otherwise disposed of by any other person, including any mortgagee, with or without the consent of the Board; or
(ii)	is compulsorily acquired under the Land Acquisition Act 1966 or any other written law,

the member must pay to the member’s account in the Fund the amount specified in the applicable paragraph of this regulation or such part of the amount as the Board may determine, taking into consideration the circumstances of each case.

(2) Subject to paragraphs (3) and (5), the member whose property or estate or interest in the property has been sold, transferred, assigned or disposed of by any other person, or has been compulsorily acquired, must pay to the member’s account in the Fund, in the manner determined by the Board, the lesser of the following amounts:

(a)

the net proceeds of the sale, transfer, assignment, disposal or compulsory acquisition;

(b)

such of the following amounts as may be applicable to the member or, if both amounts are applicable to the member, the aggregate of both amounts:

(i)

where paragraph (1)(a)(i) applies to the member, all moneys withdrawn by the member under these Regulations in respect of the property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;

(ii)

where paragraph (1)(a)(ii) applies to the member, the relevant amount.

(3) Subject to paragraph (5), where the member whose property or estate or interest in the property has been sold, transferred, assigned or otherwise disposed of by any other person without consideration or for a consideration below the market value of the property or the member’s estate or interest in the property (as the case may be) the member must, unless the Board otherwise directs, pay to the member’s account in the Fund, in the manner determined by the Board, the amount prescribed in paragraph (2)(b).

(4) Subject to paragraph (5), all moneys withdrawn by a member under these Regulations in respect of a property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made, become due and payable to the member’s account in the Fund in the event that —

(a)	any mortgage or encumbrance is created over the property without the consent of the Board; or
(b)	the member has committed a breach of any of the terms and conditions imposed by the Board in connection with the withdrawal of moneys under these Regulations.

(5) Where a member —

(a)	has withdrawn any moneys under these Regulations in respect of a property (including any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid); or
(b)	is required under section 27C(1)(g), 27DA(1)(g), 27DB(2)(c) or 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property,

then —

(c)	on the death of the member; or
(d)	when the member is entitled to withdraw the amount standing to the member’s credit in the Fund under section 15(2)(b) of the Act or a former provision, and the Board has given its authority under section 15(1) of the Act for such withdrawal,

such of the following amounts as may be applicable to the member or, if both amounts are applicable to the member, the aggregate of both amounts, ceases to be payable to the member’s account in the Fund:

(e)

if sub‑paragraph (a) applies to the member, all moneys withdrawn by the member in respect of the property (other than any moneys lent to the member under section 14A of the Act in respect of the property and withdrawn by the member which have not been repaid), together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;

(f)

if sub‑paragraph (b) applies to the member, the relevant amount.

(6) In this regulation —

“net proceeds”, in relation to any property which has been sold, transferred, assigned, disposed of or compulsorily acquired, means the excess (if any) of —

(a)

such of the following as may be applicable:

(i)	if the property has been sold, transferred, assigned or disposed of, the consideration for the sale, transfer, assignment or disposal of the property, or, if the Board so elects, the value of the property at the time of the sale, transfer, assignment or disposal as assessed by the Board;
(ii)	if the property has been compulsorily acquired, the amount of compensation paid upon the compulsory acquisition of the property; over

(b)

the aggregate of the following amounts paid in the following order:

(i)

any amount outstanding under a housing loan for the purchase or acquisition of the property which is to be repaid in priority to the Fund pursuant to —

(A)	an agreement between the Board, the member and the mortgagee; or
(B)	if there is no such agreement, the most recent Memorandum of Mortgage filed by the Board with the Registrar of Titles under rule 8 of the Land Titles Rules;

(ii)

any amount which, under any written law, is to be paid to any other person in priority to the Fund;

“relevant amount” means —

(a)

in relation to a member who is required under section 27C(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —

(i)	the amount payment of which was secured by the charge on the property referred to in section 27C(1)(b) of the Act; over
(ii)	the amount which has been paid to the Board under section 27C(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse of the member is required to set aside;

(b)

in relation to a member who is required under section 27DA(1)(g) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —

(i)	the amount payment of which was secured by the charge constituted under section 15AB(10) or (11) of the Act or a former provision on the property; over
(ii)	the amount which has been paid to the Board under section 27DA(1)(e) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside;

(c)

in relation to a member who is required under section 27DB(2)(c) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —

(i)	the amount payment of which was secured by the charge constituted under section 15AB(13) of the Act or a former provision on the property; over
(ii)	the amount which has been paid to the Board under section 27DB(2)(a) of the Act towards covering the deficiency in the retirement sum which the spouse is required to set aside; or

(d)

in relation to a member who is required under section 27E(1)(f) of the Act to make a payment to the Fund upon the sale or disposal of a property, the excess (if any) of —

(i)

(ii)

the amount which has been paid to the Fund to the credit of the spouse under section 27E(1)(e) of the Act;

“spouse” includes a former spouse.

Distribution of amount paid to member’s account in Fund, etc.

21A. Where any moneys withdrawn by a member are paid voluntarily, or pursuant to any provision of these Regulations, to the member’s account in the Fund or to the Board, the Board must credit any amount so paid in the following manner:

(a)

where the moneys were withdrawn solely from the member’s ordinary account or retirement account, or were withdrawn partly from the member’s ordinary account and partly from the member’s retirement account, the Board must credit the amount so paid to the member’s ordinary account;

(b)

where the moneys were withdrawn solely from the member’s special account, or were withdrawn partly from the member’s special account and partly from either or both of the member’s ordinary account and retirement account, the Board must credit —

(i)	the amount of the moneys withdrawn from the member’s special account, together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made, to the member’s special account; and
(ii)	any remainder of the amount so paid to the member’s ordinary account.

Distribution of amount after closure of special account

21B.—(1) Despite regulation 21A, this regulation applies where any amount withdrawn from a member’s ordinary account or retirement account (or both) under section 15(1B) of the Act is paid or repaid to the Fund, whether voluntarily or pursuant to any provision of these Regulations.

(2) The Board may credit the amount (P) so paid or repaid in the following manner:

(a)

if there is a shortfall in the retirement sum applicable to the member or in the amount specified by the Minister for the member pursuant to section 15AA(5)(a) of the Act — pay P (in whole or in part) to the member’s retirement account towards the maintenance of that retirement sum or specified amount (as the case may be), and the remaining part (if any) of P to the member’s ordinary account;

(b)

in any other case — pay P to the member’s ordinary account.

(3) If the Board considers it reasonable in the circumstances, the Board may pay to the member’s retirement account, the whole or any part (as the Board may determine) of any interest payable on P paid under paragraph (2) as if P were in the member’s retirement account for the relevant period, even if the interest so paid exceeds the shortfall (if any) in —

(a)	the retirement sum applicable to the member; or
(b)	the amount specified by the Minister for the member pursuant to section 15AA(5)(a) of the Act.

(4) In this regulation, “relevant period”, in relation to any amount, means the period starting on the date the amount was withdrawn from the member’s ordinary account or retirement account under section 15(1B) of the Act and ending on the date immediately before the date the amount is paid (in whole or in part) to the member’s ordinary account, retirement account or both (as the case may be) under paragraph (2).

Application for cancellation of charge on immovable property

22.—(1) For the purposes of sections 21(10A), 21A(9A) and 27E(2)(e) of the Act, where there is a charge under section 21(1) or 21A(1) of the Act (as the case may be) on a member’s estate or interest in an immovable property, the member may apply to the Board for the charge to be cancelled.

(2) The Board may approve an application under paragraph (1) for the charge to be cancelled if the Board is satisfied that the member —

(a)	is entitled to withdraw the amount standing to the member’s credit in the Fund under section 15(2)(a), (3) or (4) or 15AA(1), (2) or (3) of the Act or a former provision;
(b)	has complied with the requirements in section 15(6) or 15AA(5) of the Act or a former provision, as the case may be; and
(c)	has complied with such terms and conditions as the Board may impose.

Application in manner and with information required by Board

23.—(1) An application by a member under these Regulations must be made in writing to the Board in such manner as the Board may direct.

(2) Any member making the application mentioned in paragraph (1) must furnish to the Board such information, documents and guarantees as the Board may require.

Search within Legislation