Central Provident Fund (Investment Schemes) Regulations 2000

Central Provident Fund Act 1953

(Section 77(1))

Central Provident Fund
(Investment Schemes)
Regulations 2000

2025 REVISED EDITION

(17 December 2025)

[1 January 2001]

PART 1

PRELIMINARY

Citation

1.  These Regulations are the Central Provident Fund (Investment Schemes) Regulations 2000.

Definitions

2.  In these Regulations —

“accounting year” means a period of 12 months commencing on 1 October of each year and ending on 30 September of the succeeding year or such other period as the Board may determine;

“applicable person” has the meaning given by section 2(1) of the Act and regulation 2(b) of the Central Provident Fund (Prescribed Applicable Person) Regulations 2024;

“approved agent bank” means a bank appointed by the Board under regulation 11(1);

“approved fixed deposit bank” means a bank approved by the Board, with the concurrence of the Minister, for the purposes of these Regulations;

“approved fund manager” means a fund management company approved by the Board, with the concurrence of the Minister, for the purposes of these Regulations;

“approved insurer” means an insurer approved by the Board, with the concurrence of the Minister, for the purposes of these Regulations;

“available amount” means such amount of moneys standing to the credit of a member in the Fund, including any balance in the member’s CPF Investment Account, which the Board may, in accordance with any direction by the Minister, permit the member to withdraw for the purchase of securities under Part 2, 3 or 4;

“bank” has the meaning given by the Banking Act 1970;

“bond” includes Treasury Bills;

“company” means a company incorporated under the Companies Act 1967 or any previous corresponding law;

“corporation” means —

(a) a company which is incorporated in Singapore and wholly or partly owned by the Government, or any subsidiary of such a company which is incorporated in Singapore; or

(b) a subsidiary of a statutory board which is incorporated in Singapore;

“CPF contributions” means the moneys standing to the credit of a member in the Fund;

“CPF Investment Account” means an account opened by a member with an approved agent bank from which money may be withdrawn for the purchase of securities under Part 2;

“designated shareholder”, “designated shares” and “designated shares payment” have the meanings given by section 2(1) of the Act;

“exchange traded fund interest” means any interest —

(a) in a scheme or arrangement which is made for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of a portfolio of predetermined constituent assets in predetermined proportions, which constituent assets principally comprise securities listed for quotation on any stock exchange; and

(b) that is —

(i) listed for quotation, or has received approval in‑principle for listing and quotation, on any stock exchange;

(ii) created and redeemed in blocks of interests in exchange for the constituent assets in the portfolio, including cash as necessary to accomplish such exchange; and

(iii) approved by the Board for the purposes of these Regulations,

whether or not the interest is an interest in a unit trust;

“gold” includes gold bars, gold coins, gold certificates, gold savings accounts, gold exchange traded funds and gold of at least 999 fineness held by an approved agent bank on behalf of its customers;

“insurance policy” means an endowment insurance policy or any other insurance policy or class of insurance policies approved by the Board, other than investment‑linked insurance policies;

“insurer” means any person registered under the Insurance Act 1966 to carry on insurance business in Singapore;

“investment‑linked insurance policy” means an individual insurance policy that provides life insurance where the policy value at any time varies according to the value of the underlying assets at the time;

“net realised profits” means the net realised profits a member may withdraw in accordance with regulation 38;

“property fund” means a public investment vehicle, incorporated as a company in Singapore, that invests its assets primarily in real estate;

“property trust” means a unit trust scheme that invests primarily in real estate;

“regular premium insurance policy” means an insurance policy in respect of which premiums are required to be paid at regular intervals over a specified period, but does not include any single premium insurance policy with a recurring single premium payment option;

“regular premium investment‑linked insurance policy” means an investment‑linked insurance policy in respect of which premiums are required to be paid at regular intervals over a specified period, but does not include any single premium investment‑linked insurance policy with a recurring single premium payment option;

“securities” means shares in an approved corporation, and the following investment instruments as may be approved by the Board for the purposes of these Regulations —

(a) fully paid‑up ordinary or preference shares and loan stocks or bonds of companies incorporated in Singapore which are listed on the Singapore Exchange;

(b) bonds issued —

(i) by the Government or a statutory board;

(ii) by a corporation where the bonds are guaranteed by the Government; or

(iii) by the government of a country or an inter‑governmental organisation;

(c) fixed deposit accounts;

(d) insurance policies;

(e) investment‑linked insurance policies, including investments in any collective investment scheme;

(f) deposits in fund management accounts;

(g) units in unit trust schemes, including property trusts;

(h) gold;

(i) exchange traded fund interest; and

(j) fully paid‑up ordinary or preference shares of property funds that are listed on the Singapore Exchange;

“shares in an approved corporation” means designated shares;

“Share Profit Account” means a Share Profit Account maintained by the Board for a member for the purposes of these Regulations;

“Singapore Exchange” means the Singapore Exchange Securities Trading Limited;

“subsidiary”, in relation to a company, has the meaning given by section 5 of the Companies Act 1967, whether or not, in the case of a statutory board, it is a corporation for the purposes of that Act;

“Treasury Bill” has the meaning given by section 2 of the Government Securities (Debt Market and Investment) Act 1992;

“unit”, in relation to a unit trust scheme, means a right or an interest, whether described as a unit, a sub‑unit or otherwise, which may be acquired under the scheme;

“unit trust scheme” means any arrangement made for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property.

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.

Transaction through specified person

3.  A member must not purchase or sell any securities under these Regulations except through the Singapore Exchange or through such person as the Board thinks fit.

Denomination of securities

4.—(1)  Subject to paragraph (2), all securities purchased or acquired under these Regulations must be denominated in Singapore currency.

(2)  The following securities may be denominated in a currency other than the Singapore currency:

(a) investment‑linked insurance policies, including investments in any collective investment scheme;

(b) deposits in fund management accounts;

(c) units in unit trust schemes;

(d) exchange traded fund interest;

(e) gold.

Denomination of withdrawal of funds and transfer of proceeds of sale

5.  Any withdrawal of funds or any transfer of the proceeds of sale under these Regulations from or to a member’s ordinary account, CPF Investment Account, special account, retirement account or Share Profit Account (as the case may be) must be denominated in Singapore currency, unless otherwise specified by the Board.

No pledging of securities

6.  All securities purchased or acquired under these Regulations must not be pledged as collateral for any purpose whatsoever.

No withdrawal by member before 18th anniversary of day of the member’s birth

7.  A member is not permitted to make any withdrawal of the member’s CPF contributions under these Regulations before the eighteenth anniversary of the day of the member’s birth.

Undischarged bankrupts

8.  Subject to regulation 42, a member who is an undischarged bankrupt is not permitted to make any withdrawal of the member’s CPF contributions for the purpose of investment or for any other purpose under these Regulations.

Members who receive loan from Government, etc.

9.  Subject to regulation 16, a member who has applied for a loan, or is receiving moneys, from the Government pursuant to any approved loan scheme under section 14A of the Act is not permitted to make any withdrawal for the purpose of investment or for any other purpose under these Regulations.

PART 2

CPF INVESTMENT SCHEME — ORDINARY ACCOUNT

Definition of this Part

10.—(1)  In this Part, “securities” does not include shares in an approved corporation.

(2)  A reference in this Part to an application made by a member includes an application made on the member’s behalf by an approved agent bank with which the member has opened a CPF Investment Account.

Appointment and duty of agent banks

11.—(1)  The Board may, from time to time, appoint any bank for the purpose of any investment scheme introduced by the Board under this Part to allow members to use their CPF contributions to invest in securities in accordance with these Regulations.

(2)  Where a member applies for the withdrawal of moneys under this Part, the approved agent bank must ensure that the application of the member meets the requirements of these Regulations and that moneys are withdrawn in accordance with these Regulations.

Procedure prior to application under this Part

12.—(1)  Before a member makes an application for the withdrawal of moneys under this Part, the member must first open a CPF Investment Account with an approved agent bank.

(2)  Moneys in the CPF Investment Account bear interest at such rate as may be determined, from time to time, by the approved agent bank in which the account is opened.

(3)  A member is not entitled to operate more than one CPF Investment Account at any one time.

Amount which may be withdrawn from ordinary account

13.—(1)  Subject to paragraphs (2) to (5), the aggregate amount of CPF contributions which a member may withdraw from the member’s ordinary account under this Part, or under this Part and regulation 39 collectively, in relation to each purchase of any securities —

(a) must not exceed —

(i) the purchase price of those securities; and

(ii) if the withdrawal is made under this Part and regulation 39 collectively, any brokerage, fees and other expenses incurred in the purchase, administration or sale of those securities which the member is required to pay; and

(b) must, at the request of the member, be transferred to the member’s CPF Investment Account.

(2)  Subject to paragraphs (3), (4) and (5), on or after 8 April 2008, a member is not entitled to make any withdrawal of CPF contributions from the member’s ordinary account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $20,000 standing to the member’s credit in his or her ordinary account.

(3)  Paragraph (2) does not apply to a withdrawal of CPF contributions from a member’s ordinary account under this Part, or under this Part and regulation 39 collectively, if —

(a) the application for the withdrawal is made before 1 April 2008; or

(b) the amount to be withdrawn does not exceed the amount standing to the credit of the member in the member’s CPF Investment Account.

(4)  Paragraph (2) does not apply to any withdrawal of CPF contributions from a member’s ordinary account under this Part, or under this Part and regulation 39 collectively, for the payment of any future premium in respect of a regular premium insurance policy or regular premium investment‑linked insurance policy purchased by the member under regulation 16 before 1 April 2008.

(5)  Despite paragraph (2) and regulation 23(2), where —

(a) before 1 January 1997, a member submitted an application to the Board for authorisation to withdraw the whole or part of the available amount for the purchase of any securities;

(b) the available amount was insufficient to pay for the purchase in full; and

(c) before 1 January 1997, the member paid for the balance of the purchase price in cash,

the Board may allow the member to withdraw from the member’s ordinary account an amount not exceeding the balance of the purchase price so paid if, and only if, the member makes an application for such withdrawal before 1 April 2009.

(6)  Any amount withdrawn by a member from the member’s ordinary account under paragraph (5) must be transferred to the member’s CPF Investment Account.

Application to withdraw moneys for purchase of shares or bonds

14.—(1)  A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase such shares or bonds as may be mentioned in paragraph (a) or (b) of the definition of “securities” in regulation 2, whether such shares or bonds are offered under an initial public offer or otherwise, must apply to the Board to withdraw the amount required.

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

(3)  Upon the sale of the shares or bonds purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith to the CPF Investment Account of the member.

Fixed deposit accounts

15.—(1)  A member who wishes to deposit the whole or part of the available amount in the member’s ordinary account in a fixed deposit account with an approved fixed deposit bank must apply to the Board to withdraw the amount required.

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

(3)  Upon the termination or maturity of the member’s fixed deposit account mentioned in paragraph (1), all moneys, including interest, payable to the member must be transferred forthwith by the approved fixed deposit bank to the CPF Investment Account of the member.

Insurance policies and investment‑linked insurance policies

16.—(1)  A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase an insurance policy or investment‑linked insurance policy for himself or herself from an approved insurer must apply to the Board to withdraw the amount required.

(2)  Where a member has, before 1 October 1993, purchased an insurance policy or investment‑linked insurance policy with moneys other than the member’s CPF contributions, the member may apply to the Board to use the whole or part of the available amount in the member’s ordinary account to pay the future premiums in respect of the policy.

(3)  Where a member has at any time purchased an insurance policy or investment‑linked insurance policy with the member’s CPF contributions, the member may apply to the Board to use the whole or part of the available amount in the member’s ordinary account to pay the future premiums in respect of the policy, even though the member has applied for a loan, or is receiving moneys, from the Government pursuant to any approved loan scheme under section 14A of the Act.

(4)  An application made by a member under paragraph (1), (2) or (3) may be approved subject to such terms, conditions and procedures as the Board may impose.

(5)  Subject to paragraph (6), upon the maturity or surrender of an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation —

(a) if the whole of every premium in respect of the policy was paid with the member’s CPF contributions, all moneys payable to the member; or

(b) if the whole or any part of any premium in respect of the policy was paid with moneys other than the member’s CPF contributions, the percentage of the moneys payable to the member which corresponds to the percentage of all premiums in respect of the policy paid with the member’s CPF contributions,

must be transferred forthwith by the approved insurer to the CPF Investment Account of the member.

(6)  When the Board approves an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation for the purposes of section 15AA(3)(b) of the Act or a former provision, the following apply:

(a) the insurance policy or investment‑linked insurance policy is withdrawn from the investment scheme introduced under this regulation, and is to be dealt with in accordance with the applicable regulations;

(b) the approved insurer ceases to be liable under paragraph (5) to transfer the moneys payable to the member under that insurance policy or investment‑linked insurance policy to the CPF Investment Account of the member;

(c) subject to the applicable regulations, the member ceases to be obliged to repay to the Fund any proceeds or benefits of that insurance policy or investment‑linked insurance policy.

(7)  In paragraph (6), “applicable regulations” means such of the following regulations as may be applicable to the member mentioned in that paragraph:

(a) the Central Provident Fund (Retirement Sum Scheme) Regulations 1988;

(b) the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995;

(c) the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004.

Fund management accounts

17.—(1)  A member who wishes to deposit the whole or part of the available amount in the member’s ordinary account in a fund management account with an approved fund manager must apply to the Board to withdraw the amount required.

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

(3)  Upon the termination by a member of the member’s fund management account or upon the withdrawal by the Board of its approval of the fund manager of the fund management account, all moneys payable to the member must be transferred forthwith by the fund manager to the CPF Investment Account of the member.

Units in unit trust scheme

18.—(1)  A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase units in a unit trust scheme from an approved fund manager must apply to the Board to withdraw the amount required.

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

(3)  Upon the sale of the units in a unit trust scheme purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith by the approved fund manager to the CPF Investment Account of the member.

Gold

19.—(1)  A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase gold must apply to the Board to withdraw the amount required.

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

(3)  Upon the sale of the gold purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith by the approved agent bank to the CPF Investment Account of the member.

Exchange traded fund interest

20.—(1)  A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase an exchange traded fund interest through the Singapore Exchange or from an approved fund manager must apply to the Board to withdraw the amount required.

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

(3)  Upon the sale of the exchange traded fund interest purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith to the CPF Investment Account of the member.

Property funds

21.—(1)  A member who wishes to use the whole or part of the available amount in the member’s ordinary account to purchase shares in a property fund, whether such shares are offered under an initial public offer or otherwise, must apply to the Board to withdraw the amount required.

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

(3)  Upon the sale of the shares in a property fund purchased by a member under this regulation, all proceeds of the sale must be transferred immediately to the CPF Investment Account of the member.

Registration of shares and bonds, and deposit of gold

22.—(1)  All shares and bonds purchased by a member with CPF contributions withdrawn under this Part must be held in the name of a nominee company of the approved agent bank.

(2)  Any gold, other than a gold exchange traded fund, purchased by a member with CPF contributions withdrawn under this Part must be deposited with the approved agent bank.

(3)  Any exchange traded fund interest or gold exchange traded fund purchased with CPF contributions withdrawn under this Part through the Singapore Exchange or from an approved fund manager must be held in the name of a nominee company of the approved agent bank or a nominee company of the approved fund manager, as the case may be.

Insufficiency of available amount for rights entitlements or any other corporate entitlements, and conversion of warrants to shares

23.—(1)  Where the available amount is insufficient to pay in full for —

(a) entitlements to rights issue or any other entitlements taken up by the member; or

(b) the conversion of warrants to ordinary shares,

in respect of shares purchased with CPF contributions withdrawn under this Part as permitted by the Board, the Board may permit the balance of the purchase price to be paid by the member in cash and credited to the member’s CPF Investment Account, subject to such terms and conditions as the Board may impose.

(2)  Where the member has paid the balance of the purchase price in cash under paragraph (1), the member is not allowed to withdraw any CPF moneys subsequently to reimburse himself or herself for the balance of the purchase price so paid.

Withdrawal of moneys subsequently credited to CPF Investment Account in certain circumstances

23A.  Where —

(a) before 1 January 1997, a member submitted an application to the Board for authorisation to withdraw the whole or part of the available amount for the purchase of any securities;

(b) the available amount was insufficient to pay for the purchase in full; and

(c) before 1 January 1997, the member paid for the balance of the purchase price in cash,

the Board may allow the member to withdraw, from the moneys subsequently credited to the member’s CPF Investment Account, an amount not exceeding the balance of the purchase price so paid if, and only if, the member makes an application for such withdrawal before 1 April 2009.

Repayment from CPF Investment Account to ordinary account

24.—(1)  Where a member has not operated the member’s CPF Investment Account for a period of 2 months or such longer period as the Board may allow —

(a) the member is obliged to repay into the Fund, on the expiry of that period, all moneys in the member’s CPF Investment Account; and

(b) the approved agent bank must forthwith transfer all moneys in the member’s CPF Investment Account to the Board to be credited to the member’s ordinary account.

(2)  Where a member has transferred the whole or part of the available amount in the member’s ordinary account to the member’s CPF Investment Account for the purpose of purchasing shares or bonds offered under an initial public offer under regulation 14, or of purchasing shares in a property fund offered under an initial public offer under regulation 21, but is unsuccessful in making such purchase —

(a) the member is, upon that failure to purchase, obliged to repay into the Fund such amount as is refunded to the member’s CPF Investment Account by the company which made the initial public offer or its agent; and

(b) the approved agent bank must, not earlier than 3 working days before the last day of the month in which the amount was refunded to the member’s CPF Investment Account, transfer that amount from the CPF Investment Account to the Board to be credited to the member’s ordinary account.

(3)  Paragraphs (1) and (2) do not apply —

(a) if the Board, being satisfied that the member is not an applicable person, makes a declaration under section 26B(2) of the Act in respect of the member’s CPF Investment Account; or

(b) if the Board approves the member’s application under regulation 40(1).

Termination of CPF Investment Account

25.—(1)  Where a member wishes to terminate the member’s CPF Investment Account with an approved agent bank and does not intend to open a CPF Investment Account with another approved agent bank —

(a) the member —

(i) must sell and dispose of all securities purchased or acquired by the member under this Part; and

(ii) is obliged to repay into the Fund, before the termination of the member’s CPF Investment Account —

(A) the total proceeds thereof; and

(B) all other moneys in the member’s CPF Investment Account; and

(b) the approved agent bank must forthwith transfer to the Board, to be credited to the member’s ordinary account, the total proceeds and other moneys mentioned in sub‑paragraph (a)(ii)(A) and (B).

(2)  Paragraph (1) does not apply —

(a) if the Board, being satisfied that the member is not an applicable person, makes a declaration under section 26B(2) of the Act in respect of the member’s CPF Investment Account; or

(b) if the Board approves the member’s application under regulation 40(1).

New CPF Investment Account

26.—(1)  A member who does not wish to operate the CPF Investment Account which the member has opened with an approved agent bank (called in this regulation the old account) may open a new CPF Investment Account with another approved agent bank (called in this regulation the new account).

(2)  Where a member has opened a new account, the following apply:

(a) the approved agent bank in which the old account was opened must transfer —

(i) all the moneys from the member’s old account to the member’s new account; and

(ii) all the securities deposited by the member with, or held by, that approved agent bank in accordance with regulation 22 to the approved agent bank in which the new account is opened;

(b) all securities registered in the name of the nominee company of the approved agent bank in which the old account was opened must be re‑registered in the name of the nominee company of the approved agent bank in which the new account is opened.

(3)  A member who has purchased securities from an approved fixed deposit bank, an approved insurer or an approved fund manager under this Part must, within 2 weeks of the opening of the new account, inform the approved fixed deposit bank, approved insurer or approved fund manager (as the case may be) of the member’s new CPF Investment Account number.

PART 3

CPF INVESTMENT SCHEME — SPECIAL ACCOUNT AND RELATED MATTERS

Definition of this Part

27.  In this Part, “securities” means the securities specified in paragraphs (b), (c), (d), (e), (g) and (i) of the definition of “securities” in regulation 2.

Amount which may be withdrawn from special account

28.—(1)  Subject to paragraphs (2) to (8), the aggregate amount of CPF contributions which a member may withdraw from the member’s special account under this Part, or under this Part and regulation 39 collectively, in relation to each purchase of any securities must not exceed —

(a) the purchase price of those securities; and

(b) if the withdrawal is made under this Part and regulation 39 collectively, any brokerage, fees and other expenses incurred in the purchase, administration or sale of those securities which the member is required to pay.

(2)  Subject to paragraph (3), on or after 8 April 2008 but before 8 May 2009, a member is not entitled to make any withdrawal of CPF contributions from the member’s special account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $20,000 standing to the member’s credit in his or her special account.

(3)  Paragraph (2) does not apply to a withdrawal of CPF contributions from a member’s special account under this Part, or under this Part and regulation 39 collectively, if the application for the withdrawal is made before 1 April 2008.

(4)  Subject to paragraphs (5) and (8), on or after 8 May 2009 but before 8 July 2010, a member is not entitled to make any withdrawal of CPF contributions from the member’s special account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $30,000 standing to the member’s credit in his or her special account.

(5)  Paragraph (4) does not apply to a withdrawal of CPF contributions from a member’s special account under this Part, or under this Part and regulation 39 collectively, if the application for the withdrawal is made before 1 May 2009.

(6)  Subject to paragraphs (7) and (8), on or after 8 July 2010, a member is not entitled to make any withdrawal of CPF contributions from the member’s special account under this Part, or under this Part and regulation 39 collectively, unless there remains, after that withdrawal, at least $40,000 standing to the member’s credit in his or her special account.

(7)  Paragraph (6) does not apply to a withdrawal of CPF contributions from a member’s special account under this Part, or under this Part and regulation 39 collectively, if the application for the withdrawal is made before 1 July 2010.

(8)  Paragraphs (4) and (6) do not apply to a withdrawal of CPF contributions from a member’s special account for the purchase of units in a unit trust scheme under regulation 32, or under regulations 32 and 39 collectively, if —

(a) the member sells the units in a unit trust scheme which the member had previously purchased under regulation 32 (called in this paragraph unit trust scheme A) and concurrently applies to purchase units in one or more other unit trust schemes (called in this paragraph unit trust scheme B);

(b) the proceeds of the sale of the units in unit trust scheme A are transferred to the member’s special account; and

(c) the total of the purchase price and any fees and expenses incurred in the purchase of the units in unit trust scheme B does not exceed the lower of the following amounts:

(i) the amount of the proceeds of the sale of units in unit trust scheme A;

(ii) the amount standing to the credit of the member in the member’s special account after the making of the refund of such proceeds.

Application to withdraw moneys for purchase of bonds

29.—(1)  A member who wishes to use the whole or part of the available amount in the member’s special account to purchase such bonds as may be mentioned in paragraph (b) of the definition of “securities” in regulation 2, whether such bonds are offered under an initial public offer or otherwise, must apply to the Board to withdraw the amount required.

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

(3)  Upon the sale of the bonds purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith to the member’s special account.

Fixed deposit accounts

30.—(1)  A member who wishes to deposit the whole or part of the available amount in the member’s special account in a fixed deposit account with an approved fixed deposit bank must apply to the Board to withdraw the amount required.

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

(3)  Upon the termination or maturity of the member’s fixed deposit account mentioned in paragraph (1), all moneys, including interest, payable to the member must be transferred immediately by the approved fixed deposit bank to the member’s special account.

Insurance policies and investment‑linked insurance policies

31.—(1)  A member who wishes to use the whole or part of the available amount in the member’s special account to purchase an insurance policy or investment‑linked insurance policy for himself or herself from an approved insurer must apply to the Board to withdraw the amount required.

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

(3)  Subject to paragraph (4), upon the maturity or surrender of the insurance policy or the investment‑linked insurance policy purchased or maintained by a member under this regulation, all moneys payable to the member must be transferred forthwith by the approved insurer to the member’s special account.

(4)  When the Board approves an insurance policy or investment‑linked insurance policy purchased or maintained by a member under this regulation for the purposes of section 15AA(3)(b) of the Act or a former provision, the following apply:

(a) the insurance policy or investment‑linked insurance policy is withdrawn from the investment scheme introduced under this regulation, and is to be dealt with in accordance with the applicable regulations;

(b) the approved insurer ceases to be liable under paragraph (3) to transfer the moneys payable to the member under that insurance policy or investment‑linked insurance policy to the member’s special account;

(c) subject to the applicable regulations, the member ceases to be obliged to repay to the Fund any proceeds or benefits of that insurance policy or investment‑linked insurance policy.

(5)  In paragraph (4), “applicable regulations” means such of the following regulations as may be applicable to the member mentioned in that paragraph:

(a) the Central Provident Fund (Retirement Sum Scheme) Regulations 1988;

(b) the Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995;

(c) the Central Provident Fund (New Retirement Sum Scheme) Regulations 2004.

Units in unit trust scheme

32.—(1)  A member who wishes to use the whole or part of the available amount in the member’s special account to purchase units in a unit trust scheme from an approved fund manager must apply to the Board to withdraw the amount required.

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

(3)  Upon the sale of the units in a unit trust scheme purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith by the approved fund manager to the member’s special account.

Exchange traded fund interest

33.—(1)  A member who wishes to use the whole or part of the available amount in the member’s special account to purchase an exchange traded fund interest through the Singapore Exchange or from an approved fund manager must apply to the Board to withdraw the amount required.

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

(3)  Upon the sale of the exchange traded fund interest purchased by a member under this regulation, all proceeds of the sale must be transferred forthwith to the member’s special account.

Withdrawal from ordinary or retirement account (or both) after closure of special account, etc.

33A.—(1)  This regulation applies where a member would have been allowed to withdraw any CPF contributions from the member’s special account under regulation 29, 30, 31, 32 or 33, or under any of those regulations and regulation 39 collectively, in connection with the purchase of any securities, if not for the closure of the member’s special account.

(2)  Where the Board gives its authority in accordance with section 15(1B) of the Act for the withdrawal of moneys standing to the credit of a member in the member’s ordinary account or retirement account, or both (called in this regulation the specified subsidiary accounts), for the purchase of any securities, the aggregate amount that the member may withdraw in relation to the purchase of those securities must not exceed —

(a) the purchase price of those securities; and

(b) if the Board’s authority is also given in accordance with section 15(1B) of the Act for the withdrawal of moneys from one or both of the specified subsidiary accounts for the payment of any brokerage, fees and other expenses as described in regulation 39 (called in this regulation the related brokerage and other expenses) — the related brokerage and other expenses in respect of those securities.

(3)  Despite paragraph (2), if —

(a) the member had previously purchased units in a unit trust scheme (called in this regulation unit trust scheme A) using CPF contributions withdrawn from the member’s special account under regulation 32 before its closure, or withdrawn pursuant to paragraph (2);

(b) the member sells the units in unit trust scheme A and concurrently makes an application for the withdrawal of moneys under section 15(1B) of the Act for the purpose of purchasing units in one or more other unit trust schemes (called in this regulation unit trust scheme B);

(c) the Board gives its authority in accordance with section 15(1B) of the Act for the withdrawal of moneys from one or both of the specified subsidiary accounts in relation to the purchase of units in unit trust scheme B; and

(d) the proceeds of the sale of the units in unit trust scheme A are paid to the member’s ordinary account in accordance with regulation 33B,

the aggregate amount that the member may withdraw from the specified subsidiary accounts in relation to the purchase of units in unit trust scheme B (consisting of the purchase price of those units and any related brokerage and other expenses in respect of those units), must not exceed the amount of the proceeds of the sale of units in unit trust scheme A.

(4)  Part 2 does not apply in relation to the purchase of any securities using CPF contributions from a member’s ordinary account pursuant to this regulation.

Payment to ordinary or retirement account (or both) after closure of special account, etc.

33B.—(1)  This regulation applies in relation to a member who purchases any securities pursuant to regulation 33A using any CPF contributions withdrawn from the member’s ordinary account or retirement account (or both) under section 15(1B) of the Act.

(2)  Regulations 29(3), 30(3), 31(3), (4) and (5), 32(3), 33(3), 37(3) and (4) and 39A (called in this regulation the relevant provisions) apply to any securities purchased by a member using CPF contributions withdrawn pursuant to regulation 33A, subject to paragraphs (3) and (4).

(3)  Where a relevant provision provides for an amount (A) to be transferred, credited or repaid to a member’s special account, A must instead be paid to the Board.

(4)  Where A is paid to the Board pursuant to paragraph (3), the Board may pay A 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 A (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 A to the member’s ordinary account;

(b) in any other case or (despite sub‑paragraph (a)) where A constitutes the proceeds of any sale of units in a unit trust scheme for the purpose of a concurrent purchase of units in one or more other unit trust schemes — pay A to the member’s ordinary account.

(5)  Regulation 44 applies in relation to a withdrawal from a member’s ordinary account or retirement account (or both) under section 15(1B) of the Act for the purchase of securities, with the modification that any requirement in regulation 44 to refund or transfer an amount (excluding interest in respect of an amount) to a member’s ordinary account or special account is to be read as a requirement to pay the amount to the Board.

(6)  Where an amount is paid to the Board pursuant to paragraph (5), or an amount is refunded due to the reversal (in whole or in part) of any withdrawal under section 15(1B) of the Act, the Board may do the following in respect of the amount (B):

(a) pay B in the following manner:

(i) if B relates to a withdrawal from the member’s ordinary account — pay B to the member’s ordinary account;

(ii) if B relates to a withdrawal from the member’s retirement account —

(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 B (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 B to the member’s ordinary account; or

(B) in any other case — pay B to the member’s ordinary account;

(b) pay, or require the person (X) who paid B to pay, interest in respect of B in the following manner:

(i) if sub‑paragraph (a)(i) applies — pay, or require X to pay, the whole or any part (as the Board may determine) of any interest that would have been payable on B paid under sub‑paragraph (a)(i) if the withdrawal had not been made, to the member’s ordinary account;

(ii) if sub‑paragraph (a)(ii) applies — pay, or require X to pay, the whole or any part (as the Board may determine) of any interest that would have been payable on B paid under sub‑paragraph (a)(ii) if the withdrawal had not been made, to the member’s retirement account, even if the interest so paid exceeds the 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.

(7)  For the purposes of paragraph (6), B relates to a withdrawal from the member’s ordinary account or retirement account (as the case may be) if B —

(a) is an amount withdrawn from that account; or

(b) is an amount of the proceeds of any sale or disposal of securities purchased using moneys withdrawn from that account.

Application of certain provisions to withdrawal under section 15(1B) of Act

33C.  Unless the context otherwise requires and subject to regulation 33B, a reference to a withdrawal under these Regulations that relates to the purchase of any securities as defined in regulation 27 includes a reference to a withdrawal under section 15(1B) of the Act for the purchase of those securities.