s 15 General provisions on 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15.—(1) No sum of money standing to the credit of a member of the Fund may be withdrawn from the Fund except with the authority of the Board.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) The Board may give its authority under subsection (1) for the withdrawal of money standing to a member’s credit in the Fund —(a) on the application of a person who —(i) is entitled or allowed to withdraw the money; or (ii) will be entitled to withdraw the money within such period as the Board may determine; or (b) without any application by a person mentioned in paragraph (a) —(i) for payment to such a person of the whole or part of any amount that the person would have been entitled or allowed to withdraw on application under this Act; or (ii) for the purposes of subsection (7A)(a).[Act 39 of 2021 wef 01/03/2022] (1B) Where a member’s special account is closed under section 13AA(1), the Board may, with the approval of the Minister, give its authority for the withdrawal or transfer of any amount from the moneys standing to the credit of the member in the member’s ordinary account or retirement account, or both —(a) on the application of a person who would have been entitled or allowed to withdraw or transfer moneys from the member’s special account if the special account had not been closed; or (b) without any application by a person mentioned in paragraph (a), if —(i) the withdrawal relates to any prescribed class of payments; and (ii) before the date of closure of the member’s special account, the Board had authorised the withdrawal of moneys from the member’s special account for such payments.[Act 33 of 2024 wef 19/01/2025] (1C) Subsection (1B) applies despite section 13AA(7) and (8), and the requirements under sections 15(6)(a) and (7) and 15AA(5)(a) and (6) do not apply to the withdrawals or transfers authorised under subsection (1B).[Act 33 of 2024 wef 19/01/2025] (1D) [Deleted by Act 26 of 2017] (2) Subject to section 16, a member of the Fund is 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; or[Act 36 of 2023 wef 01/04/2024] (b) is not an applicable person.[Act 36 of 2023 wef 01/04/2024] (c) [Deleted by Act 36 of 2023 wef 01/04/2024] (d) [Deleted by Act 39 of 2021 wef 01/03/2022] (e) [Deleted by Act 39 of 2021 wef 01/03/2022] (f) [Deleted by Act 39 of 2021 wef 01/03/2022] (g) [Deleted by Act 39 of 2021 wef 01/03/2022][26/2016] [Act 39 of 2021 wef 01/03/2022] [Act 39 of 2021 wef 01/04/2022] (2A) [Deleted by Act 39 of 2021 wef 01/03/2022] (2B) [Deleted by Act 39 of 2021 wef 01/03/2022] (3) Subject to subsection (6) and section 16, a member of the Fund who has withdrawn any money from the Fund on the ground that he or she has attained 55 years of age is entitled to make a further withdrawal of the sum standing to his or her credit in the Fund on or after each subsequent anniversary of his or her date of birth or such other period as the Minister may direct.[Act 39 of 2021 wef 01/03/2022] (4) Despite subsection (3) but subject to subsection (6) and section 16, the Board may —(a) where a member has withdrawn any money from the Fund on the ground that he or she has attained the age of 55 years, allow him or her to withdraw, at any time, the sum standing to his or her credit in the Fund if he or she 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 or her 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 or her account in the Fund pursuant to a charge under section 15AB(1), (2), (10), (11) or (13), 21(1), 21A(1), 21B(1), 21C(1), 27C(1)(i)(i) or (ii), 27D(1)(j)(ii), 27DA(1)(i), 27DB(2)(e), 27E(1)(h) or 27F(1)(h), or pursuant to an undertaking given under section 15AB(3) or (4) or 27D(1)(j)(i) or deemed to be given under section 21C(2) or 21D(1).[24/2013; 26/2016; 37/2019] [Act 39 of 2021 wef 01/03/2022] [Act 33 of 2024 wef 01/04/2026] (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), is 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. (6) Subject to subsection (6A) and section 15AA(3) and (5), where a member of the Fund is entitled under subsection (2)(a) or (3), or is allowed under subsection (4), to withdraw the sum standing to the member’s credit in the Fund, at the time of the withdrawal and in accordance with any regulations made under this Act —(a) such retirement sum applicable to the member as may be prescribed must 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 or her ordinary account; and (b) [Deleted by Act 26 of 2016] (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 or her ordinary account, such reserved amount must 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.[24/2013; 26/2016] [Act 39 of 2021 wef 01/03/2022] (6A) Where 2 members of the Fund are parties to a marriage, and neither member is a relevant member as defined in section 27J, the Board may, on a joint application made by them before 1 January 2013, permit them to set aside jointly an amount which is less than the aggregate of the retirement sums of both members if each member has executed a memorandum under section 25(1) nominating the other member to receive, on his or her death, an amount belonging to him or her which is not less than such amount as the Board may specify.[23/2012; 26/2016] [Act 39 of 2021 wef 01/03/2022] (6B) Any memorandum executed under subsection (6A) by 2 members of the Fund who are parties to a marriage —(a) is not revocable during the subsistence of the marriage, unless the Board is satisfied that either member is, or both members are, suffering from any significant condition; and[Act 39 of 2021 wef 01/03/2022] (b) is, where the marriage has been dissolved (otherwise than by death) or has been annulled, revoked upon the Board being notified of the dissolution or annulment of the marriage. (6C) The amount standing to the credit of a member in the member’s retirement account may, in accordance with such terms and conditions as the Board may impose, be used or withdrawn in all or any of the following manner:(a) deposited before 1 January 2014 with an approved bank or retained in the member’s retirement account; (b) withdrawn to purchase an approved annuity from an insurer; (c) withdrawn to pay a premium referred to in section 27L(1) or (1A); (d) used, transferred or withdrawn in any other circumstances as permitted under this Act.[6/2016] (6CA) For the purposes of subsections (6)(a) and (6C), the Board must, 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 or her retirement account, towards the maintenance of the retirement sum, any amount prescribed by those regulations at any time determined by the Board.[26/2016] [Act 33 of 2024 wef 19/01/2025] (6CB) For the purposes of subsection (6CA), different amounts may be prescribed, and different times may be determined by the Board, for different classes of members.[Act 33 of 2024 wef 19/01/2025] (6D) [Deleted by Act 26 of 2016] (7) Where a member has deposited the amount referred to in subsection (6C)(a) with an approved bank or retained that amount in the member’s retirement account, the member is entitled, at any time on or after the entitlement date, to withdraw that amount or such part of that amount and any interest accruing on that amount, as the Board may determine, in accordance with any regulations made under section 77(1).[6/2016; 43/2017] (7A) Subject to subsection (7B) or (7C) and regulations made under section 77(1), the Board may, without any application by a member —(a) pay the determined amount to the member from any moneys standing to the member’s credit in the Fund; or (b) transfer the determined amount from the moneys standing to the member’s credit in the Fund to the member’s retirement account for payment to the member under paragraph (a).[Act 39 of 2021 wef 01/03/2022] (7B) Where the member is entitled to make a withdrawal under subsection (2)(a) —(a) subsection (7A) applies on or after the entitlement date; and (b) the determined amount is an amount determined by the Board.[Act 39 of 2021 wef 01/03/2022] (7C) Where the member is entitled to make a withdrawal under section 15AA(1) by reason of a specified significant condition —(a) subsection (7A) applies on or after the Board is satisfied that the member is suffering from a specified significant condition as defined in section 15AA(9); and (b) the determined amount is an amount determined by the Minister.[Act 39 of 2021 wef 01/03/2022] (7D) Subsection (6)(a) and section 15AA(5) do not apply to a payment under subsection (7A)(a).[Act 39 of 2021 wef 01/03/2022] (7E) Except for the determined amount mentioned in subsection (7B)(b) or (7C)(b) and subject to regulations made under section 77(1), other limits imposed on the amount of moneys that may be transferred to or maintained in the member’s retirement account do not apply to —(a) any transfer to a member’s retirement account under subsection (7A)(b); or (b) any crediting of interest to a member’s retirement account under section 13(5AA), or payment of interest to a member’s retirement account under section 13AA(5) or (6).[Act 33 of 2024 wef 19/01/2025] (8) [Deleted by Act 39 of 2021 wef 01/03/2022] (8A) [Deleted by Act 39 of 2021 wef 01/03/2022] (8B) [Deleted by Act 39 of 2021 wef 01/03/2022] (8C) [Deleted by Act 39 of 2021 wef 01/03/2022] (8CA) [Deleted by Act 39 of 2021 wef 01/03/2022] (8D) Despite sections 15(2), (6), (6C) and (7), 15AA(1) and (5) and 27, where the Board has transferred or paid any amount into a member’s account in the Fund (called in this section the transferred amount), the Board may, on the member’s application, permit the member to withdraw an amount determined by the Board —(a) from one or more accounts in the Fund as the Board may determine; (b) in circumstances prescribed by regulations made under section 77(1); and (c) if the member satisfies such requirements as the Board may specify.[6/2016] [Act 39 of 2021 wef 01/01/2022] [Act 39 of 2021 wef 01/03/2022] (8E) An application under subsection (8D) must be made within such time as may be prescribed by regulations made under section 77(1), and different times may be prescribed for different types of withdrawals.[6/2016] (8F) The amount that the Board may permit a member to withdraw under subsection (8D) must not exceed the transferred amount.[6/2016] [Act 39 of 2021 wef 01/03/2022] (9) [Deleted by Act 39 of 2021 wef 01/03/2022] (9A) [Deleted by Act 39 of 2021 wef 01/03/2022] (10) [Deleted by Act 39 of 2021 wef 01/03/2022] (10A) [Deleted by Act 39 of 2021 wef 01/03/2022] (10B) [Deleted by Act 39 of 2021 wef 01/03/2022] (10C) [Deleted by Act 23 of 2012] (11) [Deleted by Act 39 of 2021 wef 01/03/2022] (11A) [Deleted by Act 39 of 2021 wef 01/03/2022] (11B) [Deleted by Act 39 of 2021 wef 01/03/2022] (11C) [Deleted by Act 39 of 2021 wef 01/03/2022] (11D) [Deleted by Act 39 of 2021 wef 01/03/2022] (11E) [Deleted by Act 39 of 2021 wef 01/03/2022] (11EA) [Deleted by Act 39 of 2021 wef 01/03/2022] (11EB) [Deleted by Act 39 of 2021 wef 01/03/2022] (11F) [Deleted by Act 39 of 2021 wef 01/03/2022] (12) [Deleted by Act 24 of 2013] (13) [Deleted by Act 24 of 2013] (14) [Deleted by Act 24 of 2013] (15) [Deleted by Act 39 of 2021 wef 01/03/2022] (15A) [Deleted by Act 39 of 2021 wef 01/03/2022] (16) [Deleted by Act 39 of 2021 wef 01/03/2022]