s 27D Order of court for transfer or sale of immovable property with undertaking under section 15AB(3) or (4) or 21C(2) or 21D(1)
27D.—(1) Where —(a) a member of the Fund has withdrawn the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount, or has surrendered his or her approved annuity, under section 15AB(3) or (4);[Act 39 of 2021 wef 01/03/2022] (b) the member wholly owns, or the member and one or more other persons jointly own, an immovable property; (c) the member has given or is deemed to have given any of the following undertakings:(i) an undertaking under section 15AB(3), or (with the other person or persons mentioned in paragraph (b)) under section 15AB(3) or (4), to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the immovable property is sold or otherwise disposed of; (ii) an undertaking deemed to be given under section 21C(2), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub-paragraph (i) or under section 27D(1)(j)(i) or 21C(2), for the refund mentioned in that sub-paragraph to be made from the proceeds of the disposal of the replacement property in the event that the replacement property is subsequently sold or otherwise disposed of; (iii) an undertaking deemed to be given under section 21D(1), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub-paragraph (i) or under section 27D(1)(j)(i), for the refund mentioned in that sub-paragraph to be made from the proceeds of the disposal of the immovable property in the event that the immovable property is subsequently sold or otherwise disposed of;[Act 33 of 2024 wef 01/04/2026] (d) an order of court is made requiring the transfer (other than by way of sale) of the member’s estate or interest in the immovable property or replacement property (as the case may be) to his or her spouse; and[Act 33 of 2024 wef 01/04/2026] (e) the spouse is a citizen or permanent resident of Singapore, then, subject to subsection (1A) and any regulations made under section 77(1), the following provisions apply: (f) if the order of court requires any person to pay to the Board any amount towards covering the deficiency in the member’s retirement sum, that person must pay to the Board that amount; (g) the member must pay to the Board a further amount sufficient to cover the deficiency in the member’s retirement sum, unless the amount paid under paragraph (f), if any, is sufficient to cover that deficiency; (h) if the immovable property is subsequently sold or otherwise disposed of, the spouse must pay to the Fund such amount as may be determined by the Board in accordance with any regulations made under section 77(1), and the Board must credit that amount to one or more designated accounts maintained, or to be maintained, for the spouse; (i) upon the transfer of the member’s estate or interest in the immovable property to the spouse, and upon payment in accordance with paragraph (f), if applicable, the Board must not enforce the undertaking under section 15AB(3) or (4), 21C(2) or 21D(1) against any person who has given that undertaking, insofar as it secures the refund to the Board of the member’s retirement sum or part thereof which is required to be set aside;[Act 39 of 2021 wef 01/03/2022] [Act 33 of 2024 wef 01/04/2026] (j) upon the transfer of the member’s estate or interest in the immovable property to the spouse —(i) in any case where the transfer occurs before 1 January 2013, the spouse must give an undertaking to pay to the Board, in the event the immovable property is sold or otherwise disposed of, the amount referred to in paragraph (h); or (ii) in any case where the transfer occurs on or after 1 January 2013, a charge is constituted on the immovable property to secure the payment referred to in paragraph (h); (k) the Board must not enforce any undertaking under paragraph (j)(i) if there exist such circumstances as may be prescribed in any regulations made under section 77(1) for the purposes of this paragraph; and (l) sections 15AB(14)(a) to (e) and 21(12) apply, with the necessary modifications, to the charge under paragraph (j)(ii), and for the purposes of such application —(i) any reference to the charge under section 15AB(10) or (11) is to be read as a reference to the charge under paragraph (j)(ii); and[Act 39 of 2021 wef 01/03/2022] (ii) any reference to the member is to be read as a reference to the spouse.[23/2012; 6/2016; 26/2016] [Act 39 of 2021 wef 01/03/2022] [Act 33 of 2024 wef 01/04/2026] (1A) In the case of an undertaking mentioned in subsection (1)(c)(ii) in respect of a replacement property, subsection (1) applies with the following modifications:(a) any reference to immovable property in subsection (1)(h), (i) and (j) (except sub-paragraph (i)) is to be read as a reference to the replacement property; (b) in addition to subsection (1)(l), any reference to immovable property in section 15AB(14)(a) to (c) is to be read as a reference to the replacement property.[Act 33 of 2024 wef 01/04/2026] (2) Except in a case to which subsection (1) applies, where —(a) a member of the Fund has withdrawn the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or any part of that amount, or has surrendered his or her approved annuity, under section 15AB(3) or (4);[Act 39 of 2021 wef 01/03/2022] (b) the member wholly owns, or the member and one or more other persons jointly own, an immovable property; (c) the member has given or is deemed to have given any of the following undertakings:(i) an undertaking under section 15AB(3), or (with the other person or persons mentioned in paragraph (b)) under section 15AB(3) or (4), to refund to the Board an amount equal to the member’s retirement sum or part thereof which is required to be set aside in the event the immovable property is sold or otherwise disposed of; (ii) an undertaking deemed to be given under section 21C(2), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub-paragraph (i) or under section 27D(1)(j)(i) or 21C(2), for the refund mentioned in that sub-paragraph to be made from the proceeds of the disposal of the replacement property in the event that the replacement property is subsequently sold or otherwise disposed of; (iii) an undertaking deemed to be given under section 21D(1), where the relevant undertaking referred to in that provision is an undertaking mentioned in sub-paragraph (i) or under section 27D(1)(j)(i), for the refund mentioned in that sub-paragraph to be made from the proceeds of the disposal of the immovable property in the event that the immovable property is subsequently sold or otherwise disposed of; and[Act 33 of 2024 wef 01/04/2026] (d) an order of court is made requiring the transfer or sale of the member’s estate or interest in the immovable property or replacement property (as the case may be) to any person,[Act 33 of 2024 wef 01/04/2026] the Board is entitled to enforce that undertaking against every person who has given that undertaking, insofar as it secures the refund to the Board of the member’s retirement sum or part thereof which is required to be set aside, until — (e) the member’s retirement sum or part thereof which is required to be set aside —(i) has been refunded to the Board; or (ii) is no longer required by any regulations made under section 77(1) to be refunded to the Board; or (f) the Board is satisfied of the occurrence of any event prescribed in any regulations made under section 77(1) for the purposes of this paragraph, in which event the Board must not enforce that undertaking. [23/2012; 6/2016; 26/2016] [Act 39 of 2021 wef 01/03/2022] [Act 33 of 2024 wef 01/04/2026]