CPFB | Declaration and Authorisation - Withdrawal of Retirement Account savings by pledging your property (HDB flat)

Declaration and authorisation - Withdrawal of Retirement Account savings by pledging your property (HDB flat)

I declare that the property I own has a remaining lease that can last me to at least 95 years old, for my withdrawal application to be approved.

I understand that a Statutory Charge shall be created on the property to secure the refund of the withdrawal (pledged) amount.

In the event that the property is sold, transferred or otherwise disposed of, I authorise my solicitors/the Housing and Development Board/other parties to refund the withdrawal (pledged) amount from the proceeds of sale (or other disposition) of the property to my CPF Account. This is in addition to the refund of the principal amount of CPF savings that I had withdrawn for the property including accrued interest.

I understand that CPF Board has the discretion to approve and process my application to withdraw my Retirement Account savings without the creation of Statutory Charge under Section 15 of the CPF Act if at the time of processing, the CPF savings I have used to pay for the property (including accrued interest) and the balance retirement sum (after the withdrawal) is enough to make up my Full Retirement Sum.

I agree to bear the cost of a valuation report for the property, if required by CPF Board.

If there is a change in my co-owner(s) in future, I will notify all new co-owner(s) of this Application to Pledge.

I understand that if I have any outstanding tax liabilities, part or all of the payment due to me will be forwarded to the Inland Revenue Authority of Singapore (IRAS) for the settlement.

I irrevocably authorise CPF Board to share my NRIC number and bank account information with the Government and other public sector agencies (including statutory boards) and authorised agents of the Government (collectively, the “the Government and Paying Agencies”), for the purpose of crediting cash payments from the Government and Paying Agencies to me using the Account.

I authorise CPF Board to credit the Account for any payment due to me:
- under the CPF Act and its subsidiary legislation; and
- from the Government in respect of which CPF Board is the administrator, agent or trustee, to the Account.

I shall at all times hereafter indemnify the Central Provident Fund Board and hold the Central Provident Fund Board harmless from and against all actions, proceedings, claims, liabilities, penalties, awards, damages, costs (including without limitation, legal costs of the Central Provident Fund Board on a solicitor and own client basis), expenses and any loss whatsoever, however arising, directly or indirectly, which the Central Provident Fund Board may be liable to incur or suffer as a result of releasing such CPF monies to me through my aforesaid bank account.