CPFB | Declaration and authorisation - Withdrawal of Retirement Account savings by pledging your property (private property)

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

I declare that the property I own has remaining lease that can last me to at least 95 years old, for my withdrawal application to be approved. I also declare that I am not a bankrupt.

I understand that a 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 This is in addition to the refund of the principal amount of CPF savings that I had withdrawn for the property including accrued interest.

In consideration of CPF Board permitting me to withdraw an amount from my Retirement Account, I agree that all covenants and conditions of the Memorandum of Mortgage registered in the Land Titles Registry with CPF Board shall have reference to the above Charge created in favour of CPF Board, and such covenants and conditions shall be deemed incorporated in this Application to Pledge.

I shall sign the consent endorsed in the charge in the presence of a Registrar of Titles at the Singapore Land Authority.

I agree to bear all costs (including Singapore Land Authority’s fees/cancellation costs) incurred for this application:
- All costs incurred for the application will be borne by me. CPF Board will arrange for my co-owner(s) and me to sign the charge at Singapore Land Authority (SLA), where a fee is payable to SLA for attending to their execution of the charge (including attestation and explaining the legal effect of the Certificate of Correctness), assisting in conducting title/bankruptcy searches, and in the preparation and lodgement of the charge. This fee payable to SLA is on a cost recovery basis.
- If I decide to cancel my application during the creation of the charge, any cancellation charges for work already done will be borne by me.

I understand that CPF Board has the discretion to approve and process my application to withdraw my Retirement Account savings without the creation of 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 me aforesaid bank account.