Central Provident Fund (Amendment) Bill 11/2026

Central Provident Fund (Amendment) Bill

Bill No. 11/2026.

Read the first time on 7 April 2026.

A BILL

intituled

An Act to amend the Central Provident Fund Act 1953. Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title and commencement

1. This Act is the Central Provident Fund (Amendment) Act 2026 and comes into operation on a date that the Minister appoints by notification in the Gazette.

Amendment of section 25

1. In the Central Provident Fund Act 1953 (called in this Act the principal Act), in section 2(1) -- (a) after the definition of "contract", insert -- " "CPF investment scheme" means any investment scheme introduced by regulations made under10 section 77(1);"; (b) in the definition of "designated shareholder", after "designated shares", insert "as defined in paragraph (a) of the definition of "designated shares" "; (c) replace the definition of "designated shares" with --15 " "designated shares" means -- (a) the shares or class of shares in any approved corporation designated by the Minister which are purchased with moneys withdrawn under this20 Act; and (b) any security interests arising from or accruing or attaching to any of the following before, on or after the date of commencement of section 2(c) of25 the Central Provident Fund (Amendment) Act 2026: (i) the shares or class of shares mentioned in paragraph (a); (ii) the security interests mentioned30 in this paragraph;";

(d) after the definition of "investigator", insert -- " "investment" or "investments", in relation to any CPF investment scheme, means -- (a) any investment made, purchased or acquired under the CPF investment 5 scheme; and (b) any entitlement arising from or accruing or attaching to any of the following: (i) an investment mentioned in 10 paragraph (a); (ii) an entitlement mentioned in this paragraph;"; and (e) delete the definition of "securities account".

New Division 1 heading of Part 3 15

1. In the principal Act, in Part 3, before section 15, insert -- "Division 1 -- General".

Amendment of section 24

1. In the principal Act, in section 24(1)(g) and (2A)(a), replace "scheme in accordance with any regulations made under 20 section 77(1)(n)" with "CPF investment scheme".

New Division 2 heading of Part 3 and new section 25B

1. In the principal Act, in Part 3, after section 25A, insert -- "Division 2 -- Investment schemes

Interpretation of this Division 25

25B.--(1) In this Division --

"account holder", "book‑entry securities", "depositor", "Depository", "Depository Register" and "depository rules" have the respective meanings given by section 81SF of the Securities and Futures Act 2001; 30

"Board's designated shares account" means a designated shares account created by the Depository on the implementation date for designated shares that vest or have vested in the Board under section 26(1); "designated shares account" means an account with the5 Depository kept exclusively for book‑entry securities in respect of designated shares that are subject to the relevant investment scheme; "direct account" means an account maintained by a person directly with the Depository (other than a designated10 shares account) in which securities are held for the person's own account; "implementation date" means the implementation date prescribed under subsection (3)(a); "investment scheme account" means an account for the15 making, purchase, acquisition or holding of any investments under a CPF investment scheme, other than an account with the Depository; "permitted information" means information prescribed under subsection (3)(d) to be "permitted information"20 for the purposes of section 26F(1), (2) and (3); "relevant investment scheme" means the CPF investment scheme relating to designated shares. (2) To avoid doubt -- (a) the references to designated shares --25 (i) in subsections (1) and (3)(d) and sections 26C to 26F, include references to vested shares; and (ii) in subsections (1) and (3)(d) and sections 26E and 26F, also include references to designated shares which have been withdrawn from the30 relevant investment scheme; and (b) the definition of "designated shareholder" in section 2(1) continues to apply to a person even after the designated shares purchased by that person

have become vested shares or have been withdrawn from the relevant investment scheme. (3) The Minister may, by order in the Gazette, prescribe -- (a) the implementation date mentioned in section 26C; (b) the transfer period mentioned in 5 sections 26C(3)(b)(ii) and 26D(1), which must start the day after the implementation date; (c) the publicly accessible website mentioned in section 26E(3)(c); and (d) any information in the possession of the Board 10 relating to any designated shares or the designated shareholder of any designated shares to be "permitted information" for the purposes of section 26F(1), (2) and (3).".

Amendment of section 26 15

1. In the principal Act, in section 26(1)(aa)(ii), (2)(a) and (b) and (4)(b) and (c), replace "securities account" wherever it appears with "direct account".

Amendment of section 26B

1. In the principal Act, in section 26B -- 20 (a) in the section heading, replace "investment schemes" with "CPF investment scheme"; (b) in subsection (1)(a), replace sub‑paragraphs (i) and (ii) with -- "(i) any investment scheme account 25 specified for the purposes of this section by regulations made under section 77(1); or (ii) such investments under such CPF investment scheme as may be 30 prescribed; and";

(c) in subsections (2)(a) and (3)(a), replace "CPF Investment Account" with "investment scheme account mentioned in subsection (1)(a)(i)"; (d) in subsections (2)(b) and (3)(b), replace "securities" with "investments";5 (e) in subsection (2)(b), replace "those investment schemes" with "the CPF investment scheme"; and (f) delete subsection (4).

New sections 26C to 26G and new Division 3 heading of Part 3

1. In the principal Act, after section 26B, insert --10 "Transfer of designated shares on implementation date

26C.--(1) This section applies to the designated shares held

immediately before the implementation date as book‑entry securities deposited with the Depository in the name of the Board, in respect of any designated shareholder.15 (2) On the instructions of the Board to transfer any designated shares mentioned in subsection (1) to a direct account in the name of the designated shareholder as the sole account holder on the implementation date, the Depository must -- (a) effect the transfer on the implementation date; and20 (b) make the appropriate entries in the Depository Register to name the designated shareholder as the depositor in respect of the book‑entry securities relating to those designated shares. (3) The Depository need not effect the transfer of designated25 shares to the direct account under subsection (2) if -- (a) the Board has notified the Depository that the designated shares have vested in the Board under section 26(1);

(b) despite the designated shareholder having such a direct account, the Board has notified the Depository -- (i) that the designated shareholder's designated shares must not be withdrawn from the relevant 5 investment scheme; or (ii) to defer the transfer to a later date within the transfer period; or (c) the designated shareholder does not have such a direct account. 10 (4) Where any designated shares have not been transferred under subsection (2), the Depository must -- (a) if the Board has not notified the Depository that the designated shareholder's designated shares have vested in the Board under section 26(1) -- 15 (i) create a designated shares account in the name of the designated shareholder as the sole account holder; and (ii) effect the transfer of the designated shareholder's designated shares to that 20 designated shares account; and (b) if the Board has notified the Depository that the designated shares have vested in the Board under section 26(1) -- effect the transfer of the designated shares to the Board's designated shares account. 25 (5) As soon as possible after the creation of, and transfer of any designated shares to, a designated shares account under subsection (4)(a), the Depository must make the appropriate entries in its record of accounts and the Depository Register (as the case may be) to name the designated shareholder as -- 30 (a) the sole account holder of the designated shares account relating to those designated shares; and (b) the depositor in respect of the book‑entry securities relating to those designated shares.

(6) As soon as possible after the transfer of any designated shares to the Board's designated shares account under subsection (4)(b), the Depository must make the appropriate entries in its record of accounts and the Depository Register (as the case may be) to name the Board as the depositor in respect of5 the book‑entry securities relating to those designated shares. (7) The Depository must notify the designated shareholder of a transfer under this section as soon as possible after the transfer.

Transfer of designated shares from designated shares account after implementation date10

26D.--(1) On the instructions of the Board to transfer any

designated shares in a designated shares account in the name of the designated shareholder as the sole account holder to a direct account in the name of the designated shareholder as the sole account holder on a date within the transfer period, the15 Depository must effect the transfer as instructed if the designated shareholder has such a direct account on that date. (2) Where a designated shareholder's designated shares vest in the Board under section 26(1) after the implementation date, on the instructions of the Board to transfer the designated shares in20 a designated shares account in the name of the designated shareholder as the sole account holder to the Board's designated shares account, the Depository must -- (a) effect the transfer as instructed; and (b) make the appropriate entries in the Depository25 Register to name the Board as the depositor in respect of the book‑entry securities relating to those designated shares.

Provisions applicable to designated shares accounts and designated shares 26E.--(1) Designated shares remain under the relevant

investment scheme so long as -- (a) the book‑entry securities relating to those designated 5 shares are held in a designated shares account; or (b) in any other case, there exist circumstances prescribed in relation to this paragraph by regulations made under section 77(1). (2) The following payments (if any) in respect of designated 10 shares under the relevant investment scheme (mentioned in subsection (1)) must be paid to the Board to be dealt with in accordance with this Act: (a) the proceeds of the sale of the designated shares; (b) all dividends, returned paid‑up share capital and other 15 moneys in respect of the designated shares. (3) Subject to section 24 and the other provisions of this Division and the requirements applicable to the designated shares under the relevant investment scheme -- (a) Part 3AA of the Securities and Futures Act 2001 20 applies to book‑entry securities in a designated shares account and their transfer out of that account as if they were book‑entry securities deposited with the Depository in a direct account in the name of a depositor, subject to any modifications or exclusions 25 or supplementary, incidental, saving or transitional provisions applicable to the designated shares account prescribed by regulations made under section 81SU of the Securities and Futures Act 2001; (b) the depository rules apply in relation to a designated 30 shares account as if it were a direct account, subject to any regulations made under section 44 of the Securities and Futures Act 2001; and

(c) the Depository's terms and conditions of the designated shares accounts (including any amendments made thereto from time to time) as approved by the Board and published on a publicly accessible website prescribed in accordance with5 section 25B(3)(c) are to be treated, and are to operate, as a binding contract between each depositor of a designated shares account and the Depository. (4) Where designated shares are held as book‑entry securities10 in a designated shares account in the name of a designated shareholder as the sole account holder -- (a) the Board is not the depositor in relation to the designated shares; and (b) the Board has no rights or obligations in relation to the15 designated shares, except under subsection (2) or section 26C(6) or 26D(2) (in the case of a transfer of those designated shares) or if the designated shares are vested in the Board under section 26(1).

Provision of information by Board or Depository20

26F.--(1) To facilitate the implementation of section 26C,

26D or 26E in respect of a designated shareholder's designated shares, the Board may provide any permitted information to one or more of the following entities in anticipation of, during or after such implementation:25 (a) the Depository; (b) the approved corporation to which the designated shares relate; (c) any person authorised to act on behalf of, or engaged to provide services to, the Depository or the approved30 corporation (as the case may be) in relation to any purposes mentioned in subsection (2). (2) The Depository or the approved corporation (as the case may be) must not use any permitted information relating to a

designated shareholder provided to it under subsection (1) except for the following purposes: (a) to facilitate the implementation of section 26C, 26D or 26E; (b) to carry out any other functions, duties or powers of 5 the Depository or the approved corporation (as the case may be) under any written law in relation to the designated shareholder's designated shares; (c) for any other purpose, with the consent of the designated shareholder. 10 (3) A person mentioned in subsection (1)(c) must not use any permitted information relating to a designated shareholder provided under subsection (1), except to act as authorised or to provide a service, as mentioned in subsection (1)(c). (4) The Depository may, and must at the request of the Board, 15 provide information relating to a designated shares account or designated shares to the Board for the implementation of this Division and the relevant investment scheme. (5) If any person uses permitted information knowing that, or reckless as to whether, the use contravenes subsection (2) or (3), 20 the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 2 years or to both.

Protection from liability in relation to section 26C, 26D, 26E or 26F 25

26G.--(1) No criminal or civil liability is incurred by the

Depository or any person acting under the direction of the Depository, for any act, omission or transaction carried out with reasonable care and in good faith for or purportedly for, or in anticipation of, the implementation of section 26C, 26D, 26E or 30 26F. (2) To avoid doubt, the Board and the Depository may implement sections 26C, 26D, 26E and 26F (except

section 26F(2)(c)) without the consent, or despite any contrary instructions, of the designated shareholder. (3) This section does not limit any other protection the Depository, the Board or any person may have in relation to their activities.5

Division 3 -- Bankruptcy". Amendment of section 27G

1. In the principal Act, in section 27G(1) -- (a) in paragraph (a), replace "scheme in accordance with any regulations made under section 77(1)(n) (called in this10 section the relevant regulations)" with "CPF investment scheme"; (b) in paragraph (e)(i) and (ii), replace "relevant regulations" with "scheme"; and (c) in paragraph (e)(i), after "in relation to the investment",15 insert ", except where regulations made under section 77(1) provide otherwise".

Amendment of section 27H

1. In the principal Act, in section 27H -- (a) in paragraph (a), replace "scheme in accordance with any20 regulations made under section 77(1)(n) (called in this section the relevant regulations)" with "CPF investment scheme"; and (b) in paragraphs (d) and (e)(ii), replace "relevant regulations" with "scheme".25

Amendment of section 58A

1. In the principal Act, in section 58A(1), replace "scheme in accordance with any regulations made under section 77(1)(n)" with "CPF investment scheme".

Amendment of section 61B

1. In the principal Act, in section 61B(1A) -- (a) in paragraph (a), replace "scheme in accordance with any regulations made under section 77(1)(n)" with "CPF investment scheme"; and 5 (b) in paragraph (c), replace "those regulations" with "regulations made under section 77(1)(n)".

Amendment of section 77

1. In the principal Act, in section 77(1), replace paragraphs (n) and (na) with -- 10 "(n) to introduce any CPF investment scheme for a member of the Fund to make, purchase or acquire any investments or class of investments with all or part of the moneys standing to the member's credit in the Fund, and to provide for any of the following: 15 (i) the reimbursement or payment of the cost of the making of investments under any CPF investment scheme (including any fees, charges or incidental expenses incurred for such investments); 20 (ii) to require the proceeds or benefits (including dividends and returned paid‑up share capital) of investments under any CPF investment scheme to be paid to the Board to be credited to the member's account or accounts in the Fund or 25 otherwise dealt with under this Act; (iii) the circumstances in which an investment is or may be withdrawn from any CPF investment scheme; (na) without limiting paragraph (n), for the purposes of 30 Division 2 of Part 3;".

Saving and transitional provision

1. For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe any provision of a saving or transitional nature consequent on the enactment of that provision that the Minister considers necessary or5 expedient.

EXPLANATORY STATEMENT

This Bill seeks to amend the Central Provident Fund Act 1953 (the Act) to facilitate the transfer of designated shares (defined in section 2(1), as amended) and their withdrawal from the investment scheme introduced under Part 4 of the Central Provident Fund (Investment Schemes) Regulations 2000 (called the relevant investment scheme) as follows: (a) where a designated shareholder has a direct account (defined in the new section 25B) in his or her sole name, the designated shares held immediately before the implementation date (a date to be prescribed under the new section 25B(3)(a)) as book‑entry securities with the Depository (defined in the new section 25B) in the name of the Central Provident Fund Board (the Board) will, on the Board's instructions, be transferred by the Depository under the new section 26C(2) to the designated shareholder's direct account as book‑entry securities on the implementation date, unless the exceptions to the transfer set out in the new section 26C(3) apply; (b) the remaining designated shares will then be transferred under the new section 26C(4) to the following designated shares accounts (defined in the new section 25B) created by the Depository as book‑entry securities: (i) if the Board has not notified the Depository that the designated shareholder's designated shares have vested in the Board under section 26(1) -- a designated shares account in the name of the designated shareholder; (ii) if the Board has notified the Depository that the designated shareholder's designated shares have vested in the Board under section 26(1) -- the Board's designated shares account to be dealt with in accordance with section 26; (c) the designated shares in the designated shares account in the name of the designated shareholder will be transferred on a later date within the

transfer period to the direct account in the designated shareholder's sole name on the Board's instructions under the new section 26D(1) if the designated shareholder has such a direct account on that date; (d) where a designated shareholder's designated shares vest in the Board under section 26(1) after the implementation date, the designated shares in the designated shares account in the name of the designated shareholder will be transferred to the Board's designated shares account on the instructions of the Board under the new section 26D(2). Designated shares remain under the relevant investment scheme while they are held in a designated shares account or if other circumstances prescribed under the new section 26E(1)(b) exist. Designated shares will generally cease to be under the relevant investment scheme when transferred to the designated shareholder's direct account and may then be dealt with without having to comply with the requirements of the relevant investment scheme, for example, the obligation to repay any proceeds or benefits of the shares into the Central Provident Fund. The terms "account holder", "book‑entry securities", "depositor", "Depository", "Depository Register" and "depository rules" have the meanings given by section 81SF of the Securities and Futures Act 2001 (SFA). The Bill also provides for related matters such as the provision of information relating to designated shares or the designated shareholder (which are prescribed to be "permitted information") by the Board to the Depository, the approved corporation to which the designated shares relate, and persons authorised to act on behalf of, or engaged to provide services to, the Depository or the approved corporation -- (a) to facilitate the implementation of the provisions described above; (b) for the Depository or the approved corporation to carry out their functions, duties and powers under any written law in relation to the designated shareholders' designated shares; or (c) for other purposes, with the consent of the designated shareholder. The Bill also provides for the Depository to provide information on designated shares accounts or designated shares to the Board for the implementation of provisions relating to designated shares and the relevant investment scheme. Clause 1 relates to the short title and commencement. Clause 2 amends section 2(1) by -- (a) defining "CPF investment scheme" to be an investment scheme introduced by regulations made under section 77(1); (b) amending the definition of "designated shares" to clarify that, apart from shares of an approved corporation which are purchased with moneys withdrawn under the Act, designated shares include any

security interests arising from or accruing or attaching to those shares of an approved corporation or other security interests, and making a consequential amendment to the definition of "designated shareholder"; (c) inserting a definition of "investment" or "investments", in relation to any CPF investment scheme; and (d) deleting the definition of "securities account" as the terms "designated shares account" and "direct account" (defined in the new section 25B) are used instead. Clause 3 inserts a new Division 1 heading for Part 3. Division 1 contains the general withdrawal provisions in sections 15 to 25A. Clause 4 amends section 24(1) and (2A) to refer to "CPF investment scheme" instead of "scheme in accordance with any regulations made under section 77(1)(n)". Clause 5 inserts a new Division 2 heading for Part 3 and a new section 25B which relates to definitions of terms used in the Division. Division 2 contains withdrawal provisions relating to investment schemes in sections 26, 26A and 26B and the new sections 26C to 26G. The new section 25B defines various terms used in sections 26 to 26G. The new section 25B(3) provides for the implementation date, the transfer period mentioned in the new sections 26C(3)(b)(ii) and 26D(1), the publicly accessible website mentioned in the new section 26E(3)(c) and permitted information for the purposes of the new section 26F(1), (2) and (3) to be prescribed by the Minister by order in the Gazette. Clause 6 amends section 26(1), (2) and (4) to replace references to "securities account" with "direct account". Clause 7 amends section 26B to replace certain terms with references to "CPF investment schemes", "investment scheme account" and "investments". Clause 8 inserts new sections 26C to 26G and a new Division 3 heading for Part 3. The new section 26C provides for the transfers of designated shares detailed in sub‑paragraphs (a) and (b) of the first paragraph of this Explanatory Statement, which are to take place on the implementation date. The new section 26C sets out the obligations of the Depository to create designated shares accounts, to effect the transfers on the instructions of the Board, to make the necessary entries to its record of accounts and the Depository Register (as the case may be) and to notify the designated shareholder of the transfer.

The new section 26D provides for the transfers detailed in sub‑paragraphs (c) and (d) of the first paragraph of this Explanatory Statement, which will take place after the implementation date. The new section 26E makes provisions applicable to designated shares accounts and designated shares. The new section 26E(1) sets out the circumstances in which designated shares remain under the relevant investment scheme and the new section 26E(2) requires the proceeds of sale of the designated shares and dividends, returned paid‑up share capital and other moneys in respect of the designated shares to be paid to the Board to be dealt with in accordance with the Act. The new section 26E(3) provides that, subject to section 24 and the other provisions of Division 2 of Part 3 and the requirements applicable to the designated shares under the relevant investment scheme, Part 3AA of the SFA (relating to the Central Depository System), the depository rules (mentioned in section 81ST of the SFA) and the Depository's terms and conditions of designated shares accounts approved by the Board generally apply to designated shares accounts, subject to certain provisions otherwise. The new section 26E(4) clarifies that where the designated shares are held as book‑entry securities in a designated shares account in the name of a designated shareholder as the sole account holder, the Board is not the depositor, and has no rights or obligations, in relation to such designated shares, except in accordance with the new section 26C(6), 26D(2) or 26E(2) or if the designated shares are vested in the Board under section 26(1). The new section 26F provides for the provision by the Board of permitted information that has been prescribed as such under the new section 25B(3)(d) and the provision of information by the Depository to the Board. It is an offence for any person to use permitted information knowing that, or reckless as to whether, the use contravenes the new section 26F(2) or (3). The new section 26G provides for the protection from criminal and civil liability of the Depository and persons acting under the Depository's direction in relation to the implementation of the new section 26C, 26D, 26E or 26F, which (except for section 26F(2)(c)) apply without the consent and despite any contrary instructions of the designated shareholder. The new section 26G does not limit any other protection the Depository, the Board or any person may have in relation to their activities. Division 3 of Part 3 consists of section 27 which relates to withdrawals by undischarged bankrupts. Clauses 9 and 10 make consequential amendments to sections 27G and 27H, respectively, to refer to a CPF investment scheme. Section 27G(1)(e)(i) is also

amended to provide for exceptions to that provision to be prescribed by regulations made under section 77(1). Clauses 11 and 12 make consequential amendments to sections 58A(1) and 61B(1A)(a), respectively, to refer to a CPF investment scheme. A further consequential amendment is made to section 61B(1A)(c) to refer to regulations made under section 77(1)(n). Clause 13 replaces paragraphs (n) and (na) of section 77(1). The new paragraph (n) clarifies the power to make regulations relating to CPF investment schemes, including to require the proceeds or benefits of investments under such a scheme to be paid to the Board to be credited to the member's account or accounts in the Fund or otherwise. The new paragraph (na) provides generally for the power to make regulations for the purposes of Division 2 of Part 3. Clause 14 empowers the Minister to prescribe provisions of a saving or transitional nature for the amendments proposed by the Bill.

EXPENDITURE OF PUBLIC MONEY

This Bill will not involve the Government in any extra financial expenditure.