Common use of Central Provident Fund Investment Accounts Clause in Contracts

Central Provident Fund Investment Accounts. An account maintained in Singapore that satisfies the following requirements under the laws of Singapore: a) Contributions are restricted to the amounts held in the account holder’s Central Provident Fund (CPF) savings account; b) The account is subject to regulation under the CPF Act (in accordance with CPF (Investment Schemes) Regulations and CPF Minimum Sum Schemes Regulations); c) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of Singapore are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); and d) Earnings and principal are returned to the account holder’s CPF savings account, and withdrawals of such earnings and principal are conditioned on reaching a specified retirement age, disability, or death, or penalties apply to withdrawals made before such specified events.

Central Provident Fund Investment Accounts. An account maintained in Singapore that satisfies the following requirements under the laws of Singapore: a) Contributions are restricted to the amounts held in the account holder’s Central Provident Fund (CPF) savings account; b) The account is subject to regulation under the CPF Act (in accordance with CPF (Investment Schemes) Regulations and CPF Minimum relevant regulations relating to the Retirement Sum Schemes RegulationsScheme); c) The account is tax-favored (i.e., contributions to the account that would otherwise be subject to tax under the laws of Singapore are deductible or excluded from the gross income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate); and d) Earnings and principal are returned to the account holder’s CPF savings account, and withdrawals of such earnings and principal are conditioned on reaching a specified retirement age, disability, or death, or penalties apply to withdrawals made before such specified events.