Common use of Withdrawal and Transfer Clause in Contracts

Withdrawal and Transfer. of the Balance in the Sub-account (1) An application must be submitted to the Social Security Fund. After the fund management entity has obtained the permission from the Social Security Fund, it will process the payment to the Participant’s balance in the contribution sub-accounts and the persevered sub-accounts. (2) In accordance with Supplementary Provisions relating to the Non-Mandatory Central Provident Fund System, the balance in the contribution sub-accounts and preserved sub-accounts and preserved sub-accounts can be transferred to one another, or be transferred to government managed sub-accounts.