(a) | by deleting paragraphs (d) and (e) of subsection (2) and substituting the following paragraphs:“(d) | is physically or mentally incapacitated —(i) | from ever continuing in any employment; or | (ii) | in such other manner as the Minister may approve; |
| (e) | is of unsound mind; | (f) | is suffering from a medical condition leading to a severely impaired life expectancy; or | (g) | is suffering from a terminal illness or disease.”; |
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(b) | by inserting, immediately after subsection (2), the following subsections:“(2A) A member of the Fund who is entitled under subsection (2)(d), ( e) or (f) to withdraw the sum standing to his credit in the Fund shall, at the time of the withdrawal and in accordance with such directions as the Minister may give in any particular case —(a) | set aside or top-up in his retirement account such amount as the Minister may specify; and | (b) | set aside or top-up in his medisave account the prescribed amount referred to in section 16. |
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(2B) The amount referred to in subsection (2A)(a) may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.”; |
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(c) | by deleting the words “sum standing to the credit of that member in the Fund” in subsection (5) and substituting the words “balance standing to the credit of that member in the Fund, after deducting any sum withdrawn, or to be withdrawn, under section 16A,”; |
(d) | by deleting the words “subsections (6A) and (8)” in subsection (6) and substituting the words “subsections (6A), (8) and (8A)”; |
(e) | by deleting subsections (6A) and (6B) and substituting the following subsections:“(6A) Where 2 members of the Fund are parties to a marriage, the Board may, on their joint application, permit them to set aside jointly an amount which is less than 2 times the minimum sum if each member has executed a memorandum under section 25(1) nominating the other member to receive, on his death, an amount belonging to him which is not less than such amount as the Board may specify. |
(6B) No memorandum executed under subsection (6A) shall be revocable during the subsistence of the marriage between the members unless the Board is satisfied that either or both of the members are —(a) | physically or mentally incapacitated —(i) | from ever continuing in any employment; or | (ii) | in such other manner as the Minister may approve; |
| (b) | of unsound mind; | (c) | suffering from a medical condition leading to a severely impaired life expectancy; or | (d) | suffering from a terminal illness or disease.”; |
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(f) | by deleting the words “with the Board” in subsection (6C); |
(g) | by deleting paragraphs (a) and (b) of subsection (7A) and substituting the following paragraphs:“(a) | physically or mentally incapacitated —(i) | from ever continuing in any employment; or | (ii) | in such other manner as the Minister may approve; |
| (b) | of unsound mind; | (ba) | suffering from a medical condition leading to a severely impaired life expectancy;”; |
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(h) | by inserting, immediately after subsection (7A), the following subsections:“(7B) A member of the Fund who is entitled under subsection (7A)(a), ( b) or (ba) to withdraw the minimum sum or any part thereof from his account with an approved bank or his retirement account or surrender his approved annuity from an insurer shall, at the time of the withdrawal or surrender, as the case may be, and in accordance with such directions as the Minister may give in any particular case —(a) | set aside or top-up in his retirement account such amount as the Minister may specify; and | (b) | set aside or top-up in his medisave account the prescribed amount referred to in section 16. |
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(7C) The amount referred to in subsection (7B)(a) may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.”; |
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(i) | by deleting subsection (8) and substituting the following subsections:“(8) A member need not deposit the minimum sum with an approved bank or in his retirement account, or use the minimum sum to purchase an approved annuity from an insurer, if the Board is satisfied that the member —(a) | is physically or mentally incapacitated —(i) | from ever continuing in any employment; or | (ii) | in such other manner as the Minister may approve; |
| (b) | is of unsound mind; | (c) | is suffering from a medical condition leading to a severely impaired life expectancy; | (d) | is suffering from a terminal illness or disease; | (e) | on his retirement will receive such pension, annuity or other benefit as may be approved which will provide him with a monthly income of not less in value than the amount prescribed by the Minister; or | (f) | has attained the age of 55 years before 1st January 1987. |
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(8A) A member of the Fund who is entitled under subsection (2)(a), (3) or (4) to withdraw the sum standing to his credit in the Fund and who, under subsection (8)(a), (b) or (c), need not deposit the minimum sum with an approved bank or in his retirement account or use the minimum sum to purchase an approved annuity from an insurer shall, at the time of the withdrawal and in accordance with such directions as the Minister may give in any particular case —(a) | set aside or top-up in his retirement account such amount as the Minister may specify; and | (b) | set aside or top-up in his medisave account the prescribed amount referred to in section 16. |
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(8B) The amount referred to in subsection (8A)(a) may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose.”; |
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(j) | by inserting, immediately after the words “minimum sum” in subsection (9)(a), the words “or part thereof”; |
(k) | by inserting, immediately after subsection (10A), the following subsection:“(10B) The Board shall not enforce any undertaking under subsection (10) or (10A) if the Board is satisfied of the occurrence of any of the events mentioned in subsection (15)(e).”; |
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(l) | by deleting the word “if” wherever it appears in subsection (15)(e)(ii) to (v); and |
(m) | by deleting the words “subsection (6)” in subsection (15)(e)(iii) and substituting the words “subsection (2A), (6), (7B) or (8A)”. |