7. Regulation 12 of the principal Regulations is deleted and the following regulations substituted therefor:“Payment from amount deposited with approved bank or in retirement account, in general 
12.—(1) Where a member is not a relevant member, and any amount of his minimum sum is deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act, he may, subject to paragraphs (2), (3), (4) and (5) and regulations 12A and 13, on attaining the age of 60 years and at every monthly interval thereafter, be paid from the amount so deposited and any interest accruing thereon, the amount specified in regulation 14(1).(2) Where a member is or becomes a relevant member, and any amount of his minimum sum is deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act, he may, subject to paragraphs (3), (4) and (5), in either the month in which he attains the age of 60 years or the month after he becomes a relevant member, whichever month is later, and at every monthly interval thereafter, be paid from the amount so deposited and any interest accruing thereon, an amount (in dollars) computed in accordance with the formula “(A / N) + D”, where —(a)  “A” is the difference between —(i)  the balance (in dollars) of the amount so deposited and any interest accruing thereon at the first time when an annuity plan is issued to the member; and  (ii)  the aggregate amount (in dollars) of —(A)  all payments received by the member under this paragraph prior to the payment the amount of which is being computed; and  (B)  any other withdrawals from the amount so deposited and any interest accruing thereon that are made after the annuity plan referred to in subparagraph (i) is issued to the member; 

 (b)  “N” is the larger of 60 or the total number of months in the period —(i)  beginning with (and including) either the month in which the member attains the age of 60 years or the month after the annuity plan referred to in subparagraph (a)(i) is issued to him, whichever month is later; and  (ii)  ending with (and including) the month in which the member will attain the age of 90 years; and 
 (c)  “D” is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —(i)  the balance of the amount so deposited and any interest accruing thereon;  (ii)  any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan referred to in subparagraph (a)(i) is issued to him; and  (iii)  any interest which may accrue on the additional amount referred to in subparagraph (ii). 


(3) Where, prior to becoming a relevant member, a member has deposited any amount of his minimum sum with an approved bank under section 15(6C)(b)(i) of the Act, upon becoming a relevant member, the member may, subject to paragraphs (4) and (5), on the date on which he attains the age of 60 years and at every monthly interval thereafter, be paid from the amount so deposited and any interest accruing thereon, the amount specified in regulation 14(1). 
(4) For the purposes of this regulation, the basic monthly income shall be payable to a member until the amount of his minimum sum deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon) has been exhausted or until his death, whichever is the earlier. 
(5) Where any payment in accordance with this regulation results in a balance of $100 or less in the amount of the member’s minimum sum deposited with the approved bank or in his retirement account under section 15(6C)( b)(i) of the Act and any interest accruing thereon, the Board may permit such balance to be paid together with the payment. 

Payment from amount deposited with approved bank or in retirement account, where 2 members have set aside jointly 1.5 times the minimum sum 
12A.—(1) This regulation applies where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 4(2), and that amount is deposited under section 15(6C)(b)(i) of the Act —(a)  with an approved bank; or  (b)  in either or both of their respective retirement accounts. 
(2) Where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 4(2), the total amount which they may withdraw monthly from the amount they have set aside jointly shall not exceed the amount specified in regulation 14(2), unless approved by the Board in any particular case. 
(3) Where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 4(2), and either member dies or the members are divorced, the amount that the surviving or divorced member may withdraw monthly from the amount of his minimum sum deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act shall not exceed the amount specified in regulation 14(1), unless approved by the Board in any particular case. 
(4) Where any payment in accordance with this regulation results in a balance in the minimum sum of $100 or less, the Board may permit such balance to be paid together with the payment.”. 


