Transfer to or retention in ordinary account if moneys cannot be restored to living expenses account
13.—(1) Paragraphs (2) and (3) apply where —
(a)
any amount has been transferred before, on or after 1 September 2014 from any member’s living expenses account to —
(i)
the member’s ordinary account under regulation 10(1) or 11(1); or
(ii)
the general moneys of the Fund under regulation 10(2) or 11(2); and
(b)
the Board is unable to restore the whole or part of the amount referred to in sub-paragraph (a) (called the transferred amount) to the living expenses account under regulation 12 only because the member no longer has a living expenses account.
(2) Where the transferred amount stands to the credit of the member in his ordinary account, the Board may retain the transferred amount in the member’s ordinary account.
(3) Where the transferred amount stands to the credit of the member in the general moneys of the Fund, the Board may —
(a)
transfer the transferred amount to the member’s ordinary account; and
(b)
pay into the member’s ordinary account the whole or such part, as the Board may determine, of the interest that would have been payable on the transferred amount if it had not been transferred from the living expenses account.
[S 565/2014 wef 01/09/2014]
Informal Consolidation | Amended S 30/2015
Transfer to or retention in ordinary account if moneys cannot be restored to living expenses account
13.—(1) Paragraphs (2) and (3) apply where —
(a)
any amount has been transferred before, on or after 1 September 2014 from any member’s living expenses account to —
(i)
the member’s ordinary account under regulation 10(1) or 11(1); or
(ii)
the general moneys of the Fund under regulation 10(2) or 11(2); and
(b)
the Board is unable to restore the whole or part of the amount referred to in sub-paragraph (a) (called the transferred amount) to the living expenses account under regulation 12 only because the member no longer has a living expenses account.
(2) Where the transferred amount stands to the credit of the member in his ordinary account, the Board may retain the transferred amount in the member’s ordinary account.
(3) Where the transferred amount stands to the credit of the member in the general moneys of the Fund, the Board may —
(a)
transfer the transferred amount to the member’s ordinary account; and
(b)
pay into the member’s ordinary account the whole or such part, as the Board may determine, of the interest that would have been payable on the transferred amount if it had not been transferred from the living expenses account.