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Formal Consolidation |  1998 RevEd
Payment of minimum sum to insurer
11.  Where a member elects to use the minimum sum to purchase an approved annuity from an insurer, the Board shall, at the request of the member, forward the minimum sum to the insurer in payment for such purchase.
Informal Consolidation | Amended S 389/2004
Payment of minimum sum to insurer
11.  Where a member elects to use the minimum sum to purchase an approved annuity from an insurer, the Board shall, at the request of the member, forward to the insurer in payment for such purchase —
(a)the whole or part of the amount maintained as the minimum sum; and
(b)where the purchase price of the approved annuity exceeds the amount referred to in paragraph (a), any interest accrued on such amount.
[S 389/2004 wef 01/07/2004]