14.—(1) For the purposes of regulations 3(2), 12(1), (3) and (4) and 13, the specified amount shall be as follows:
Specified amount
Operative date
(a) $230
from 1st January 1987 to 31st March 1994
(b) $237
from 1st April 1994 to 31st March 1995.
(c) $243
from 1st April 1995 to 31st March 1996.
(d) $251
from 1st April 1996 to 31st March 1997.
(e) $260
from 1st April 1997 to 31st March 1998.
(f) $266
from 1st April 1998 to 31st March 1999.
(g) $272
from 1st April 1999 to 30th June 2000.
(h) $282
from 1st July 2000 to 30th June 2001.
(i) $287
from 1st July 2001 to 30th June 2002.
(j) $291
from 1st July 2002.
(2) For the purposes of regulation 12(2), the specified amount shall be as follows:
Specified amount
Operative date
(a) $345
from 1st January 1987 to 31st March 1994.
(b) $355
from 1st April 1994 to 31st March 1995.
(c) $365
from 1st April 1995 to 31st March 1996.
(d) $377
from 1st April 1996 to 31st March 1997.
(e) $390
from 1st April 1997 to 31st March 1998.
(f) $399
from 1st April 1998 to 31st March 1999.
(g) $408
from 1st April 1999 to 30th June 2000.
(h) $423
from 1st July 2000 to 30th June 2001.
(i) $431
from 1st July 2001 to 30th June 2002.
(j) $437
from 1st July 2002.
(3) Notwithstanding paragraph (1), where a member has purchased an approved annuity with the minimum sum which he is required to set aside under section 15(6) of the Act, the Board may, in its discretion and subject to such terms and conditions as it may impose, authorise the insurer to pay to the member a monthly income which is less than the amount specified in paragraph (1).