Withdrawal from minimum sum and payment from approved annuity
12.—(1) A member shall, on attaining the age of 60 years, be entitled —
(a)
to withdraw monthly, from the minimum sum which he has deposited in an approved bank or in his retirement account, the amount specified in regulation 14(1), until the minimum sum has been exhausted or until his death, whichever is the earlier;
(b)
to be paid monthly, an amount not exceeding the amount specified in regulation 14(1) or (3), as the case may be, from the approved annuity purchased by him from an insurer, until the moneys payable under the annuity are exhausted or until his death, whichever is the earlier, except that the Board may permit an insurer to pay the member under an approved annuity a monthly sum exceeding the amount specified in regulation 14(1) or (3), as the case may be, if the Board is satisfied that the total amount payable under the approved annuity is sufficient to support payment of such a sum for the lifetime of the member.
(2) Where a married couple has set aside minimum sums in accordance with regulation 4(2), the total monthly income which may be withdrawn from their minimum sums deposited in an approved bank or banks or in their retirement accounts or which may be paid under any approved annuities shall not exceed the amount specified in regulation 14(2) unless approved by the Board in the circumstances of any particular case.
(3) Where one spouse has died, the surviving spouse shall thereafter be entitled to withdraw from his or her minimum sum a monthly income not exceeding the amount specified in regulation 14(1) or be paid a sum not exceeding the amount specified in that regulation from any approved annuity unless approved by the Board in the circumstances of any particular case.
(4) Where the amount of the last monthly income of a member withdrawn by him from the minimum sum deposited in an approved bank or in a retirement account or where the last payment made to the member under an approved annuity exceeds the amount specified in regulation 14(1), the Board may permit the whole of that amount (including the excess) to be withdrawn or paid provided the sum in excess does not exceed $100.