Definitions
3.—(1)  In these Regulations, unless the context otherwise requires —
“approved annuity” means an annuity purchased by a member from an insurer with the minimum sum which he is required to set aside under section 15(6) of the Act, and which has been approved by the Board;
“approved bank” means any bank approved by the Board to be a bank for the purposes of regulation 9;
“bank” has the same meaning as in the Banking Act (Cap. 19);
“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;
“minimum sum” means the sum which a member is required to set aside under section 15(6) of the Act as calculated in accordance with regulation 4;
“monthly income” means the income which a member is entitled to withdraw monthly from the minimum sum deposited by the member with an approved bank or in his retirement account or is entitled to be paid monthly under an approved annuity after the member has attained the age of 60 years.
(2)  The amount which a member shall be entitled to withdraw each month under section 15(7) of the Act, and the amount prescribed by the Minister for the purposes of section 15(8)(e) of the Act, shall be as specified in regulation 14(1).
[S 370/2006 wef 01/07/2006]