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Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  2006 RevEd
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; or
(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a married couple has set aside minimum sums in accordance with regulation 4(2), the total monthly income which may be withdrawn from their minimum sums deposited in an approved bank or banks or in their retirement accounts or which may be paid under any approved annuities shall not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(4)  Where the amount of the last monthly income of a member withdrawn by him from the minimum sum deposited in an approved bank or in a retirement account or where the last payment made to the member under an approved annuity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the amount specified in regulation 14(1), the Board may permit the whole of that amount (including the excess) to be withdrawn or paid provided the sum in excess does not exceed $100.
Informal Consolidation | Amended S 396/2009
Payment from amount deposited with approved bank or in retirement account, in general
12.—(1)  Where a member is not a relevant member, and any amount of his minimum sum is deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act, he may, subject to paragraphs (2), (3), (4) and (5) and regulations 12A and 13, on attaining the age of 60 years and at every monthly interval thereafter, be paid from the amount so deposited and any interest accruing thereon, the amount specified in regulation 14(1).
(2)  Where a member is or becomes a relevant member, and any amount of his minimum sum is deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act, he may, subject to paragraphs (3), (4) and (5), in either the month in which he attains the age of 60 years or the month after he becomes a relevant member, whichever month is later, and at every monthly interval thereafter, be paid from the amount so deposited and any interest accruing thereon, an amount (in dollars) computed in accordance with the formula “(A / N) + D”, where —
(a)“A” is the difference between —
(i)the balance (in dollars) of the amount so deposited and any interest accruing thereon at the first time when an annuity plan is issued to the member; and
(ii)the aggregate amount (in dollars) of —
(A)all payments received by the member under this paragraph prior to the payment the amount of which is being computed; and
(B)any other withdrawals from the amount so deposited and any interest accruing thereon that are made after the annuity plan referred to in sub-paragraph (i) is issued to the member;
(b)“N” is the larger of 60 or the total number of months in the period —
(i)beginning with (and including) either the month in which the member attains the age of 60 years or the month after the annuity plan referred to in sub-paragraph (a)(i) is issued to him, whichever month is later; and
(ii)ending with (and including) the month in which the member will attain the age of 90 years; and
(c)“D” is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —
(i)the balance of the amount so deposited and any interest accruing thereon;
(ii)any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan referred to in sub-paragraph (a)(i) is issued to him; and
(iii)any interest which may accrue on the additional amount referred to in sub-paragraph (ii).
(3)  Where, prior to becoming a relevant member, a member has deposited any amount of his minimum sum with an approved bank under section 15(6C)(b)(i) of the Act, upon becoming a relevant member, the member may, subject to paragraphs (4) and (5), on the date on which he attains the age of 60 years and at every monthly interval thereafter, be paid from the amount so deposited and any interest accruing thereon, the amount specified in regulation 14(1).
(4)  For the purposes of this regulation, the basic monthly income shall be payable to a member until the amount of his minimum sum deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon) has been exhausted or until his death, whichever is the earlier.
(5)  Where any payment in accordance with this regulation results in a balance of $100 or less in the amount of the member’s minimum sum deposited with the approved bank or in his retirement account under section 15(6C)(b)(i) of the Act and any interest accruing thereon, the Board may permit such balance to be paid together with the payment.
[S 396/2009 wef 01/09/2009]