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Amendments are not highlighted in legislation amended before 2012. We are working on it.
Formal Consolidation |  2006 RevEd
Termination of account
15.—(1)  Where a member terminates the account which he has opened with the minimum sum with an approved bank and does not intend to open another account with another approved bank or purchase an approved annuity from an insurer, the approved bank in which the account was opened shall immediately transfer all the moneys in that account to the member’s retirement account.
(2)  Where a member has surrendered his approved annuity and does not intend to purchase another approved annuity or open an account with an approved bank, the insurer from whom the approved annuity was purchased shall immediately transfer all the moneys representing the surrender value of the approved annuity to the member’s retirement account.
(3)  Where a member who has been exempted under section 15(8)(e) of the Act from setting aside the minimum sum surrenders his approved annuity and does not intend to purchase another approved annuity or open an account with an approved bank, the member shall transfer all the moneys representing the surrender value of the approved annuity or an amount equal to the value of the minimum sum as determined by the Board, whichever is the less, to his retirement account.
Informal Consolidation | Amended S 396/2009
Termination of account with approved bank or surrender of approved annuity
15.—(1)  Where a member, who has deposited the amount referred to in section 15(6C)(b) of the Act in an account with an approved bank, closes the account and does not open another account with another approved bank or does not purchase an approved annuity from an insurer, the approved bank in which the account was opened shall immediately transfer all the moneys in that account to the member’s retirement account.
(2)  Where a member surrenders his approved annuity and does not purchase another approved annuity or does not open an account with an approved bank, the insurer from whom the approved annuity was purchased shall immediately transfer all the moneys representing the surrender value of the approved annuity to the member’s retirement account.
(3)  Where a member who has been exempted under section 15(8)(e) of the Act from setting aside the minimum sum surrenders the pension, annuity or other benefit and does not purchase an approved annuity or does not open an account with an approved bank, the member shall transfer all the moneys representing the surrender value of the pension, annuity or other benefit or, where the surrender value of the pension, annuity or other benefit is more than the minimum sum applicable to him, an amount equal to the value of the minimum sum to his retirement account.
[S 396/2009 wef 01/09/2009]