Purchase of approved annuity with amount referred to in section 15(6C)(b) of Act
11.—(1)  Where a member elects to use the amount referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer, the Board shall, at the request of the member, forward to the insurer in payment for such purchase —
(a)the whole or any part of that amount and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3); and
(b)where the purchase price of the approved annuity exceeds that amount, any interest accrued on that amount.
(2)  Subject to paragraphs (3), (4), (5) and (6), a member who has used the amount of his minimum sum referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer shall, on attaining the age of 60 years, be entitled to be paid monthly a sum not exceeding the amount specified in regulation 14(1) from the approved annuity, until the moneys payable under the approved annuity are exhausted or until his death, whichever is the earlier.
(3)  The Board may —
(a)permit an insurer to pay a member referred to in paragraph (2) a monthly sum exceeding the amount specified in regulation 14(1), if the Board is satisfied that the total amount payable under the approved annuity is sufficient to support the payment of such a sum for the lifetime of the member; or
(b)in its discretion and subject to such terms and conditions as it may impose, authorise an insurer to pay a member referred to in paragraph (2) a monthly sum which is less than the amount specified in regulation 14(1).
(4)  Where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 4(2), the total amount which they may be paid monthly under any approved annuities purchased using the amount they have set aside jointly shall not exceed the amount specified in regulation 14(2), unless approved by the Board in any particular case.
(5)  Where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 4(2), and either member dies or the members are divorced, the amount that the surviving or divorced member may be paid monthly under any approved annuity purchased using the amount of his minimum sum referred to in section 15(6C)(b) of the Act shall not exceed the amount specified in regulation 14(1), unless approved by the Board in any particular case.
(6)  Subject to paragraph (7), where a member (not being a relevant member) is in receipt of any pension, annuity or other benefit, the income which the member receives from that pension, annuity or other benefit for the month in which he attains the age of 60 years (or for any month thereafter) is less than the amount specified in regulation 14(1), and the member has used the amount of his minimum sum referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer, the member shall be paid for that month, from the approved annuity, an amount that is equal to the difference between —
(a)the amount of the amount specified in regulation 14(1); and
(b)the amount of the income received from that pension, annuity or other benefit for that month.
(7)  The Board may permit an insurer to pay a member referred to in paragraph (6) a monthly sum exceeding the difference between the amounts referred to in paragraph (6)(a) and (b), if the Board is satisfied that the total amount payable under the approved annuity is sufficient to support the payment of such a sum for the lifetime of the member.
(8)  Where any payment in accordance with this regulation results in a balance of $100 or less being payable under any approved annuity, the Board may permit such balance to be paid together with the payment.
[S 396/2009 wef 01/09/2009]