Payment from amount deposited with approved bank or in retirement account, where 2 members have set aside jointly 1.5 times the minimum sum
12A.—(1)  This regulation applies 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 that amount is deposited under section 15(6C)(b)(i) of the Act —
(a)with an approved bank; or
(b)in either or both of their respective retirement accounts.
(2)  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 withdraw monthly from 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.
(3)  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 withdraw monthly from 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 shall not exceed the amount specified in regulation 14(1), unless approved by the Board in any particular case.
(4)  Where any payment in accordance with this regulation results in a balance in the minimum sum of $100 or less, the Board may permit such balance to be paid together with the payment.
[S 396/2009 wef 01/09/2009]