Payment from amount deposited with approved bank or in retirement account, where member has pension, annuity or other benefit or approved annuity
13.—(1) 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 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, the member shall be paid for that month, from the amount so deposited and any interest accruing thereon, 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.
(2) Where a member (not being a relevant member), at any time after attaining the age of 55 years, has used any amount of his minimum sum to purchase an approved annuity, and has any amount of his minimum sum remaining in his retirement account under section 15(6C)(b)(i) of the Act, the amount which the member shall be paid each month from the amount remaining in his retirement account and any interest accruing thereon shall be the higher of the following:
(a)
an amount computed in accordance with the formula “230R/30,000”, where R is the difference between the amount of his minimum sum referred to in section 15(6C)(b) of the Act and the amount used to purchase the approved annuity; or