3.—(1) In these Regulations, unless the context otherwise requires —
“annuity plan” has the same meaning as in section 27J of the Act;
[S 396/2009 wef 01/09/2009]
“approved annuity” means an annuity, purchased from an insurer, which is approved by the Board;
[S 396/2009 wef 01/09/2009]
“approved bank” means any bank approved by the Board;
[S 396/2009 wef 01/09/2009]
“bank” has the same meaning as in the Banking Act (Cap. 19);
“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;
“monthly income” means the income which a member is entitled —
(a)
to 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; or
(b)
to be paid monthly under an approved annuity purchased under section 15(6C)(b)(ii) of the Act,
after the member has attained the age of 60 years;
[S 396/2009 wef 01/09/2009]
“relevant member” and “Scheme” have the same meanings as in section 27J of the Act.
[S 396/2009 wef 01/09/2009]
(2) The amount which a member shall be entitled to withdraw each month under section 15(7) of the Act, and the amount prescribed by the Minister for the purposes of section 15(8)(e) of the Act, shall be as specified in regulation 14(1).