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.
[S 396/2009 wef 01/09/2009]
(2) Subject to paragraphs (4), (5) and (6), 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.
[S 396/2009 wef 01/09/2009]
[S 263/2012 wef 01/06/2012]
(3) Subject to paragraphs (4), (5) and (6), 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.
[S 396/2009 wef 01/09/2009]
[S 263/2012 wef 01/06/2012]
(4) Subject to paragraphs (5) and (6), the monthly income which a member may withdraw under paragraph (2) or (3) shall be payable to him until 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 (including any interest accruing thereon) has been exhausted or until his death, whichever is the earlier.
[S 263/2012 wef 01/06/2012]
(5) Subject to paragraph (6), where any amount of a member’s minimum sum is deposited in his retirement account under section 15(6C)(b)(i) of the Act, and the balance of the amount so deposited (including any interest accruing thereon) is less than $20, the Board may —
(a)
if the member has applied for the monthly income which he may withdraw under paragraph (2) or (3) to be paid into his account with a bank by inter-bank GIRO, pay the member the entire balance in that manner; or
(b)
retain the entire balance in the member’s retirement account until there is a balance of not less than $20 in the amount so deposited (including any interest accruing thereon).
[S 263/2012 wef 01/06/2012]
(6) Where any payment of the monthly income which a member may withdraw under paragraph (2) or (3) results in a balance of $100 or less in 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 (including any interest accruing thereon), the Board may permit the entire balance to be paid together with the monthly income.