Termination of account with approved bank or surrender of approved annuity
15.—(1) Where a member, who has deposited the amount referred to in section 15(6C)(b) of the Act in an account with an approved bank, closes the account and does not open another account with another approved bank or does not purchase an approved annuity from an insurer, the approved bank in which the account was opened shall immediately transfer all the moneys in that account to the member’s retirement account.
[S 396/2009 wef 01/09/2009]
(2) Where a member surrenders his approved annuity and does not purchase another approved annuity or does not open an account with an approved bank, the insurer from whom the approved annuity was purchased shall immediately transfer all the moneys representing the surrender value of the approved annuity to the member’s retirement account.
[S 396/2009 wef 01/09/2009]
(3) Where a member who is exempt from complying with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act surrenders the pension, annuity or other benefit and does not purchase an approved annuity or does not open an account with an approved bank, the member shall transfer all the moneys representing the surrender value of the pension, annuity or other benefit or, where the surrender value of the pension, annuity or other benefit is more than the minimum sum applicable to him, an amount equal to the value of the minimum sum to his retirement account.