3.—(1) In these Regulations, unless the context otherwise requires —
“annuity plan” has the same meaning as in section 27J of the Act;
“approved annuity” means an annuity, purchased from an insurer, which is approved by the Board;
“approved bank” means any bank approved by the Board;
“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;
“Lease Buyback Scheme” means a scheme administered by the Housing and Development Board, under which a lessee of an HDB flat who has been approved by the Housing and Development Board to take part in the scheme enters into an agreement with the Housing and Development Board to reduce the term of the lease, in consideration of a sum of money —
(a)
which is to be paid in accordance with the terms and conditions of the scheme; and
(b)
the whole or part of which may be used for the payment of a premium for an annuity plan under the Scheme;
[S 481/2013 wef 01/08/2013]
“monthly income” means the income which a member is entitled —
(a)
to withdraw monthly from the amount standing to his credit in his retirement account that is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act; or
[S 708/2012 wef 01/01/2013]
(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;
“relevant member” and “Scheme” have the same meanings as in section 27J of the Act.
[S 396/2009 wef 1.9.2009]
(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).