Payment from amount deposited with approved bank or retained in retirement account, in general
12.—(1) Where a member is not a relevant member, and any amount standing to his credit in his retirement account is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act, he may, subject to paragraphs (2) to (4) and regulations 12A, 13, 13C and 13D, on attaining the age of 60 years and at every monthly interval thereafter, be paid from the amount so deposited or retained (including any interest accruing thereon) an income of —
(a)
in any case where the balance of the amount so deposited or retained (including any interest accruing thereon) is less than the amount specified in regulation 14(1), the entire balance; or
(b)
in any other case, the amount specified in regulation 14(1).
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(2) Where a member is or becomes a relevant member, and any amount standing to his credit in his retirement account is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act, he may, subject to paragraphs (3) and (4), in either the month in which he attains the age of 60 years or the month after he becomes a relevant member, whichever month is later, and at every monthly interval thereafter, be paid from the amount so deposited or retained (including any interest accruing thereon) an income of an amount (in dollars) computed in accordance with the formula “(A ÷ N) + D”, where —
(a)
“A” is the difference between —
(i)
the balance (in dollars) of the amount so deposited or retained and any interest accruing thereon at the first time when an annuity plan is issued to the member; and
(ii)
the aggregate amount (in dollars) of —
(A)
all payments received by the member under this paragraph prior to the payment the amount of which is being computed; and
(B)
any other withdrawals from the amount so deposited or retained and any interest accruing thereon that are made after the annuity plan referred to in sub-paragraph (i) is issued to the member;
(b)
“N” is the larger of 60 or the total number of months in the period —
(i)
beginning with (and including) either the month in which the member attains the age of 60 years or the month after the annuity plan referred to in sub-paragraph (a)(i) is issued to him, whichever month is later; and
(ii)
ending with (and including) the month in which the member will attain the age of 90 years; and
(c)
“D” is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —
(i)
the balance of the amount so deposited or retained and any interest accruing thereon;
(ii)
any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan referred to in sub-paragraph (a)(i) is issued to him; and
(iii)
any interest which may accrue on the additional amount referred to in sub-paragraph (ii).
[S 396/2009 wef 01/09/2009]
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
(3) Where, prior to becoming a relevant member, a member has deposited any amount standing to his credit in his retirement account with an approved bank under section 15(6C)(b)(i) of the Act, upon becoming a relevant member, the member may, subject to paragraph (4) and regulation 13D(2), on the date on which he attains the age of 60 years and at every monthly interval thereafter, be paid from the amount so deposited (including any interest accruing thereon) an income of —
(a)
in any case where the balance of the amount so deposited (including any interest accruing thereon) is less than the amount specified in regulation 14(1), the entire balance; or
(b)
in any other case, the amount specified in regulation 14(1).
[S 263/2012 wef 01/06/2012]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(4) Subject to regulation 13D, the monthly income which a member may be paid under paragraph (1), (2) or (3) shall be payable to him until the amount deposited with an approved bank or retained 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.