Payment from amount retained 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 retained in their respective retirement accounts under section 15(6C)(b)(i) of the Act.
[S 443/2014 wef 01/07/2014]
(2) Subject to paragraph (4) and regulation 13D, 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 amount which each member may withdraw monthly from the amount retained in their respective retirement accounts shall be $297.
[S 443/2014 wef 01/07/2014]
(3) Subject to paragraph (4) and regulation 13D, 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 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]
[S 443/2014 wef 01/07/2014]
(4) Subject to regulation 13D, the monthly income which a member may withdraw under paragraph (2) or (3) shall be payable to him until the amount 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.