Payment from amount deposited with approved bank or retained in retirement account, where member has pension, annuity or other benefit or approved annuity
13.—(1) Where a member (not being a relevant member) is in receipt of any pension, annuity or other benefit, the income which the member receives from that pension, annuity or other benefit for the month in which he attains the age of 60 years (or for any month thereafter) is less than the amount specified in regulation 14(1), 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, the member shall be paid for that month, from the amount so deposited or retained and any interest accruing thereon, a sum of $297.
(a)
[Deleted by S 443/2014 wef 01/07/2014]
(b)
[Deleted by S 443/2014 wef 01/07/2014]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(2) Where a member (not being a relevant member), at any time after attaining the age of 55 years, has used any amount standing to his credit in his retirement account to purchase an approved annuity, and has any amount remaining in his retirement account under section 15(6C)(b)(i) of the Act, the amount which the member shall be paid each month from the amount remaining in his retirement account and any interest accruing thereon shall be $297.
(a)
[Deleted by S 443/2014 wef 01/07/2014]
(b)
[Deleted by S 443/2014 wef 01/07/2014]
[S 708/2012 wef 01/01/2013]
[S 443/2014 wef 01/07/2014]
(3) Where a member is receiving or will receive a pension, annuity or other benefit which provides him with a minimum monthly income for life and he has any amount standing to his credit in his retirement account —
(a)
if the minimum monthly income from the pension, annuity or other benefit is equal to or more than the amount specified in regulation 14(1), the member may be paid, in a lump sum, the amount standing to his credit in his retirement account; and
(b)
if the minimum monthly income from the pension, annuity or other benefit is less than the amount specified in regulation 14(1), the member may be paid, in a lump sum, the difference between the amount standing to his credit in his retirement account and the required retention amount referred to regulation 6(3).
[S 443/2014 wef 01/07/2014]
(4) For the purposes of this regulation, the Board —
(a)
shall determine the minimum monthly income provided or to be provided to a member by that member’s pension, annuity or other benefit from any information it may have; and
(b)
may, if it has information of the fixed minimum monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed minimum monthly income to be the minimum monthly income provided or to be provided to the member by that pension, annuity or other benefit.