Minimum sum for member who is receiving or will receive pension, annuity or other benefit
6.—(1) If the Board is satisfied that a member is receiving or will receive such pension, annuity or other benefit as may be approved by the Board which will provide the member with a minimum monthly income of an amount that is not less in value than the amount specified in regulation 14(1), the member need not comply with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act.
(2) If the Board is satisfied that a member is receiving or will receive such pension, annuity or other benefit as may be approved by the Board which will provide the member with a minimum monthly income of an amount that is less in value than the amount specified in regulation 14(1), the minimum sum applicable to the member shall be the required retention amount less the sum of any amounts which the member has been paid under regulation 12(1), (2) or (3), 13 or 13B before the determination of the required retention amount.
(3) For the purposes of paragraph (2), the required retention amount shall be computed in accordance with the following formula:
where I
is the amount specified in regulation 14(1);
M
is the minimum sum applicable to the member; and
P
is the minimum monthly income that the pension, annuity or other benefit provides or will provide to the member.
(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.