Purchase of approved annuity with amount referred to in section 15(6C)(b) of Act
11.—(1) Where a member elects to use the amount referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer, the Board shall, at the request of the member, forward to the insurer in payment for such purchase —
(a)
the whole or any part of that amount and any top-up made to meet the shortfall under regulation 8 or under the Central Provident Fund (Minimum Sum Topping-Up Scheme) Regulations (Rg 3); and
(b)
where the purchase price of the approved annuity exceeds that amount, any interest accrued on that amount.
[S 396/2009 wef 01/09/2009]
(2) Any payment from the approved annuity shall be determined in accordance with the terms and conditions of the approved annuity.