Payment from amount deposited with approved bank or retained in retirement account, in general
12.—(1) Subject to paragraphs (2), (3) and (4) and regulations 12A, 13, 13C and 13D, a member (not being a relevant member) may be paid an income from the member’s balance —
(a)
on the date on which the member attains the age of 60 years; and
(b)
at every monthly interval after that date.
[S 735/2016 wef 01/01/2017]
(1A) The amount of the income mentioned in paragraph (1) —
(a)
where the member’s balance is less than the specified amount in regulation 14(1), is the whole of the member’s balance; or
(b)
in any other case, is the specified amount in regulation 14(1).
[S 735/2016 wef 01/01/2017]
(2) Subject to paragraphs (3) and (4), a member (being a relevant member) may be paid an income from the member’s balance in either the month in which the member attains the age of 60 years or the month after the member becomes a relevant member, whichever month is later, and at every monthly interval after that payment.
[S 735/2016 wef 01/01/2017]
(2A) The amount of the income mentioned in paragraph (2) is an amount computed in accordance with the formula (A ÷ N) + D, where —
(a)
A is the difference between —
(i)
the member’s balance (in dollars) at the first time when an annuity plan is issued to the member; and
(ii)
the total of the following amounts (in dollars):
(A)
all payments received by the member under this paragraph before the payment of the amount which is being computed;
(B)
any other withdrawals or transfers from the member’s balance that are made after the annuity plan mentioned 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 mentioned in sub‑paragraph (a)(i) is issued to the member, 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 member’s balance;
(ii)
any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to the member; and
(iii)
any interest which may accrue on the additional amount mentioned in sub‑paragraph (ii).
[S 735/2016 wef 01/01/2017]
(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 the former section 15(6C)(b) 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]
[S 735/2016 wef 01/01/2017]
(4) Subject to regulation 13D, the monthly income that a member may be paid under paragraph (1), (2) or (3) is payable to the member until the member’s balance has been exhausted or until the member’s death, whichever is the earlier.