Payment from amount retained in retirement account where there is relevant property charge
12B.—(1) This regulation applies if, at the time the Board considers a member’s application under this regulation —
(a)
the member has a relevant property charge;
(b)
the amount secured by the relevant property charge is more than or equal to the amount to be withdrawn if the member were to make a withdrawal under this regulation; and
(c)
the member satisfies such terms and conditions as the Board may impose.
(2) The Board may, on the application of a member, allow the member to withdraw the whole or part of the amount retained in the member’s retirement account under section 15(6C)(a) of the Act.
(3) The Board may approve an application under paragraph (2) on such terms and conditions as the Board may impose.