Closure of account with approved bank, surrender of approved annuity, etc.
15.—(1)  Where an amount standing to the credit of a member in the member’s retirement account has, before 1 January 2014, been deposited in a bank account with an approved bank under the former section 15(6C)(b) of the Act —
(a)if the bank account is closed, the approved bank must pay all moneys in the bank account to the member’s retirement account on such closure; or
(b)if the Board (being satisfied that the member satisfies the requirements of section 15(7A) or (8C) of the Act) approves the member’s request to withdraw the amount from the bank account, the member may withdraw that amount, or such part of that amount, as the Board may determine.
(2)  Where an amount standing to the credit of a member in the member’s retirement account has been used to purchase an approved annuity from an insurer and the approved annuity is surrendered or terminated —
(a)subject to sub‑paragraph (b), the insurer must pay the surrender value of the approved annuity to the member’s retirement account on such surrender or termination; or
(b)if the Board (being satisfied that the member satisfies the requirements of section 15(7A) or (8C) of the Act) approves the member’s request to withdraw the whole or part of the surrender value of the approved annuity (called in this regulation the approved withdrawal), the approved insurer may pay the amount of the approved withdrawal to the member directly, instead of to the member’s retirement account.
(3)  Where —
(a)a member is exempt from complying with section 15(6)(a) of the Act in respect of the withdrawal of an amount mentioned in section 15(6C)(a) of the Act by reason of the member’s pension, annuity or other benefit mentioned in section 15(8)(e) of the Act; and
(b)the member’s pension, annuity or other benefit mentioned in section 15(8)(e) of the Act is surrendered or terminated,
the member, or any person that is under an obligation (contractual or otherwise) to pay any moneys to the member in respect of the surrender or termination, must pay to the member’s retirement account such amounts, as the Board may require, which must not exceed in total an amount determined in accordance with the formula A – B, where —
(i)A is the amount of the withdrawal mentioned in sub‑paragraph (a), including the interest payable on the amount withdrawn during the withdrawal period as if that amount had not been withdrawn; and
(ii)B is the total of all payments that the member would have received under regulation 12(1) or (3), 13 or 13B, if the withdrawal mentioned in sub-paragraph (a) had not been made.
[S 735/2016 wef 01/01/2017]