Death of member
16.—(1)  Where a member deposited an amount before 1 January 2014 in a bank account with an approved bank under the former section 15(6C)(b) of the Act, the amount standing to the credit of the member in the bank account (if any) at the time of the member’s death must be transferred to the member’s account in the Fund to be dealt with in accordance with the Act.
(2)  Where a member purchased an approved annuity from an insurer under section 15(6C)(b) of the Act or the former section 15(6C)(b) of the Act, the amount representing the residual value of the approved annuity (if any) at the time of the member’s death must be transferred to the member’s account in the Fund to be dealt with in accordance with the Act.
(3)  Paragraphs (1) and (2) do not apply if, before the member’s death, the Board (being satisfied that the member satisfies the requirements of section 15(7) or (8C) of the Act) approved member’s request to withdraw the amount mentioned in paragraph (1) or (2), as the case may be.
[S 735/2016 wef 01/01/2017]