Additional payment from amount deposited with approved bank or retained in retirement account
13B.—(1) A member who is entitled to receive payment under regulation 12(1) or (3), 12A or 13 may apply to the Board, in such manner as the Board may require, to be paid an additional amount from the member’s balance —
(a)
on the date on which the member attains the age of 60 years or the date the Board approves the application, whichever is later; and
(b)
at every monthly interval after that date.
(2) If the Board approves a member’s application under paragraph (1), the Board may —
(a)
impose terms and conditions; and
(b)
subject to regulation 13D, pay the member, in accordance with paragraph (1)(a) and (b), such amounts as the Board may determine.
(3) The Board may, on or after a member who is entitled to receive payment under regulation 12(1) or (3), 12A or 13 attains the age of 60 years and without any application by the member under paragraph (1), pay the member at monthly intervals such additional amounts from the member’s balance as the Board may determine.