11A.—(1) Where the Board has permitted a member referred to in section 27K(5) of the Act to join the Scheme, the Board shall, on the application of the member, deduct the premium payable by the member for an annuity plan under the Scheme from —
(a)
the whole or part of the amount referred to in section 15(6C)(a) of the Act and any top-up made to meet the shortfall under the Central Provident Fund (Retirement Sum Topping-Up Scheme) Regulations; and
[S 735/2016 wef 01/01/2017]
(b)
where the premium for the annuity plan exceeds the amount mentioned in sub-paragraph (a), any interest accrued on that amount.
[S 735/2016 wef 01/01/2017]
[S 192/2016 wef 01/05/2016]
(2) Where the Board approves a relevant member’s application to pay additional premiums to increase his monthly income under the Scheme, the Board must, on the application of the member under regulation 9A(4), deduct the payment for the additional premiums from —
(a)
the whole or any part of the amount referred to in section 15(6C)(a) of the Act and any top-up made to meet the shortfall under the Central Provident Fund (Retirement Sum Topping-Up Scheme) Regulations; and
(b)
where the additional premiums exceed the amount mentioned in sub-paragraph (a), any interest accrued on that amount.