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 and the Board is notified of the member’s death, the amount standing to the credit of the member in the bank account (if any) must be transferred to the member’s account in the Fund to be dealt with in accordance with the Act.
[S 550/2024 wef 01/07/2024]
(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 and the Board is notified of the member’s death, the amount representing the residual value of the approved annuity (if any) must be transferred to the member’s account in the Fund to be dealt with in accordance with the Act.
[S 550/2024 wef 01/07/2024]
(3) Paragraphs (1) and (2) do not apply if, before the Board is notified of the member’s death, the Board (being satisfied that the member satisfies the requirements of section 15(7) or 15AA(7) of the Act or a former provision) approved member’s request to withdraw the amount mentioned in paragraph (1) or (2), as the case may be.