4.—(1) The retirement sum which a member is required to set aside for any of the purposes mentioned in section 15(6C) of the Act shall be calculated in accordance with the First Schedule.
[S 735/2016 wef 01/01/2017]
(2) Where 2 members of the Fund are parties to a marriage and neither spouse is a relevant member, if one spouse (referred to in this regulation as the first spouse) has already set aside a retirement sum calculated in accordance with the First Schedule, the other spouse shall only be required to set aside an amount calculated in accordance with the First Schedule or an amount equal to the difference between $53,100* and the retirement sum set aside by the first spouse, whichever is the less.
* With effect from 1st April 1994 to 30th June 1995 (S 304/95).
[S 396/2009 wef 01/09/2009]
[S 735/2016 wef 01/01/2017]
(2A) Where each of the 2 members of the Fund referred to in paragraph (2) has executed before 1st January 2013 a memorandum in accordance with section 15(6A) of the Act, and both of them have agreed that in the event of the death of either member, the Board may transfer to the retirement account of the surviving member such amount in cash standing to the credit of the deceased member in the deceased member’s retirement account as he has nominated the surviving member to receive, then on or after the death of any one of those members, the Board may —
(a)
transfer to the retirement account of the surviving member an amount standing to the credit of the deceased member in the deceased member’s retirement account, being an amount not exceeding the retirement sum applicable to the surviving member; and
[S 735/2016 wef 01/01/2017]
(b)
pay to the surviving member the remainder, if any, of the amount that the deceased member has nominated the surviving member to receive.
[S 708/2012 wef 01/01/2013]
[S 550/2024 wef 01/07/2024]
(3) Nothing in these Regulations shall be construed to prevent any married couple from being treated as separate individuals for the purposes of section 15(6) of the Act.
(4) Where a member is in receipt of a pension, annuity or other benefit which provides him with a monthly income of less than $272* on attaining the age of 60 years, the retirement sum which the member is required to set aside shall be calculated in accordance with the Second Schedule.
* With effect from 1st April 1994 to 30th June 1995 (S 304/95).
[S 735/2016 wef 01/01/2017]
(5) Where a member withdraws the sum standing to his credit in the Fund under section 15(2)(a) of the Act at any time after he has attained the age of 55 years, the retirement sum which he is required to set aside under section 15(6) of the Act shall be computed as if the withdrawal had been made by him at the age of 55 years.