Payment from minimum sum where member has pension, annuity or other benefit or approved annuity
10.—(1) In the case of a member in receipt of a pension, annuity or other benefit, where such income of the member for any month on or after he attains the age of 60 years is less than the basic monthly income referred to in regulation 6(3)(a) for that member, the member shall be paid from the minimum sum maintained by him in an approved bank or a retirement account for that month an amount that is equal to the basic monthly income less the income received from the pension, annuity or other benefit for that month.
(2) Where the member has used the minimum sum for the purchase of an approved annuity and has any amount maintained as the minimum sum at any time after he attains the age of 55 years, the payment from such minimum sum, excluding that used for the purchase of the annuity, shall be computed in accordance with the formula
where R is the amount maintained as the minimum sum, excluding that used for the purchase of the approved annuity,