Exemption from depositing of minimum sum
6.—(1)  Where a member is at any period of time in receipt of a pension, annuity or other benefit which provides him with a monthly income for life —
(a)if the monthly income from the pension, annuity or other benefit at that time is equal to or more than the basic monthly income, the member shall be exempted for that period of time from depositing a minimum sumunder section 15(8) of the Act; and
(b)if the monthly income from the pension, annuity or other benefit at that time is less than the basic monthly income, the member shall be required to retain an amount of moneys as the minimum sum that is not less than the required retention amount.
(2)  The exemption given to such a member shall cease to apply if the member is no longer in receipt of the pension, annuity or other benefit.
(3)  For the purposes of this regulation —
(a)the basic monthly income for a member shall be computed in accordance with the formula 230M/30,000
where M is the minimum sum applicable to the member; and
(b)the required retention amount for a member shall be computed in accordance with the formula
UNKNOWN
where M is the minimum sum applicable to the member;
I is the basic monthly income for the member computed in accordance with paragraph (a); and
P is the monthly income from the pension, annuity or other benefit received by the member for that period of time.