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Formal Consolidation | 1998 RevEd
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
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.
Informal Consolidation | Amended S 651/1998
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)
where the member attains the age of 55 years before 1st January 1999 or the member is exempted under regulation 2(e), (n) to (r), (v) and (w) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1) —
(i)
the basic monthly income for the member shall be computed in accordance with the formula 230M/30,000; and
(ii)
the required retention amount for the member shall be computed in accordance with the formula
(b)
where the member attains the age of 55 years on or after 1st January 1999 —
(i)
the basic monthly income for the member shall be computed in accordance with the formula 230M/30,000 x (1.03) x (1.03); and
(ii)
the required retention amount for the member shall be computed in accordance with the formula
(4) For the purposes of paragraph (3), the following abbreviations are used:
I is the basic monthly income of the member computed in accordance with regulation 3(a)(i) or (b)(i), as the case may be;
M is the minimum sum applicable to the member; and
P is the monthly income from the pension, annuity or other benefit received by the member at the time.