Payment from minimum sum in retirement account or in approved bank at age of 60 or 62 years and thereafter
9.—(1) Where the amount maintained as the minimum sum by a member is deposited in his retirement account or in an approved bank, the member may, subject to this regulation and regulation 10, on the date on which he attains —
(a)
the age of 60 years, in the case of a member who attains the age of 55 years before 1st January 1999, or who is exempted under regulation 2(e), (n) to (r), (v) and (w) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1); or
(b)
the age of 62, in the case of a member who attains the age of 55 on or after 1st January 1999,
and at every monthly interval thereafter, be paid from that amount and any interest accruing thereon, the specified monthly payment subject to a minimum of the subsistence amount set out in the Fourth Schedule until the amount maintained as the minimum sum has been exhausted or until his death, whichever is the earlier.
(2) Where a member and his spouse have set aside one and a half times the minimum sum in accordance with regulation 7, the amount which the member or his spouse may be paid from the amount they have jointly maintained as minimum sum on the date which the member or his spouse, as the case may be, attains —
(a)
the age of 60 years, in the case of a member or spouse who attains the age of 55 years before 1st January 1999, or who is exempted under regulation 2(e), (n) to (r), (v) and (w) of the Retirement Age (Exemption) Notification (Cap. 274A, N 1); or
(b)
the age of 62, in the case of a member or spouse who attains the age of 55 on or after 1st January 1999,
and at every monthly interval thereafter, shall be an amount equal to the specified monthly payment unless otherwise approved by the Board in any particular case.
(3) Where a member and his spouse have jointly set aside one and half times the minimum sum in accordance with regulation 7 and one of the couple dies or the couple divorces, the amount that the surviving or divorced member or spouse may be paid from the amount maintained by the member or spouse as minimum sum shall, subject to a minimum of the subsistence amount set out in the Fourth Schedule, be computed in accordance with the formula:
where the member or spouse is entitled to receive the specified monthly payment referred to in paragraph (1) upon attaining the age of 60; or
where the member or spouse is entitled to receive the specified monthly payment referred to in paragraph (1) upon attaining the age of 62.
(4) Where any payment in accordance with this regulation results in a balance in the minimum sum of $100 or less, the Board may permit such balance to be paid together with that payment.