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 the income the member receives for any month on or after 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 3(e), (o) to (s), (w), (x) or (z) 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,
is less than the basic monthly income referred to in regulation 6(3)(a) or (b), as the case may be, 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, subject to a minimum payment of $100, be computed in accordance with the formula —
UNKNOWN
where the member is entitled to receive the specified monthly payment referred to in regulation 9(1) upon attaining the age of 60; or
(b)230R/30,000 x [1 + (i/100)] x [1 + (j/100)]
where the member is entitled to receive the specified monthly payment referred to in regulation 9(1) upon attaining the age of 62;
where i is the inflation rate for the calendar year 6 months immediately preceding the date on which the member attains the age of 55;
j is the inflation rate for the calendar year 6 months immediately preceding the date on which the member attains the age of 56; and
where i or j is in the negative, i or j will be computed as zero.
[S 298/99 wef 01/07/1999]