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Formal Consolidation | 2006 RevEd
Definitions of terms in regulations 9 and 10
11. For the purposes of regulations 9 and 10 —
(a)
the specified monthly payment for a member shall be computed in accordance with the formula
230C
30,000; and
(b)
the following abbreviations are used:
C
is the amount maintained as the minimum sum in the member’s retirement account or in an approved bank;
M
is the minimum sum applicable to the surviving or divorced member;
R
is the amount maintained as the minimum sum, excluding that used for the purchase of the approved annuity;
S
is the shortfall in the minimum sum applicable to the surviving or divorced member.
Informal Consolidation | Amended S 394/2009
Definitions and abbreviations for purposes of regulations 8A, 9 and 10
11. For the purposes of regulations 8A, 9and 10 —
“applicable age”, in relation to a member, means —
(a)
the age of 60 years, in the case of a member who —
(i)
attains the age of 55 years before 1st January 1999; or
(ii)
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 years, in the case of a member who attains the age of 55 years on or after 1st January 1999 but before 1st July 2004;
“specified monthly payment”, in relation to a member, means an amount computed in accordance with the formula “230C/30,000”, where C is the amount of his minimum sum deposited with an approved bank or in his retirement account under section 15(6C)(b)(i) of the Act.