Comparison View

Formal Consolidation |  2006 RevEd
Topping-up of shortfall in minimum sum during subsequent withdrawals
8.—(1)  A member who does not have sufficient funds to maintain the minimum sum required of him in his retirement account shall, at any withdrawal after he attains the age of 55 years, transfer half the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) to his retirement account to meet the shortfall in the minimum sum except where the amount to be transferred is $100 or less.
(2)  Notwithstanding paragraph (1), a member may transfer the whole or part of the amount in his ordinary or special account to his retirement account to meet the shortfall in the minimum sum subject to such terms and conditions as the Board may impose.
Informal Consolidation | Amended S 381/2014
Topping-up of shortfall in minimum sum during subsequent withdrawals
8.—(1)  A member who does not have sufficient funds to maintain the minimum sum required of him in his retirement account shall, at any withdrawal after he attains the age of 55 years, transfer half the amount of moneys standing to his credit in the Fund (excluding the amount specified in paragraph (3)) to his retirement account to meet the shortfall in the minimum sum except where the amount to be transferred is $100 or less.
[S 381/2014 wef 01/06/2014]
(2)  Notwithstanding paragraph (1), a member may transfer the whole or part of the amount in his ordinary account (excluding any reserved amount standing to his credit in that account) or special account to his retirement account to meet the shortfall in the minimum sum subject to such terms and conditions as the Board may impose.
[S 381/2014 wef 01/06/2014]
(3)  The amount to be excluded referred to in paragraph (1) shall be —
(a)the amount to be retained in the member’s medisave account;
(b)the amount standing to the member’s credit in his retirement account;
(c)the reserved amount standing to the member’s credit in his ordinary account; and
(d)the excess (if any) of —
(i)the committed amount; over
(ii)the total amount which the member has withdrawn from the sum standing to his credit in the Fund under section 15(2)(a), (3) or (4) of the Act.
[S 381/2014 wef 01/06/2014]