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 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,
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, at any time after a member attains the age of 55 years, the member has used any portion of the minimum sum to purchase an approved annuity and has any portion of the minimum sum remaining, the amount which the member shall be paid each month from the remaining portion of the minimum sum shall, subject to a minimum of $100, be the amount computed in accordance with the formula 230R/30,000.
[S 504/2007 wef 01/10/2007]