Additional payment from amount deposited with approved bank or retained in retirement account
10A.—(1)  Subject to paragraph (5), a member who is entitled to receive payment under regulation 8A(1) or (3), 9 or 10 may be paid an additional amount, beginning on the date on which he attains the applicable age and at every monthly interval thereafter, from any amount standing to his credit in his retirement account that is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act and any interest accruing thereon, if —
(a)he has applied to the Board, in such manner as the Board may require, for the payment of the additional amount; and
(b)at the time of that application —
(i)he has attained the age of 55 years;
(ii)the amount so deposited or retained and any interest accruing thereon is sufficient to entitle him to receive payment under regulation 8A(1) or (3), 9 or 10, as the case may be, beginning on the date on which he attains the applicable age and at every monthly interval thereafter, for a period exceeding 20 years; and
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(iii)he satisfies such terms and conditions as the Board may impose.
[S 261/2012 wef 01/06/2012]
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(2)  The Board shall determine —
(a)whether any additional amount is payable under paragraph (1); and
(b)if so, the additional amount that is payable.
(3)  The Board shall base its determination under paragraph (2) on the assumption that the balance of the amount deposited with the approved bank or retained in the member’s retirement account, and any interest accruing thereon, is to be disbursed, through payment under regulation 8A(1) or (3), 9 or 10, as the case may be, and any payment under paragraph (1), over the period beginning on the date on which the member attains the applicable age and ending on the later of —
(a)the expiry of 20 years after the date on which the member attains the applicable age; or
(b)the expiry of 5 years after the date of the application under paragraph (1)(a).
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(4)  The Board shall, as soon as practicable after making its determination under paragraph (2), notify the member of the determination.
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(5)  Where any amount is retained in a member’s retirement account under section 15(6C)(b)(i) of the Act, and the balance of the amount so retained (including any interest accruing thereon) is less than $20, the Board may —
(a)if the member has applied for the additional amount which he may be paid under paragraph (1) to be paid into his account with a bank by inter-bank GIRO, pay the member the entire balance in that manner; or
(b)retain the entire balance in the member’s retirement account until there is a balance of not less than $20 in the amount so retained (including any interest accruing thereon).
[S 261/2012 wef 01/06/2012]
[S 706/2012 wef 01/01/2013]