Definitions and abbreviations for purposes of regulations 8A, 9 and 10
11. For the purposes of regulations 8A, 9, 10 and 10A —
“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 an applicable member; or
[S 706/2012 wef 01/01/2013]
(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 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.