Payment from amount deposited with approved bank or retained in retirement account, where 2 members have set aside jointly 1.5 times the minimum sum
9.—(1) This regulation applies where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 7, and that amount —
(a)
is deposited with an approved bank under section 15(6C)(b)(i) of the Act; or
[S 706/2012 wef 01/01/2013]
(b)
is retained in either or both of their respective retirement accounts under section 15(6C)(b)(i) of the Act.
[S 706/2012 wef 01/01/2013]
[S 706/2012 wef 01/01/2013]
(2) Subject to paragraphs (4), (5) and (6), where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 7, the amount of the income which either member may be paid, from the amount the 2 members have set aside jointly, on the date on which that member attains the applicable age and at every monthly interval thereafter, shall be an amount equal to the specified monthly payment, unless otherwise approved by the Board in any particular case.
[S 394/2009 wef 01/09/2009]
[S 261/2012 wef 01/06/2012]
(3) Subject to paragraphs (4), (5) and (6), where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 7, and either member dies or the members are divorced, the amount of the income that the surviving or each divorced member may be paid from the amount the 2 members have set aside jointly shall be the higher of the following:
(a)
an amount computed in accordance with the formula “230D/30,000”, where D is the difference between —
(i)
the minimum sum applicable to the surviving or divorced member; and
(ii)
the shortfall in the minimum sum applicable to the surviving or divorced member; or
(b)
the subsistence amount set out in the Fourth Schedule.
[S 394/2009 wef 01/09/2009]
[S 261/2012 wef 01/06/2012]
(3A) [Deleted by S 261/2012 wef 01/06/2012]
(4) Subject to paragraphs (5) and (6), the monthly income which a member may be paid under paragraph (2) or (3) shall be payable to him until the amount deposited with an approved bank or retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon) has been exhausted or until his death, whichever is the earlier.
[S 261/2012 wef 01/06/2012]
[S 706/2012 wef 01/01/2013]
(5) Subject to paragraph (6), 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 monthly income which he may be paid under paragraph (2) or (3) 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]
(6) Where any payment of the monthly income which a member may be paid under paragraph (2) or (3) results in a balance of $100 or less in the amount deposited with an approved bank or retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon), the Board may permit the entire balance to be paid together with the monthly income.