Payment from amount deposited with approved bank or retained in retirement account, where member has pension, annuity or other benefit or approved annuity
10.—(1)  Where a member (not being a relevant member) is receiving or will receive any pension, annuity or other benefit, the income which the member is receiving or will receive from that pension, annuity or other benefit for the month in which he attains the applicable age (or for any month thereafter) is less than the basic monthly income referred to in regulation 6(3)(a) or (b), as the case may be, for that member, and any amount standing to his credit in his retirement account is deposited with an approved bank or retained in that account under section 15(6C)(b)(i) of the Act, the member shall be paid for that month, from the amount so deposited or retained and any interest accruing thereon, an amount that is equal to the difference between —
(a)the amount of the basic monthly income; and
(b)the amount of the income received from that pension, annuity or other benefit for that month.
[S 394/2009 wef 01/09/2009]
[S 706/2012 wef 01/01/2013]
[S 849/2013 wef 01/01/2014]
(2)  Where a member (not being a relevant member) has used any amount standing to his credit in his retirement account to purchase an approved annuity, and has any amount remaining in his retirement account under section 15(6C)(b)(i) of the Act, the amount which the member shall be paid each month from the amount remaining in his retirement account and any interest accruing thereon shall be the higher of the following:
(a)an amount computed in accordance with the formula “230R/30,000”, where R is the difference between the amount of his minimum sum referred to in section 15(6C)(b) of the Act and the amount used to purchase the approved annuity; or
(b)$100.
[S 394/2009 wef 01/09/2009]
[S 706/2012 wef 01/01/2013]