Minimum sum for member who is receiving or will receive pension, annuity or other benefit
6.—(1) If the Board is satisfied that a member is receiving or will receive such pension, annuity or other benefit as may be approved by the Board which will provide the member with a monthly income of an amount that is not less in value than the basic monthly income, the member need not comply with section 15(6)(a) of the Act by reason of section 15(8)(e) of the Act.
[S 849/2013 wef 01/01/2014]
(2) If the Board is satisfied that a member is receiving or will receive such pension, annuity or other benefit as may be approved by the Board which will provide the member with a monthly income of an amount that is less in value than the basic monthly income, then notwithstanding regulation 4(1), the minimum sum applicable to the member shall be the required retention amount.
[S 849/2013 wef 01/01/2014]
(3) For the purposes of this regulation —
(a)
where the member attains the age of 55 years before 1st January 1999 or the member is an applicable member —
(i)
the basic monthly income for the member shall be computed in accordance with the formula ; and
(ii)
the required retention amount for the member shall be computed in accordance with the formula ;
[S 706/2012 wef 01/01/2013]
(b)
where the member attains the age of 55 years on or after 1st January 1999 —
(i)
the basic monthly income for the member shall be computed in accordance with the formula ; and
(ii)
the required retention amount for the member shall be computed in accordance with the formula .
(4) For the purposes of paragraph (3), the following abbreviations are used:
I is the basic monthly income of the member computed in accordance with paragraph 3(a)(i) or (b)(i), as the case may be;
M is the minimum sum applicable to the member; and
P is the monthly income that the pension, annuity or other benefit provides or will provide to the member.