Comparison View

Formal Consolidation |  Amended S 441/2014
Payment of monthly income where balance in retirement account is low
10C.—(1)  Subject to paragraph (2), 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 regulation 8A(1), 9(2) or (3), 10, 10A or 10B 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).
(2)  Where any payment of the monthly income which a member may be paid under regulation 8A(1) or (3), 9(2) or (3), 10, 10A or 10B results in a balance of $100 or less in the amount 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.
[S 441/2014 wef 01/07/2014]
Informal Consolidation | Amended S 733/2016
Payment of monthly income where balance in retirement account is low
10C.—(1)  Subject to paragraph (2), where any amount is retained in a member’s retirement account under section 15(6C)(a) 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 regulation 8A(1), 9(2) or (3), 10, 10A or 10B 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 733/2016 wef 01/01/2017]
(2)  Where any payment of the monthly income which a member may be paid under regulation 8A(1) or (3), 9(2) or (3), 10, 10A or 10B results in a balance of $100 or less in the amount retained in his retirement account under section 15(6C)(a) of the Act (including any interest accruing thereon), the Board may permit the entire balance to be paid together with the monthly income.
[S 441/2014 wef 01/07/2014]
[S 733/2016 wef 01/01/2017]