Use of amount referred to in section 15(6C)(b) of Act
16.—(1) A member shall, if he desires to deposit the amount referred to in section 15(6C)(b) of the Act with an approved bank, use the whole of that amount at that time for such deposit.
(2) A member may, if he desires to use the amount referred to in section 15(6C)(b) of the Act to purchase an approved annuity from an insurer, use the whole or any part of that amount at that time for such purchase.
(3) A member referred to in section 27K(3) of the Act may, if the Board permits him to join the Scheme, withdraw the whole or any part of any amount referred to in section 15(6C)(b) of the Act which is retained in his retirement account at that time to pay a premium under section 27L(1) of the Act for an annuity plan under the Scheme.
[S 706/2012 wef 01/01/2013]
(4) A relevant member may, if he desires to be issued with an additional annuity plan under the Scheme, withdraw the whole or any part of any amount referred to in section 15(6C)(b) of the Act which is retained in his retirement account at that time to pay a premium under section 27L(1) of the Act for an additional annuity plan under the Scheme.