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 minimum 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]
[S 441/2014 wef 01/07/2014]
(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 minimum 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 less the sum of any amounts which the member has been paid under regulation 8A(1), (2) or (3), 10 or 10A before the determination of the required retention amount.
[S 849/2013 wef 01/01/2014]
[S 441/2014 wef 01/07/2014]
(3) For the purposes of this regulation —
(a)
the basic monthly income for the member shall be computed in accordance with the formula ;
[S 441/2014 wef 01/07/2014]
(b)
the required retention amount for the member shall be computed in accordance with the formula ; and
[S 33/2015 wef 31/01/2015]
[S 441/2014 wef 01/07/2014]
(c)
the Board —
(i)
shall determine the minimum monthly income provided or to be provided to a member by that member’s pension, annuity or other benefit from any information it may have; and
(ii)
may, if it has information of the fixed minimum monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed minimum monthly income to be the minimum monthly income provided or to be provided to the member by that pension, annuity or other benefit.
[S 441/2014 wef 01/07/2014]
(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);
M
is the minimum sum applicable to the member;
P
is the monthly income that the pension, annuity or other benefit provides or will provide to the member;
T
is an amount equivalent to the amount transferred to or paid into the member’s retirement account under section 18(1) or 18A(1) of the Act or the member’s special account under section 18(3) of the Act, less any amount that the member had transferred to or paid into the member’s retirement account under the Voluntary Contributions to Retirement Account Scheme; and
B
is the sum of —
(a)
the interest, on T, which has accrued (whether paid or not) from the date of the transfer or payment referred to in T to 31 December of the year before the year in which the computation of interest is made (both dates inclusive);
(b)
the interest on the amount calculated according to the formula , which would have accrued from the member’s 55th birthday to 31 December of the year before the year in which the computation of interest is made (both dates inclusive), as if such amount was set aside on the member’s 55th birthday; and
(c)
the interest on the amount standing to the member’s credit in the member’s retirement account which has accrued (whether paid or not) during the year, but before the month, in which the computation of interest is made.
[S 33/2015 wef 31/01/2015]
(5) In paragraph (4), “Voluntary Contributions to Retirement Account Scheme” means a scheme administered by the Board that —
(a)
had allowed a member (and not any other person) to top up the member’s retirement account by paying moneys into the member’s retirement account under section 18(1) of the Act or transferring moneys standing to the member’s credit in the Fund into the member’s retirement account under section 18(1) or 18A(1) of the Act; and