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, the member is to be paid for that month, from the amount referred to in section 15(6C)(a) of the Act standing to the credit of the member, if any, and any interest accruing thereon, an amount that is the highest of the following:
(a)the amount that such member had received under this paragraph prior to 1st July 2014;
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(b)the specified monthly payment; or
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(c)the subsistence amount set out in the Fourth Schedule.
[S 441/2014 wef 01/07/2014]
[S 849/2013 wef 01/01/2014]
[S 394/2009 wef 01/09/2009]
[S 706/2012 wef 01/01/2013]
[S 733/2016 wef 01/01/2017]
(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)(a) 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 highest of the following:
(a)the amount that such member had received under this paragraph prior to 1st July 2014;
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(b)the specified monthly payment; or
[S 441/2014 wef 01/07/2014]
(c)the subsistence amount set out in the Fourth Schedule.
[S 441/2014 wef 01/07/2014]
[S 394/2009 wef 01/09/2009]
[S 706/2012 wef 01/01/2013]
[S 733/2016 wef 01/01/2017]
(3)  Where a member is receiving or will receive a pension, annuity or other benefit which provides him with a minimum monthly income for life and he has any amount standing to his credit in his retirement account —
(a)if the minimum monthly income from the pension, annuity or other benefit is equal to or more than the basic monthly income referred to in regulation 6(3)(a), the member may be paid, in a lump sum, the amount standing to his credit in his retirement account; and
(b)if the minimum monthly income from the pension, annuity or other benefit is less than the basic monthly income referred to in regulation 6(3)(a), the member may be paid, in a lump sum, the difference between the amount standing to his credit in his retirement account and the required retention amount referred to in regulation 6(3) which is applicable to the member.
[S 441/2014 wef 01/07/2014]
(4)  For the purposes of this regulation, the Board —
(a)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
(b)may, if it has information of the fixed monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed monthly income to be the monthly income provided or to be provided to the member by that pension, annuity or other benefit.
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