Additional payment from amount deposited with approved bank or retained in retirement account
10A.—(1) Subject to regulation 10C, a member who is entitled to receive payment under regulation 8A(1) or (3), 9 or 10 may be paid an additional amount, beginning on the date on which the member attains the applicable age and at every monthly interval thereafter, 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, if —
(a)
the member has applied to the Board, in such manner as the Board may require, for the payment of the additional amount; and
(b)
at the time the Board approves that application —
(i)
the member has attained the age of 55 years;
(ii)
the amount referred to in section 15(6C)(a) of the Act and any interest accruing thereon is sufficient to entitle the member to receive payment under regulation 8A(1) or (3), 9 or 10, as the case may be, beginning on the date on which the member attains the applicable age and at every monthly interval thereafter, for a period exceeding 20 years; and
(iii)
the member satisfies such terms and conditions as the Board may impose.
[S 733/2016 wef 01/01/2017]
(2) The Board shall determine —
(a)
whether any additional amount is payable under paragraph (1); and
(b)
if so, the additional amount that is payable.
(3) The Board shall base its determination under paragraph (2) on the assumption that the amount referred to in section 15(6C)(a) of the Act, and any interest accruing thereon, is to be disbursed, through payment under regulation 8A(1) or (3), 9 or 10, as the case may be, and any payment under paragraph (1), over the period beginning on the date on which the member attains the applicable age and ending on the later of —
(a)
the expiry of 20 years after the date on which the member attains the applicable age; or
(b)
the expiry of 5 years after the date of the application under paragraph (1)(a).
[S 706/2012 wef 01/01/2013]
[S 733/2016 wef 01/01/2017]
(4) The Board shall, as soon as practicable after making its determination under paragraph (2), notify the member of the determination.