Definitions and abbreviations for purposes of regulations 8A, 9 and 10
11. For the purposes of regulations 8A, 9, 10 and 10A —
“applicable age”, in relation to a member, means —
(a)
the age of 60 years, in the case of a member who —
(i)
attains the age of 55 years before 1st January 1999; or
(ii)
is an applicable member; or
[S 706/2012 wef 01/01/2013]
(b)
the age of 62 years, in the case of a member who attains the age of 55 years on or after 1st January 1999 but before 1st July 2004;
“specified monthly payment”, in relation to a member, means an amount computed in accordance with the following formula:
(a)
where X
is the percentage of the retirement sum applicable to the member set aside by the member in cash in the member’s retirement account; and
A
is the retirement sum applicable to the member; or
[S 733/2016 wef 01/01/2017]
(b)
if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula, where B is the retirement sum set aside by a member in cash and in the form of a charge on or pledge of an immovable property.