Withdrawal at age of 55 years and maintenance of retirement sum by member
5.—(1) A member shall on attaining the age of 55 years, where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than 2 times the retirement sum applicable to him, transfer an amount that is equivalent to the retirement sum from the moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) to his retirement account as maintenance of the retirement sum.
[S 733/2016 wef 01/01/2017]
(2) Where the amount of moneys standing to the credit of a member in the Fund (excluding the amount to be retained in the medisave account) at that time is 2 times the retirement sum applicable to him or less, the member shall transfer any amount in excess of that which he may withdraw under paragraph (3) to his retirement account as maintenance of the retirement sum.
[S 733/2016 wef 01/01/2017]
(3) The amount which a member, falling within paragraph (2), may withdraw from the moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) is —
(a)
where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than $10,000 but less than or equal to 2 times the retirement sum applicable to him, half the amount of moneys standing to his credit in the Fund;
[S 733/2016 wef 01/01/2017]
(b)
where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than $5,000 but less than or equal to $10,000, an amount of $5,000; or
(c)
where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is $5,000 or less, the whole amount standing to his credit in the Fund.
(4) Despite paragraphs (1), (2) and (3), a member may (subject to any terms and conditions imposed by the Board) transfer the whole or part of the moneys standing to the member’s credit in the Fund (excluding any moneys in the member’s medisave account and any reserved amount standing to the member’s credit in the member’s ordinary account) to the member’s retirement account to meet any shortfall in the retirement sum.