Topping-up of shortfall in retirement sum during subsequent withdrawals
8.—(1) Where a member applies to make a withdrawal after the member attains the age of 55 years and has not at the time of withdrawal set aside the retirement sum applicable to the member, the Board must transfer half the amount of moneys standing to the member’s credit in the member’s ordinary account and special account (excluding the amount specified in paragraph (3)) to the member’s retirement account to meet the shortfall in the retirement sum applicable to the member, except where the amount to be transferred is $100 or less.
[S 733/2016 wef 01/01/2017]
(2) Notwithstanding paragraph (1), a member may transfer the whole or part of the amount in his ordinary account (excluding any reserved amount standing to his credit in that account) or special account to his retirement account to meet the shortfall in the retirement sum subject to such terms and conditions as the Board may impose.
[S 381/2014 wef 01/06/2014]
[S 733/2016 wef 01/01/2017]
(3) The amount to be excluded referred to in paragraph (1) shall be —
(a)
[Deleted by S 733/2016 wef 01/01/2017]
(b)
[Deleted by S 733/2016 wef 01/01/2017]
(c)
the reserved amount standing to the member’s credit in the member’s ordinary account at the relevant time; and
[S 733/2016 wef 01/01/2017]
(d)
the excess (if any) at the relevant time of —
(i)
the committed amount; over
(ii)
the total amount which the member has withdrawn from the sum standing to his credit in the Fund under section 15(2)(a), (3) or (4)(a) of the Act.
[S 381/2014 wef 01/06/2014]
[S 733/2016 wef 01/01/2017]
[S 733/2016 wef 01/01/2017]
(4) In paragraph (3), “relevant time” means the time of the withdrawal under paragraph (1).