Transfer to ordinary account of moneys credited to retirement account under section 19 or 19A of Act in excess of retirement sum
5D.—(1)  This regulation applies where —
(a)a member’s moneys in the retirement account is transferred —
(i)to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) of the Act; or
(ii)to the special account of a relevant individual under section 18(3)(a) of the Act; and
(b)the transferred amount in sub‑paragraph (a), or the balance of that amount, is then credited to the member’s retirement account under section 19(2) or 19A(2) of the Act.
[S 786/2017 wef 01/01/2018]
(2)  If, immediately after crediting the credited amount in paragraph (1)(b) to a member’s retirement account, the member’s retirement account balance exceeds the retirement sum applicable to the member, the Board must transfer the lower of the following amounts from the member’s retirement account to the member’s ordinary account:
(a)the amount by which the retirement account balance exceeds the retirement sum applicable to the member;
(b)the credited amount in paragraph (1)(b).
(3)  In paragraph (2), “retirement account balance” means the sum of the following amounts (immediately after crediting the credited amount in paragraph (1)(b) to a member’s retirement account), if any:
(a)the amount of the retirement sum which has been set aside by the member;
(b)the amount that is covered by any charge on or pledge of an immovable property mentioned in regulation 4(1)(b)(ii).
[S 733/2016 wef 01/01/2017]