Payment from amount deposited with approved bank or retained in retirement account, where member has pension, annuity or other benefit or approved annuity
10.—(1) A member with partial benefits (not being a relevant member) is to be paid a monthly income of $297 starting in the month in which the member attains the applicable age, from the amount mentioned in section 15(6C)(a) of the Act standing to the credit of the member (if any) and any interest accruing on that amount.
[S 592/2018 wef 01/10/2018]
(2) Where a member (not being a relevant member or a member with partial benefits) has used any amount standing to his credit in his retirement account to purchase an approved annuity, and has any amount remaining in his retirement account under section 15(6C)(a) of the Act, the amount which the member shall be paid each month from the amount remaining in his retirement account and any interest accruing thereon shall be the highest of the following:
(a)
the amount that such member had received under this paragraph prior to 1st July 2014;
[S 441/2014 wef 01/07/2014]
(b)
the specified monthly payment; or
[S 441/2014 wef 01/07/2014]
(c)
the subsistence amount set out in the Fourth Schedule.
[S 441/2014 wef 01/07/2014]
[S 394/2009 wef 01/09/2009]
[S 706/2012 wef 01/01/2013]
[S 733/2016 wef 01/01/2017]
[S 592/2018 wef 01/10/2018]
(3) A member with partial benefits may withdraw, in a lump sum, the whole or such part as the Board may determine of any amount standing to the member’s credit in his retirement account, taking into account the following:
(a)
whether the monthly income from the member’s approved benefits is less in value than the payout benchmark applicable to the member;
(b)
the amount transferred to the member’s retirement account under section 18 or 18A of the Act, if any;
(c)
any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account under section 14(1) of the Act.
[S 592/2018 wef 01/10/2018]
(4) For the purposes of this regulation, the Board —
(a)
shall determine the monthly income provided or to be provided to a member by that member’s pension, annuity or other benefit from any information it may have; and
[S 592/2018 wef 01/10/2018]
(b)
may, if it has information of the fixed monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed monthly income to be the monthly income provided or to be provided to the member by that pension, annuity or other benefit.