Payment from amount retained in retirement account, where 2 members have set aside jointly 1.5 times the retirement sum
9.—(1) This regulation applies where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the retirement sum in accordance with regulation 7, and that amount is retained in their respective retirement accounts under section 15(6C)(a) of the Act.
[S 441/2014 wef 01/07/2014]
[S 733/2016 wef 01/01/2017]
(2) Subject to paragraph (4) and regulation 10C, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the retirement sum in accordance with regulation 7, the monthly income which either member may be paid, from the amount retained in their respective retirement accounts, starting on or after a date (specified by the Board) that falls in the month in which the member attains the applicable age, shall be the highest of the following:
(a)
the amount that either member had received under this paragraph prior to 1st July 2014;
(b)
the specified monthly payment; or
(c)
the subsistence amount set out in the Fourth Schedule.
[S 441/2014 wef 01/07/2014]
[S 733/2016 wef 01/01/2017]
[S 592/2018 wef 01/10/2018]
(3) Subject to paragraph (4) and regulation 10C, where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the retirement sum in accordance with regulation 7, and either member dies or the members are divorced, the monthly income that the surviving member or each divorced member may be paid from the amount the 2 members have set aside jointly shall be the highest of the following:
(a)
the amount that either member had received under this paragraph prior to 1st July 2014;
(b)
the specified monthly payment; or
(c)
the subsistence amount set out in the Fourth Schedule.
[S 441/2014 wef 01/07/2014]
[S 733/2016 wef 01/01/2017]
[S 592/2018 wef 01/10/2018]
(3A) [Deleted by S 261/2012 wef 01/06/2012]
(4) Subject to regulation 10C, the monthly income which a member may be paid under paragraph (2) or (3) shall be payable to him until the amount retained in his retirement account under section 15(6C)(a) of the Act (including any interest accruing thereon) has been exhausted or until his death, whichever is the earlier.