Payment from amount retained in retirement account where there is relevant property charge
12A.—(1)  Paragraph (2) applies if, at the time the Board considers a member’s application under that paragraph —
(a)the member has any relevant property charge;
(b)the sum of the following amounts is equal to or more than the retirement sum applicable to the member:
(i)the total amount secured by the member’s relevant property charges;
(ii)the total amount covered by the member’s charges under section 15(9), (9A), (11D), (11E) or (11EB), 27C(1)(i), 27D(1)(j)(ii), 27DA(1)(i) or 27DB(2)(e) of the Act and undertakings under section 15(10) or (10A) or 27D(1)(j)(i) of the Act, if any;
[S 215/2021 wef 01/04/2021]
[S 274/2024 wef 31/12/2021]
(iii)the amount of the retirement sum the member has set aside in accordance with regulation 4(1A) or 4A, as the case may be;
(c)the amount of the retirement sum the member has set aside in accordance with regulation 4(1A) or 4A (as the case may be) is more than the minimum combined cash and benefit component specified in the Second Schedule applicable to the member; and
(d)the member satisfies such terms and conditions as the Board may impose.
[S 592/2018 wef 01/10/2018]
(2)  The Board may, on the application of a member, allow the member to withdraw the whole or part, as the Board may determine, of the amount retained in the member’s retirement account under section 15(6C)(a) of the Act which is in excess of the minimum combined cash and benefit component specified in the Second Schedule applicable to the member.
[S 592/2018 wef 01/10/2018]
(3)  The Board may approve an application under paragraph (2) on such terms and conditions as the Board may impose.
[S 733/2016 wef 01/01/2017]