Definitions and abbreviations for purposes of regulations 8A, 9, 10 and 10A
11.—(1) For the purposes of regulations 8A, 9, 10 and 10A —
“applicable age”, in relation to a member, means —
(a)
the age of 60 years, in the case of a member who —
(i)
attains the age of 55 years before 1st January 1999; or
(ii)
is an applicable member; or
(b)
the age of 62 years, in the case of a member who attains the age of 55 years on or after 1st January 1999 but before 1st July 2004;
“specified monthly payment”, in relation to a member, means an amount computed in accordance with the following formula:
(a)
where X
is the percentage of the retirement sum applicable to the member that has been set aside by the member (calculated in accordance with regulation 4(1A) before 1 July 2014) in the member’s retirement account; and
A
is the retirement sum applicable to the member; or
[S 136/2022 wef 01/03/2022]
[S 592/2018 wef 01/10/2018]
(b)
if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula, where B is the total amount of the member’s retirement sum that has been set aside (calculated in accordance with regulation 4(1A) before 1 July 2014) or is covered by any charge or undertaking.
[S 786/2017 wef 01/01/2018]
[S 592/2018 wef 01/10/2018]
[S 136/2022 wef 01/03/2022]
(2) For the purposes of paragraph (b) of the definition of “applicable age” in paragraph (1), a member who is born on 29 February is deemed to attain the age of 62 years on 28 February of the year in which the member attains that age, despite section 2(1A)(b) of the Act.