Transfer to retirement account of certain moneys credited or refunded to ordinary account or special account
5C.—(1) This regulation applies where —
(a)
an amount of money is transferred from a member’s ordinary account or special account (called in this regulation Account A) to the member’s retirement account under section 15(6) or (6CA) of the Act;
(b)
the whole or part of the transferred amount in sub-paragraph (a) is then restored from the member’s retirement account to Account A under section 13(7H) of the Act;
(c)
the restored amount in sub-paragraph (b) is then 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
(d)
the transferred amount in sub-paragraph (c), or the balance of that amount, is then —
(i)
credited to Account A under section 19(2) or 19A(2) of the Act as in force immediately before 1 April 2022; or
[S 281/2022 wef 01/04/2022]
(ii)
refunded to Account A under section 19(1) of the Act as in force on or after 1 April 2022 or section 19D(2) or (7)(a) of the Act.
[S 281/2022 wef 01/04/2022]
[S 1014/2021 wef 01/01/2022]
(2) The Board must transfer the lower of the following amounts under section 15(6CA) of the Act from Account A to the member’s retirement account:
(a)
the shortfall in the retirement sum applicable to the member;