Amount of moneys that may be paid or transferred to parent where both parents are married and living or to married person’s own account
8. Where the transfer or payment is to —
(a)
the retirement account of a parent where both parents are married and living; or
(b)
a married person’s own retirement account,
the maximum amount by which the parent’s or the person’s retirement account can be topped-up shall be computed in accordance with the formula
1.5L — RB
where
L is —
(i)
in a case falling within paragraph (a) , the average of the maximum topping-up limit for each parent under regulation 6; or
(ii)
in a case falling within paragraph (b) , the average of the maximum topping-up limit for the person and his spouse under regulation 6; and
RB is —
(i)
in a case falling within paragraph (a) , the sum of both the total regrossed balance for each parent immediately before he or she attains the age of 55 years; or
(ii)
in a case falling within paragraph (b) , the sum of both the total regrossed balance for both the person and his spouse before each of them attains the age of 55 years.