Use of moneys transferred or paid to retirement account
10A.—(1)  Any moneys transferred or paid to a person’s retirement account under section 18 (1)(a), (b) or (c) of the Act (including any accrued interest) —
(a)may be deposited with an approved bank or used to purchase an approved annuity from an insurer; but
(b)shall not be withdrawn under section 15 (9), (9A), (10) or (10A), 21, 21A or 21B of the Act.
(2)  Where the minimum sum applicable to a person comprises —
(a)an amount in cash; and
(b)an amount covered by a charge on or pledge of an immovable property under section 15 (9), (9A), (10) or (10A), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act,
for the purposes of computing the amount that may be covered by the charge or pledge, the amount in cash shall exclude any moneys transferred or paid to the person’s retirement account under section 18 (1)(a), (b) or (c) of the Act (including any accrued interest).
[S 513/2007 wef 01/10/2007]