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 or transferred to a member’s retirement account under section 18A(1) of the Act (including any accrued interest) —
(a)may be —
(i)deposited with an approved bank;
(ii)used to purchase an approved annuity from an insurer; or
(iii)used for the payment of the premium referred to in section 27L(1) of the Act; but
[S 395/2009 wef 01/09/2009]
(b)shall not be withdrawn under section 15(9), (9A), (10) or (10A), 21, 21A or 21B of the Act, unless the person complies with such terms and conditions as the Board may impose.
[S 537/2012 wef 01/11/2012]
[S 537/2012 wef 01/11/2012]
(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 or transferred to a member’s retirement account under section 18A(1) of the Act (including any accrued interest).
[S 513/2007 wef 01/10/2007]
[S 537/2012 wef 01/11/2012]