Use of moneys transferred or paid to retirement account
10A.—(1)  Subject to paragraph (2), any moneys transferred or paid to a member’s retirement account under section 18(1)(a), (b) or (c) of the Act (including any interest paid thereon) or transferred to a member’s retirement account under section 18A(1) of the Act (including any interest paid thereon) may be —
(a)deposited before 1st January 2014 with an approved bank;
[S 851/2013 wef 01/01/2014]
(b)used to purchase an approved annuity from an insurer; or
(c)used for the payment of a premium referred to in section 27L(1) or (1A) of the Act.
(2)  No moneys transferred or paid to a member’s retirement account under section 18(1)(a), (b) or (c) of the Act (including any interest paid thereon), and no moneys transferred to a member’s retirement account under section 18A(1) of the Act (including any interest paid thereon), shall be withdrawn, unless such terms and conditions as the Board may impose are complied with by the member, the person applying for the withdrawal or both of them, as the Board may determine.
(3)  Where the minimum sum applicable to a member 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), (10A), (11D) or (11E), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27DA(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 —
(i)the member’s relevant deductibles;
(ii)any moneys transferred or paid to the member’s retirement account under section 18(1)(a), (b) or (c) of the Act; and
(iii)any moneys transferred to the member’s retirement account under section 18A(1) of the Act.
[S 705/2012 wef 01/01/2013]