Payment from moneys standing to person’s credit in retirement account or deposited with approved bank, where person attained age of 55 years before 1st January 1987
10C.—(1)  Where any person who has attained the age of 55 years before 1st January 1987 is not a relevant member, and any moneys stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a), he may, subject to paragraphs (2), (3) and (4) and regulations 10D, 10E and 10F, on the date on which he attained the age of 60 years and at every monthly interval thereafter, be paid from those moneys (including any interest accruing thereon) an income of —
(a)in any case where the balance of those moneys (including any interest accruing thereon) is less than the amount specified in paragraph (7), the entire balance; or
(b)in any other case, the amount specified in paragraph (7).
[S 442/2014 wef 01/07/2014]
(2)  Where any person who has attained the age of 55 years before 1st January 1987 is or becomes a relevant member, and any moneys stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a), he may, subject to paragraphs (3) and (4), in the month after he becomes a relevant member and at every monthly interval thereafter, be paid from those moneys (including any interest accruing thereon) an income of an amount (in dollars) computed in accordance with the formula “(A / N) + D”, where —
(a)“A” is the difference between —
(i)the balance (in dollars) of those moneys (including any interest accruing thereon) at the first time when an annuity plan is issued to him; and
(ii)the aggregate amount (in dollars) of —
(A)all payments received by him under this paragraph prior to the payment the amount of which is being computed; and
(B)any other withdrawals from those moneys (including any interest accruing thereon) that are made after the annuity plan referred to in sub-paragraph (i) is issued to him;
(b)“N” is the larger of 60 or the total number of months in the period —
(i)beginning with (and including) the month after the annuity plan referred to in sub-paragraph (a)(i) is issued to him; and
(ii)ending with (and including) the month in which he will attain the age of 90 years; and
(c)“D” is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —
(i)the balance of those moneys (including any interest accruing thereon);
(ii)any additional amount which may be credited to his account with the approved bank or retirement account after the annuity plan referred to in sub-paragraph (a)(i) is issued to him; and
(iii)any interest which may accrue on the additional amount referred to in sub-paragraph (ii).
(3)  Where, prior to becoming a relevant member, a person who has attained the age of 55 years before 1st January 1987 has deposited any moneys with an approved bank under regulation 10A(1)(a), upon becoming a relevant member, the person may, subject to paragraph (4) and regulation 10F(2), on the date on which he becomes a relevant member and at every monthly interval thereafter, be paid from those moneys (including any interest accruing thereon) an income of —
(a)in any case where the balance of those moneys (including any interest accruing thereon) is less than the amount specified in paragraph (7), the entire balance; or
(b)in any other case, the amount specified in paragraph (7).
[S 442/2014 wef 01/07/2014]
(4)  Subject to regulation 10F, the monthly income which a person may be paid under paragraph (1), (2) or (3) shall be payable to him until the moneys which stand to his credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon) have been exhausted or until his death, whichever is the earlier.
[S 442/2014 wef 01/07/2014]
(5)  [Deleted by S 442/2014 wef 01/07/2014]
(6)  [Deleted by S 442/2014 wef 01/07/2014]
(7)  For the purposes of paragraphs (1) and (3), the specified amount shall be —
(a)$230 from 1st January 1987 to 31st March 1994;
(b)$237 from 1st April 1994 to 31st March 1995;
(c)$243 from 1st April 1995 to 31st March 1996;
(d)$251 from 1st April 1996 to 31st March 1997;
(e)$260 from 1st April 1997 to 31st March 1998;
(f)$266 from 1st April 1998 to 31st March 1999;
(g)$272 from 1st April 1999 to 30th June 2000;
(h)$282 from 1st July 2000 to 30th June 2001;
(i)$287 from 1st July 2001 to 30th June 2002;
(j)$291 from 1st July 2002 to 30th June 2003; and
(k)$297 from 1st July 2003.
[S 262/2012 wef 01/06/2012]