Amount of moneys that may be transferred from member’s ordinary account and special account to relevant individual’s retirement account
6.—(1)  Where the Board grants a member’s application to transfer moneys out of the member’s ordinary account to top-up the retirement account of a relevant individual (who is not the member’s spouse) under section 18(1)(a) of the Act, the amount that may be transferred out of the member’s ordinary account for this purpose must not exceed —
(a)if the member is below 55 years of age on the date the application is processed, the lower of the following:
(i)an amount equal to the member’s relevant amount on that date, less the prevailing minimum sum;
(ii)the amount standing to the member’s credit in the member’s ordinary account on that date; and
(b)if the member has attained 55 years of age on the date the application is processed, the lower of the following:
(i)an amount equal to the member’s relevant amount on that date, less the minimum sum applicable to him;
(ii)the amount standing to the member’s credit in the member’s ordinary account on that date.
(2)  Where the Board grants a member’s application to transfer moneys out of the member’s ordinary account or special account, or both accounts, to top-up the retirement account of a relevant individual (who is the member’s spouse) under section 18(1)(a) of the Act, the amount that may be so transferred must not exceed —
(a)if the member is below 55 years of age on the date the application is processed, the lower of the following:
(i)an amount equal to the member’s relevant amount on that date, less half the prevailing minimum sum;
(ii)the amount standing to the member’s credit in the member’s ordinary account on that date; and
(b)if the member has attained 55 years of age on the date the application is processed, the lower of the following:
(i)an amount equal to the member’s relevant amount on that date, less half the minimum sum applicable to the member;
(ii)the amount standing to the member’s credit in the member’s ordinary account or special account, or both accounts, as the case may be, on that date.
(3)  Where the Board grants an applicable member’s application to transfer moneys out of that member’s ordinary account to top-up the retirement account of a relevant individual under section 18(1)(a) of the Act, the amount that may be so transferred must not exceed the lower of the following:
(a)an amount equal to the member’s relevant amount on the date the application is processed, less the reduced minimum sum applicable to that member;
(b)the amount standing to that member’s credit in the member’s ordinary account on the date the application is processed.
[S 853/2015 wef 01/01/2016]