Additional payment from moneys standing to member’s credit in retirement account or deposited with approved bank, where member attained age of 55 years before 1st January 1987
10D.—(1) Subject to regulation 10F, a member referred to in regulation 10C(1) may be paid an additional amount, beginning on the date on which he attained the age of 60 years and at every monthly interval thereafter, from 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), if —
(a)
he has applied to the Board, in such manner as the Board may require, for the payment of the additional amount; and
(b)
at the time of that application —
(i)
those moneys are sufficient to entitle him to receive payment under regulation 10C(1), beginning on the date on which he attained the age of 60 years and at every monthly interval thereafter, for a period exceeding 20 years; and
(ii)
he satisfies such terms and conditions as the Board may impose.
[S 442/2014 wef 01/07/2014]
[S 734/2016 wef 01/01/2017]
(2) A member referred to in regulation 10C(3) may be paid an additional amount, beginning on the date on which he becomes a relevant member and at every monthly interval thereafter, from the moneys which are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon), if —
(a)
he has applied to the Board, in such manner as the Board may require, for the payment of the additional amount; and
(b)
at the time of that application —
(i)
those moneys are sufficient to entitle him to receive payment under regulation 10C(3), beginning on the date on which he becomes a relevant member and at every monthly interval thereafter, until after he attains the age of 80 years; and
(ii)
he satisfies such terms and conditions as the Board may impose.
[S 734/2016 wef 01/01/2017]
(3) The Board shall determine —
(a)
whether any additional amount is payable under paragraph (1) or (2) (as the case may be); and
(b)
if so, the additional amount that is payable.
(4) The Board shall base its determination under paragraph (3) on the assumption that the balance of the moneys which stand to the member’s credit in his retirement account or are deposited with an approved bank under regulation 10A(1)(a) (including any interest accruing thereon) is to be disbursed, through payment under regulation 10C(1) or (3) (as the case may be) and any payment under paragraph (1) or (2) (as the case may be), over the period beginning on the date on which the member attained the age of 60 years or becomes a relevant member (as the case may be) and ending on the later of —
(a)
the expiry of 20 years after the date on which the member attained the age of 60 years; or
(b)
the expiry of 5 years after the date of the application under paragraph (1)(a) or (2)(a) (as the case may be).
[S 734/2016 wef 01/01/2017]
(5) The Board shall, as soon as practicable after making its determination under paragraph (3), notify the member of the determination.
[S 734/2016 wef 01/01/2017]
(6) [Deleted by S 442/2014 wef 01/07/2014][S 262/2012 wef 01/06/2012]