Redemption of charge or pledge of immovable property
12. Where —
(a)
any part of the retirement sum applicable to a member is secured by a charge or pledge against any immovable property; and
[S 734/2016 wef 01/01/2017]
(b)
any transfer or payment of moneys into the retirement account of the member under these Regulations will result in the amount in cash and charge or pledge set aside by the member as the retirement sum exceeding the retirement sum applicable to the member,
[S 734/2016 wef 01/01/2017]
the charge or pledge shall be redeemed to the extent by which the retirement sum applicable to the member is so exceeded.