Payment of monthly income from member’s balance, where member attained age of 55 years before 1 January 1987
10C.—(1) Subject to paragraphs (2), (3) and (4) and regulation 10E and 10F, a member (not being a relevant member) who attains the age of 55 years before 1 January 1987 may be paid an income from the member’s balance —
(a)
on the date on which the member attains the age of 60 years; and
(b)
at every monthly interval after that date.
[S 734/2016 wef 01/01/2017]
[S 344/2017 wef 01/07/2017]
(1A) The amount of the income mentioned in paragraph (1) —
(a)
where the member’s balance is less than the specified amount in paragraph (7), is the whole of the member’s balance; or
(b)
in any other case, is the specified amount in paragraph (7).
[S 734/2016 wef 01/01/2017]
(2) Subject to paragraphs (3) and (4), a member (being a relevant member) who attains the age of 55 years before 1 January 1987 may be paid an income from the member’s balance in either the month in which he attains the age of 60 years or the month after he becomes a relevant member, whichever month is later, and at every monthly interval after that payment.
[S 734/2016 wef 01/01/2017]
(2A) The amount of the income mentioned in paragraph (2) is an amount computed in accordance with the formula (A ÷ N) + D, where —
(a)
A is the difference between —
(i)
the member’s balance (in dollars) at the first time when an annuity plan is issued to the member; and
(ii)
the total of the following amounts (in dollars):
(A)
all payments received by the member under this paragraph before the payment of the amount which is being computed;
(B)
any other withdrawals or transfers from the member’s balance that are made after the annuity plan mentioned in sub‑paragraph (i) is issued to the member;
(b)
N is the larger of 60 or the total number of months in the period —
(i)
beginning with (and including) either the month in which the member attains the age of 60 years or the month after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to him, whichever month is later; and
(ii)
ending with (and including) the month in which the member 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 member’s balance;
(ii)
any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to him; and
(iii)
any interest which may accrue on the additional amount mentioned in sub‑paragraph (ii).
[S 734/2016 wef 01/01/2017]
(2B) Despite section 2(1A)(b) of the Act, for the purposes of paragraph (2A)(b)(ii), the month in which a member who is born on 29 February is deemed to attain the age of 90 years is February of the year in which the member attains that age.
[S 787/2017 wef 01/01/2018]
(3) Where, prior to becoming a relevant member, a member 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 member 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]
[S 734/2016 wef 01/01/2017]
(4) Subject to regulation 10F, the monthly income that a member may be paid under paragraph (1), (2) or (3) is payable to the member until the member’s balance has been exhausted or until the member’s death, whichever is the earlier.
[S 734/2016 wef 01/01/2017]
(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 (1A) and (3), the specified amount shall be —