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 regulations 10E and 10F, a member (not being a relevant member) who attains 55 years of age before 1 January 1987 may be paid a monthly income from the member’s balance, starting on the date on which the member attains 60 years of age or a later date (specified by the Board).
[S 596/2018 wef 01/10/2018]
(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 55 years of age before 1 January 1987 may be paid a monthly income from the member’s balance, starting in the later of the following months:
(a)the month in which the member attains 60 years of age;
(b)the month after the member becomes a relevant member.
[S 596/2018 wef 01/10/2018]
(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]
(2C)  Paragraph (3) applies to a member who —
(a)attained 55 years of age before 1 January 1987; and
(b)before becoming a relevant member, has deposited any moneys with an approved bank under regulation 10A(1)(a).
[S 596/2018 wef 01/10/2018]
(3)  Subject to paragraph (4) and regulation 10F(2), a member mentioned in paragraph (2C) may be paid a monthly income from the amount mentioned in paragraph (2C)(b) (including any interest accruing on that amount), starting on or after a date (specified by the Board) that falls in the month after the member becomes a relevant member.
[S 596/2018 wef 01/10/2018]
(3A)  The amount of the monthly income mentioned in paragraph (3) is —
(a)where the balance of the amount mentioned in paragraph (2C)(b) (including any interest accruing on that amount) 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 596/2018 wef 01/10/2018]
(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 (3A), 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]
[S 734/2016 wef 01/01/2017]
[S 596/2018 wef 01/10/2018]
[S 734/2016 wef 01/01/2017]