Additional payment from amount deposited with approved bank or retained in retirement account, where member attained age of 55 years before 1 January 1987
10D.—(1) A member who is entitled to receive payment under regulation 10C(1) or (3) may apply to the Board, in such manner as the Board may require, to be paid an additional amount monthly from the member’s balance —
(a)
if the member is entitled to receive payment under regulation 10C(1), starting on or after the later of the following dates:
(i)
a date (specified by the Board) that falls in the month in which the member attains 60 years of age;
(ii)
the date the Board approved the application; and
(b)
if the member is entitled to receive payment under regulation 10C(3), starting on or after the later of the following dates:
(i)
a date (specified by the Board) that falls in the month in which the member becomes a relevant member;
(ii)
the date the Board approved the application.
[S 596/2018 wef 01/10/2018]
(2) If the Board approves a member’s application under paragraph (1), the Board may —
(a)
impose terms and conditions; and
(b)
subject to regulation 10F, pay the member, in accordance with paragraph (1)(a) or (b) (as the case may be), such amounts as the Board may determine.
[S 596/2018 wef 01/10/2018]
(3) The Board may, on or after a member who is entitled to receive payment under regulation 10C(1) attains the age of 60 years or who is entitled to receive payment under regulation 10C(3) becomes a relevant member, and without any application by the member under paragraph (1), pay to the member monthly such additional amounts from the member’s balance as the Board may determine.