Reducing amount of retirement sum covered by charge or undertaking
12.  Where —
(a)any part of the retirement sum applicable to a member is covered by any charge or undertaking; and
(b)a transfer or payment into the retirement account of the member under these Regulations causes the sum of the following amounts to exceed the retirement sum applicable to the member:
(i)the amount of the member’s retirement sum that has been set aside in accordance with regulation 3(4) or regulation 3A (as the case may be);
(ii)the retirement sum applicable to the member covered by any charge or undertaking,
the part of the retirement sum applicable to the member covered by the charge or undertaking is to be reduced, as directed by the Board, by the extent that the retirement sum applicable to the member is exceeded.
[S 596/2018 wef 01/10/2018]