Transfer of member’s moneys to relevant individual’s retirement account
4.—(1) Any member who wishes to transfer an amount of moneys out of the sum standing to his credit in the Fund to the retirement account of a relevant individual under section 18(1)(a) of the Act shall make an application in such form and supported by such evidence as the Board may require.
[S 537/2012 wef 01/11/2012]
(2) The Board may grant an application made under paragraph (1) subject to such terms and conditions as the Board may impose.
(3) The Board may grant an application under paragraph (1) if —
(a)
where the member is below 55 years of age on the date the application is processed, the member’s relevant amount on that date is more than the prevailing retirement sum; and
[S 734/2016 wef 01/01/2017]
(b)
where the member has attained 55 years of age on the date the application is processed, the member’s relevant amount on that date is more than the retirement sum applicable to the member.
[S 853/2015 wef 01/01/2016]
[S 734/2016 wef 01/01/2017]
[S 596/2018 wef 01/10/2018]
(4) If the application under paragraph (1) is to transfer moneys to a relevant individual who is the member’s spouse, the Board may, instead of granting the application under paragraph (3), grant the application if —
(a)
where the member is below 55 years of age on the date the application is processed, the member’s relevant amount on that date is more than half the prevailing retirement sum; and
[S 734/2016 wef 01/01/2017]
(b)
where the member has attained 55 years of age on the date the application is processed, the member’s relevant amount on that date is more than half the retirement sum applicable to the member.
[S 853/2015 wef 01/01/2016]
[S 734/2016 wef 01/01/2017]
[S 596/2018 wef 01/10/2018]
(5) If the application under paragraph (1) is to transfer moneys to a relevant individual who is the member’s parent or grandparent, the Board may, instead of granting the application under paragraph (3), grant the application if —
(a)
where the member is below 55 years of age on the date the application is processed —
(i)
the total of the following amounts on that date is more than the prevailing retirement sum:
(A)
the amount of the payments to the member’s accounts in the Fund secured by any applicable property charges;
(B)
the member’s relevant amount; and
(ii)
the member’s relevant amount on that date is more than half the prevailing retirement sum; or
(b)
where the member has attained 55 years of age on the date the application is processed —
(i)
the total of the following amounts on that date is more than the retirement sum applicable to the member:
(A)
the amount of the payments to the member’s accounts in the Fund secured by any applicable property charges;
(B)
the member’s relevant amount; and
(ii)
the member’s relevant amount on that date is more than half the retirement sum applicable to the member.
[S 596/2018 wef 01/10/2018]
(6) If the application under paragraph (1) is to transfer moneys to a relevant individual who is the member’s parent-in-law or grandparent-in-law, the Board may, instead of granting the application under paragraph (3), grant the application if all of the following conditions are satisfied:
(a)
the conditions set out in paragraph (5)(a) or (b), as the case may be;
(b)
any other conditions as the Board may require.
[S 596/2018 wef 01/10/2018]
(7) If an application under paragraph (1) is made by an applicable member to transfer moneys to a relevant individual, instead of granting the application under paragraph (3), (4), (5) or (6), the Board may grant the application if the applicable member’s relevant amount on that date is more than the reduced retirement sum applicable to the applicable member.