Use of moneys transferred or paid to retirement account
10A.—(1)  Subject to paragraph (2), any moneys transferred or paid to a member’s retirement account under section 18(1)(a), (b) or (c) of the Act (including any interest paid thereon) or transferred to a member’s retirement account under section 18A(1) of the Act (including any interest paid thereon) may be —
(a)deposited before 1st January 2014 with an approved bank;
[S 851/2013 wef 01/01/2014]
(b)used to purchase an approved annuity from an insurer; or
(c)used for the payment of a premium referred to in section 27L(1) or (1A) of the Act.
(2)  No moneys transferred or paid to a member’s retirement account under section 18(1)(a), (b) or (c) of the Act (including any interest paid thereon), and no moneys transferred to a member’s retirement account under section 18A(1) of the Act (including any interest paid thereon), shall be withdrawn, unless such terms and conditions as the Board may impose are complied with by the member, the person applying for the withdrawal or both of them, as the Board may determine.
(3)  Where the retirement sum applicable to a member comprises —
(a)an amount in cash; and
(b)an amount covered by any charge or undertaking under section 15(9), (9A), (10), (10A), (11D) or (11E), 21, 21A, 21B, 27C(1)(v), 27D(1)(v), 27DA(1)(v), 27E(1)(iv) or 27F(1)(iv) of the Act,
[S 596/2018 wef 01/10/2018]
for the purposes of computing the amount that may be covered by any charge or undertaking under those sections, the amount in cash excludes the member’s relevant deductibles.
(i)[Deleted by S 367/2019 wef 10/05/2019]
(ii)[Deleted by S 367/2019 wef 10/05/2019]
(iii)[Deleted by S 367/2019 wef 10/05/2019]
[S 734/2016 wef 01/01/2017]
[S 596/2018 wef 01/10/2018]
[S 367/2019 wef 10/05/2019]