Computed amount under paragraph (a)(i)(A) of definition
First column
Second column
Third column
Computed amount
Date on which a member attains the age of 55 years
Member’s retirement sum set aside is less than 50% of retirement sum applicable to member
Member’s retirement sum set aside is 50% or more of retirement sum applicable to member
(a)
On or after 1st July 2004 but before 1st July 2005
Before 1st July 2014: X1 ÷ 50% × $500
Before 1st July 2014: $500 + [(X1 − 50%) ÷ 50% × (Y − $500)]
On or after 1st July 2014:
On or after 1st July 2014:
(a)
X2 ÷ 50% × $500, if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula.
(a)
$500 + [(X2 − 50%) ÷ 50% × (Y − $500)], if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula.
(b)
If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of —
(b)
If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of —
(i)
the computed amount applicable to the member immediately before 1st July 2014; or
(i)
the computed amount applicable to the member immediately before 1st July 2014; or
(ii)
X2 × Y.
(ii)
X2 × Y.
(b)
On or after 1st July 2005 but before 1st July 2008
Before 1st July 2014: X1 ÷ 50% × $450
Before 1st July 2014: $450 + [(X1 − 50%) ÷ 50% × (Y − $450)]
On or after 1st July 2014:
On or after 1st July 2014:
(a)
X2 ÷ 50% × $450, if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula.
(a)
$450 + [(X2 − 50%)÷ 50% × (Y − $450)], if the member has applied to the Board, in such manner as the Board may require, for the payment to be computed in accordance with this formula.
(b)
If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of —
(b)
If the member did not apply for the payment to be computed in accordance with the formula in (a), the higher of —
(i)
the computed amount applicable to the member immediately before 1st July 2014; or
(i)
the computed amount applicable to the member immediately before 1st July 2014; or
(ii)
X2 × Y.
(ii)
X2 × Y.
(c)
On or after 1st July 2008 but before 1st July 2015
X2 × Y
X2 × Y
[S 736/2016 wef 01/01/2017]
[S 593/2018 wef 01/10/2018]
In the above table —
X1
is the percentage of the retirement sum applicable to a member set aside by the member in cash in the member’s retirement account on the date (before 1st July 2014) of computation of X1;
X2
is the percentage of the retirement sum applicable to a member set aside by the member in cash in the member’s retirement account on the date (on or after 1st July 2014) of computation of X2, less —
(a)
where the date of computation of X2 is before the member attains the applicable age, the amount computed in accordance with the formula in regulation 9A(1) as in force immediately before 6 November 2021 on that date of computation;
(b)
where the date of computation is on or after the member’s applicable age, the amount computed in accordance with regulation 9A(1) as in force immediately before 6 November 2021; and
Y
is the computed amount determined under the second column of the Third Schedule, which is applicable to a member who attains the age of 55 years at the same time as the member.