Amount of moneys by which special account can be topped-up
7.—(1) For the purposes of these Regulations, the maximum amount by which the special account of a member can be topped-up under section 18(3)(a) or (b) of the Act shall be the sum for the time being specified by the Minister under section 18B(3)(b) of the Act less the aggregate of the following amounts on the date the application for the transfer or payment of moneys to his special account is processed:
(a)
the total amount standing to his credit in his special account; and
(b)
the member’s investment amount in relation to the member’s special account, except if —
(i)
the Board approves the member’s application under regulation 40(1) of the Investment Schemes Regulations to withdraw all securities which the member purchased or acquired under Part III of those Regulations; or
(ii)
the member has died and the Board has been notified of the member’s death in accordance with regulation 43A of the Investment Schemes Regulations.
[S 732/2016 wef 01/01/2017]
[S 854/2015 wef 01/01/2016]
[S 732/2016 wef 01/01/2017]
(2) No amount may be topped-up or paid into an applicable member’s special account under section 18(3) of the Act.