Amount by which special account may be topped‑up
7.—(1)  The maximum amount prescribed for the purposes of section 18(3)(a) or (b) of the Act is the difference between —
(a)the prevailing retirement sum; and
(b)the aggregate sum immediately before the transfer or payment (as the case may be) to the special account under that section.
(2)  The special account top‑up limit, in relation to a transfer from a member’s ordinary account to the member’s special account under section 18B, is the difference between —
(a)the prevailing retirement sum; and
(b)the aggregate sum immediately before the transfer.
(3)  The aggregate sum mentioned in paragraph (1) or (2) is the total of the following amounts:
(a)the amount standing to the member’s credit in the member’s special account;
(b)the member’s investment amount in respect of each investment purchased with any amount withdrawn from the member’s special account under Part III or regulation 39 of the Investment Schemes Regulations that has not been completely disposed of, except if —
(i)the Board approves the member’s application under regulation 40(1) of the Investment Scheme 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.
(4)  No amount may be —
(a)transferred or paid into an applicable member’s special account under section 18(3) of the Act; or
(b)transferred into an applicable member’s special account under section 18B of the Act.
[S 791/2017 wef 01/01/2018]