On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 01/01/2013.
Payment from amount deposited with approved bank or retained in retirement account, where 2 members have set aside jointly 1.5 times the minimum sum
9.
—(1) This regulation applies where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 7, and that amount —
(a)
is deposited with an approved bank under section 15(6C)(b)(i) of the Act; or
(b)
is retained in either or both of their respective retirement accounts under section 15(6C)(b)(i) of the Act.
(2) Subject to paragraphs (4), (5) and (6), where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 7, the amount of the income which each of them may be paid from the amount they have set aside jointly shall be determined in the following manner:
(a)
in the case where one member (referred to in this paragraph as the first member) attained the age of 55 years before 1st July 2004 and the other member (referred to in this paragraph as the second member) attained the age of 55 years on or after 1st July 2004 —
(i)
the amount of the income which the second member may be paid on the date he attains the applicable age, and at every monthly interval thereafter, shall be the amount computed in accordance with the formula set out in the second or third column of the Second Schedule, or the amount set out in the second column of the Third Schedule, as the case may be; and
(ii)
the amount of the income which the first member may be paid on the date he attains —
(A)
the age of 60 years, if he attained the age of 55 years before 1st January 1999 or is an applicable member; or
(B)
the relevant age,
and at every monthly interval thereafter, shall be determined by the Board after taking into consideration the written law relating to the minimum sum to be set aside by him; and
(b)
in the case where both members attain the age of 55 years on or after 1st July 2004, the amount of the income which each of them may be paid on the date on which each attains the applicable age, and at every monthly interval thereafter, shall be the amount computed in accordance with the formula set out in the second or third column of the Second Schedule, or the amount set out in the second column of the Third Schedule, as the case may be.
[S 713/2007 wef 01/01/2008]
(3) Subject to paragraphs (4), (5) and (6), where 2 members of the Fund who are parties to a marriage have set aside jointly an amount which is 1.5 times the minimum sum in accordance with regulation 7, and either member dies or the members are divorced —
(a)
in the case where one member (referred to in this paragraph as the first member) attained the age of 55 years before 1st July 2004 and the other member (referred to in this paragraph as the second member) attained the age of 55 years on or after 1st July 2004 —
(i)
the amount of the income which the surviving or divorced second member may be paid from the amount set aside by him on the date he attains the applicable age, and at every monthly interval thereafter, shall be the amount computed in accordance with the formula set out in the second or third column of the Second Schedule, or the amount set out in the second column of the Third Schedule, as the case may be; and
(ii)
the amount of the income which the surviving or divorced first member may be paid from the amount set aside by him on the date he attains —
(A)
the age of 60 years, if he attained the age of 55 years before 1st January 1999 or is an applicable member; or
(B)
the relevant age,
and at every monthly interval thereafter, shall be determined by the Board after taking into consideration the written law relating to the minimum sum to be set aside by him; and
(b)
in the case where both members attain the age of 55 years on or after 1st July 2004, the amount of the income which the surviving or each divorced member may be paid from the amount set aside by him on the date he attains the applicable age, and at every monthly interval thereafter, shall be the amount computed in accordance with the formula set out in the second or third column of the Second Schedule, or the amount set out in the second column of the Third Schedule, as the case may be.
[S 713/2007 wef 01/01/2008]
[S 397/2009 wef 01/09/2009]
(4) Subject to paragraphs (5) and (6), the basic monthly income which a member may be paid under paragraph (2) or (3) shall be payable to him until the amount deposited with an approved bank or retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon) has been exhausted or until his death, whichever is the earlier.
(5) Subject to paragraph (6), where any amount is retained in a member’s retirement account under section 15(6C)(b)(i) of the Act, and the balance of the amount so retained (including any interest accruing thereon) is less than $20, the Board may —
(a)
if the member has applied for the basic monthly income which he may be paid under paragraph (2) or (3) to be paid into his account with a bank by inter-bank GIRO, pay the member the entire balance in that manner; or
(b)
retain the entire balance in the member’s retirement account until there is a balance of not less than $20 in the amount so retained (including any interest accruing thereon).
(6) Where any payment of the basic monthly income which a member may be paid under paragraph (2) or (3) results in a balance of $100 or less in the amount deposited with an approved bank or retained in his retirement account under section 15(6C)(b)(i) of the Act (including any interest accruing thereon), the Board may permit the entire balance to be paid together with the basic monthly income.