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Contents

Part I PRELIMINARY

Part II MAINTENANCE OF MINIMUM SUM

Part III GENERAL PROVISIONS

FIRST SCHEDULE

SECOND SCHEDULE

THIRD SCHEDULE Multiplying Factor

FOURTH SCHEDULE

Legislative History

 
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Authorising Act | Legislative History | Amendment Annotation off
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On 19/06/2013, you requested for the version in force on 19/06/2013 incorporating all amendments published on or before 19/06/2013. The closest version currently available is that of 01/01/2013.
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Withdrawal at age of 55 years and maintenance of minimum sum by member
5.
—(1)  A member shall on attaining the age of 55 years, where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than 2 times the minimum sum applicable to him, transfer an amount that is equivalent to the minimum sum from the moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) to his retirement account as maintenance of the minimum sum.
(2)  Where the amount of moneys standing to the credit of a member in the Fund (excluding the amount to be retained in the medisave account) at that time is 2 times the minimum sum applicable to him or less, the member shall transfer any amount in excess of that which he may withdraw under paragraph (3) to his retirement account as maintenance of the minimum sum.
(3)  The amount which a member, falling within paragraph (2), may withdraw from the moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) is —
(a)
where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than $10,000 but less than or equal to 2 times the minimum sum applicable to him, half the amount of moneys standing to his credit in the Fund;
(b)
where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is more than $5,000 but less than or equal to $10,000, an amount of $5,000; or
(c)
where the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) at that time is $5,000 or less, the whole amount standing to his credit in the Fund.
(4)  Notwithstanding this regulation, a member may transfer the whole or part of the amount of moneys standing to his credit in the Fund (excluding the amount to be retained in the medisave account) to his retirement account to meet any shortfall in the minimum sum but such transfer shall be subject to the terms and conditions imposed by the Board.