Clause 4

by deleting subsections (6) and (7) and substituting the following subsections:“(6) Subject to subsections (6A) and (8), a member of the Fund who is entitled to withdraw the sum standing to his credit in the Fund under subsection (2)(a) shall at the time of the withdrawal set aside or top-up a prescribed sum (referred to in this Act as the minimum sum) in accordance with regulations made under this Act.(6A) Where a member and his spouse desire to set aside jointly an amount equal to one and a half times the minimum sum, the Board may permit them to set aside that amount if they have each executed a memorandum under section 26(1) nominating each other to receive the amount of the minimum sum belonging to either party on the death of the other party.(6B) Any memorandum executed pursuant to subsection (6A) shall be irrevocable during the subsistence of the marriage between the members.(6C) The minimum sum may be deposited with an approved bank or in a retirement account with the Board or used to purchase an approved annuity from an insurer.(7) A member who has attained the age of 60 years or such other age as the Minister may prescribe shall be entitled to withdraw from the minimum sum deposited with an approved bank or in a retirement account and any interest accruing thereon in accordance with regulations made under this Act.(7A) A member who has attained the age of 55 years but has not attained the age of 60 years or such other age as the Minister may prescribe shall be entitled to withdraw the minimum sum or such part thereof as the Board may determine from his account with an approved bank or his retirement account or surrender his approved annuity from an insurer if the Board is satisfied that the member is —

physically or mentally incapacitated from ever continuing in any employment;

found to be of unsound mind;

suffering from a terminal illness or disease; or

receiving a pension, annuity or other benefit as may be approved which will provide him with a monthly income of not less in value than the amount prescribed by the Minister.”; and

by deleting the words “subsection (6)” in subsection (12) and substituting the words “subsection (6C)”.