Singapore legislation
Clause 10
Clause 10
Amendment of section 77
Section 77(1) of the principal Act is amended —
by deleting the words “sections 15(6)(a), (6C), (6CA), (6CB), (7), (8D), (9), (9A), (10), (10A) and (11) to (11F), 18(1) and (1A) and 18A(1) and (1A)” in paragraph (o) and substituting the words “sections 15, 18(1) and (1A) and 18A”;
by deleting the words “, after a member has attained the prescribed age” in paragraph (o)(iii);
by deleting sub-paragraph (vii) of paragraph (o) and substituting the following sub‑paragraph:“(vii)require the following members or persons to set aside or to top‑up (as the case may be) in the member’s retirement account an amount determined by the Board (not exceeding the amount of the retirement sum applicable to the member and any interest payable on that amount as if it had been set aside in the member’s retirement account when the member attained 55 years of age) if the pension, annuity or other benefit mentioned in sub‑paragraph (A), (B) or (C) (as the case may be) is surrendered or terminated after the member attained 55 years of age:
a member who did not need to comply with section 15(6)(a) by reason of a pension, annuity or other benefit approved by the Board for the purposes of section 15(8)(e);
a member who has a pension, annuity or other benefit approved by the Board that is taken into account in computing the amount of the retirement sum applicable to the member;
any other person, who has an obligation to pay the member mentioned in sub‑paragraph (A) or (B) any amount in respect of the termination or surrender of that member’s pension, annuity or other benefit mentioned in that sub‑paragraph; and”;
by deleting the words “section 18(3), (6)(b) and (7)” in paragraph (oa) and substituting the words “sections 18(3), (6)(b) and (7) and 18B”;
by deleting the word “and” at the end of paragraph (oa)(ia); and
by inserting the word “and” at the end of sub‑paragraph (ii) of paragraph (oa), and by inserting immediately thereafter the following sub‑paragraph:“(iii)the method of computing the special account top‑up limit mentioned in section 18B;”.