Clause 5

after subsection (1A), insert —“(1B) Where a member’s special account is closed under section 13AA(1), the Board may, with the approval of the Minister, give its authority for the withdrawal or transfer of any amount from the moneys standing to the credit of the member in the member’s ordinary account or retirement account, or both —

on the application of a person who would have been entitled or allowed to withdraw or transfer moneys from the member’s special account if the special account had not been closed; or

without any application by a person mentioned in paragraph (a), if —

the withdrawal relates to any prescribed class of payments; and

before the date of closure of the member’s special account, the Board had authorised the withdrawal of moneys from the member’s special account for such payments.(1C) Subsection (1B) applies despite section 13AA(7) and (8), and the requirements under sections 15(6)(a) and (7) and 15AA(5)(a) and (6) do not apply to the withdrawals or transfers authorised under subsection (1B).”;

in subsection (6CA), replace “such amount at such time as may be prescribed in those regulations” with “any amount prescribed by those regulations at any time determined by the Board”;

in subsection (6CB), replace “and times may be prescribed for different classes of members” with “may be prescribed, and different times may be determined by the Board, for different classes of members”; and

replace subsection (7E) with —“(7E) Except for the determined amount mentioned in subsection (7B)(b) or (7C)(b) and subject to regulations made under section 77(1), other limits imposed on the amount of moneys that may be transferred to or maintained in the member’s retirement account do not apply to —

any transfer to a member’s retirement account under subsection (7A)(b); or

any crediting of interest to a member’s retirement account under section 13(5AA), or payment of interest to a member’s retirement account under section 13AA(5) or (6).”.