Clause 7

by deleting the words “if the relevant individual has not attained the age of 55 years” in subsection (3)(a) and substituting the words “if the Board has not transferred under section 15(6CA) any amount from the sum standing to the credit of the relevant individual in the Fund to the relevant individual’s retirement account”;

by deleting the words “who has not attained the age of 55 years” in subsection (3)(b) and substituting the words “, if the Board has not transferred under section 15(6CA) any amount from the sum standing to the credit of the member in the Fund to the member’s retirement account”; (c)by deleting subsections (4), (5) and (6) and substituting the following subsections:“(4) Subject to subsection (6), where a member is a relevant individual to whose special account any moneys have been transferred under subsection (3)(a) —

the moneys so transferred; and

the whole or such part as the Board may determine of any interest that would have accrued thereon,shall be transferred by the Board to the member’s retirement account at the relevant time.(5) Subject to subsection (6) —

any moneys paid by any person into a member’s special account under subsection (3)(b); and

the whole or such part as the Board may determine of any interest that would have accrued thereon,shall be transferred by the Board to the member’s retirement account at the relevant time.(6) Where, at the relevant time, the total amount of the moneys and interest referred to in subsections (4)(a) and (b) and (5)(a) and (b) exceeds the minimum sum applicable to a member —

the total amount to be transferred by the Board to the member’s retirement account under subsections (4) and (5) shall not exceed the minimum sum applicable to the member; and

the moneys and interest referred to in subsections (4)(a) and (b) and (5)(a) and (b) shall be transferred by the Board to the member’s retirement account in such order of priority as may be prescribed in any regulations made under section 77(1)(oa).”; and

by inserting, immediately after subsection (8), the following subsection:“(9) In this section, “relevant time”, in relation to a member, means such time as may be prescribed in relation to the member in any regulations made under section 77(1).”.