Central Provident Fund (New Retirement Sum Scheme) Regulations 2004

65 years of age, mentioned in the definition of “65th birthday month” in regulation 5A(4);

90 years of age, mentioned in regulation 8A(4)(b)(ii);

the applicable age mentioned in paragraph (a) of the definition of “member’s entitlement” in regulation 3.

in any case where the initial amount is more than 2 times the retirement sum applicable to the member, the sum of —

the retirement sum applicable to the member; and

on or after the SAC Start Date, the sum of all additional SA‑related amounts applicable to the member; or

in any other case, the sum of —

the amount which remains standing to the member’s credit in the member’s ordinary, special and medisave accounts immediately after all the amounts to be transferred to the member’s retirement account under regulation 5(1) or (2) (as the case may be) and regulation 5AA(1) (if applicable) have been so transferred, excluding any amount to be retained in the member’s medisave account at that time; and

on or after the SAC Start Date, the sum of all additional SA‑related amounts applicable to the member;

in relation to a member who attains 55 years of age on or after 1 January 2009 but before 1 January 2013 —

in any case where the initial amount exceeds the applicable first amount, the sum of —

the difference between the applicable first amount and the retirement sum applicable to the member; and

on or after the SAC Start Date, the sum of all additional SA‑related amounts applicable to the member; or

in any other case, the sum of —

the amount which remains standing to the member’s credit in the member’s ordinary, special and medisave accounts immediately after all the amounts to be transferred to the member’s retirement account under regulation 5(1) or (2) (as the case may be) and regulation 5AA(1) (if applicable) have been so transferred, excluding any amount to be retained in the member’s medisave account at that time; and

on or after the SAC Start Date, the sum of all additional SA‑related amounts applicable to the member;

in relation to a member who attains 55 years of age on or after 1 January 2013 — $5,000.

is the appropriate amount set out in the second column of the First Schedule; and

comprises —

the following amounts:

an amount in cash;

where the member is a member with partial benefits, the member’s benefit component; and

the member’s property component (if any) which must not exceed 50% of the retirement sum applicable to the member.

A is the total of the following amounts:

the total amount that has been credited into the member’s retirement account up to that time;

any determined amount paid to the member up to that time from moneys standing to the member’s credit in the member’s ordinary account and special account, other than any excluded paid amount;

B is the total of the following amounts that have been credited into the member’s retirement account up to that time:

any interest under section 6(4) of the Act;

any additional interest under section 6(4B) of the Act;

any cash grant (within the meaning of section 14(5) of the Act) credited before 1 January 2026 into the member’s retirement account under section 14(1) of the Act, excluding all of the following:

any cash grant administered by the Ministry of National Development or the Housing and Development Board;

any cash grant known as the Earn and Save Bonus;

any cash grant credited into the member’s retirement account due to the closure of the member’s special account, on the direction of the Minister under section 14(1) of the Act;

paid before 1 January 2025; or

paid on or after 1 January 2025 which, at the member’s request in any particular case, the Board treats as having been paid before that date; (iiib)any cash grant under the approved scheme known as the Retirement Savings Bonus that is part of the Majulah Package, as described on the Board’s Internet website at https://cpf.gov.sg, credited into the member’s retirement account under section 14(1) of the Act on or after 1 January 2026;

any monthly income due to the member under section 27K(6) of the Act, if —

the member is a relevant member;

the member has nominated, in accordance with section 25(1)(a)(iii) of the Act, any person to receive a portion of the amount payable on the member’s death out of the Fund;

that nomination is not, to the best of the Board’s knowledge, revoked; and

the member has applied to the Board under the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 for the monthly income to be paid into the member’s retirement account;

any amount restored to the member’s retirement account under section 13(7H)(a) of the Act from the member’s ordinary account, being an amount which was transferred to the member’s ordinary account under regulation 9A(6);

any amount paid to the member’s account pursuant to regulation 18(1) and (2); (vii)any excluded transferred amount; (viii)any amount paid into the member’s retirement account under section 27L(5) of the Act; and

C is the total of the following amounts that have been withdrawn from moneys standing to the credit of the member’s retirement account up to that time (except any amounts withdrawn from the amounts mentioned in sub‑paragraph (b)):

any amount withdrawn from the member’s retirement account under section 15AB(1), (2), (3), (4), (6), (7), (8) or (9) of the Act or a former provision;

any amount withdrawn from the member’s retirement account mentioned in section 21(1), 21A(1) or 21B(1) of the Act or transferred to the member’s ordinary account under any of the following regulations:

regulation 17B of the Central Provident Fund (Approved Housing Schemes) Regulations 1986;

regulation 6B of the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations 1987;

regulation 8A of the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations 1975;

regulation 7A of the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations (Rg 13, 2006 Revised Edition);

regulation 15A of the Central Provident Fund (Non‑Residential Properties Scheme) Regulations 1986;

regulation 23A of the Central Provident Fund (Residential Properties Scheme) Regulations 1982;

any amount transferred or paid to the member’s spouse from the member’s retirement account under section 27B of the Act;

any amount restored or paid to one or more accounts (of that member or any other member) in the Fund, from that member’s retirement account under section 13(7H)(a), (7HA)(b)(i) or (c)(i) or (7HB)(a) of the Act;

any amount refunded or paid to a person from the member’s retirement account under section 13(7I)(a) of the Act;

any amount transferred to a relevant individual from the member’s retirement account under section 18 of the Act;

any amount withdrawn under regulation 11A;

in relation to —

any cash grant mentioned in sub-paragraph (b)(iii)(A), (B) or (C); or

any cash grant credited into the member’s retirement account under section 14(1) of the Act on or after 1 January 2026, other than those mentioned in sub-paragraph (b)(iiia) or (iiib),any amount recovered by the Board from the member’s retirement account pursuant to section 14(3) or (3A) of the Act;

any amount of the remaining moneys —

refunded to a giver’s account from the member’s retirement account under section 19D(2) or (7)(a) of the Act; or (B)paid to a payer, the personal representatives of the payer or a proper claimant from the member’s retirement account under section 19D(3) or (7)(b) of the Act;

any amount refunded from the member’s retirement account under section 19(1) of the Act as in force on or after 1 April 2022;

any amount withdrawn or transferred from the member’s retirement account under section 15(1B) of the Act;

any amount deducted from the member’s retirement account under section 45(2) of the Act;

any amount recovered by the Board from the member’s retirement account under section 57C of the Act;

any amount refunded or paid from the member’s retirement account under section 71 of the Act.

at the first computation time, is an amount calculated in accordance with the formula Ap + Bp, where —

Ap is the member’s benefit component at the first computation time;

Bp is the higher of the following amounts:

the amount by which Cp exceeds Dp;

the lower of the following amounts:

D1 is the amount by which the member’s benefit component at the first computation time exceeds the shortfall in the amount of the retirement sum that has been set aside by the member immediately before the first computation time, calculated in accordance with regulation 4(2); and

D2 is the amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act immediately before the first computation time; and

Ep is the sum of the following amounts (if any) that have been withdrawn from the member’s retirement account, but not refunded to the member’s retirement account, at the first computation time:

the amount of moneys deposited in a bank account with an approved bank under the former section 15(6C)(b) of the Act;

the amount withdrawn from the member’s retirement account to purchase an approved annuity;

the amount deducted from the member’s retirement account for the payment of premium for any annuity plan under the Lifelong Income Scheme established and maintained by the Board under section 27K of the Act;

at any recomputation time, is an amount calculated in accordance with sub‑paragraph (a) with the following modifications:

the references to “the first computation time” are replaced by “the recomputation time”;

Cp is the retirement sum that has been set aside by the member immediately before the recomputation time, calculated in accordance with sub‑paragraph (c), less the benefit component at the last computation time; (iii)D1 is the amount by which the member’s benefit component at the recomputation time exceeds D3, where D3 is the amount by which the retirement sum applicable to the member exceeds the difference between —

the retirement sum set aside by the member immediately before the recomputation time, calculated in accordance with sub‑paragraph (a) or (c) (whichever applied at the last computation time); and

the benefit component at the last computation time; and

at any other computation time, is an amount calculated in accordance with the formula Fp – Gp − Hp, where —

Fp is the sum of —

the amount that has been set aside by the member with partial benefits at the last computation time; and

all moneys credited or transferred to the retirement account after the last computation time;

Gp is an amount determined by the Board, not exceeding the total of the amounts mentioned in regulation 4(2)(b) that have been credited to the member’s retirement account after the last computation time and on or before the determination by the Board for the current computation time; and

Hp is an amount determined by the Board, not exceeding the total of the amounts mentioned in regulation 4(2)(c) that have been withdrawn from the moneys standing to the credit of the member’s retirement account after the last computation time and on or before the determination by the Board for the current computation time (excluding any amount withdrawn from the amounts mentioned in sub‑paragraph (ii)).

is a member with full benefits; or

has an approved benefit that is taken into account in computing the amount of the retirement sum that has been set aside by the member.

Afa is —

for a member mentioned in paragraph (3)(a), the total amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act; or

for a member mentioned in paragraph (3)(b), the retirement sum set aside by the member at that time, calculated in accordance with paragraph (1)(c), less the member’s benefit component (if any) at that time;

Bfa is —

for a member mentioned in paragraph (3)(a), the lower of the following:

the amount paid to the member’s account under regulation 18(3) in respect of the member’s approved benefit that is terminated or surrendered; (B)the amount by which the retirement sum applicable to the member exceeds the total amount credited or transferred to the member’s retirement account under section 18 or 18A of the Act; or

for a member mentioned in paragraph (3)(b), the lower of the following:

the amount paid to the member’s account under regulation 18(3) in respect of the member’s approved benefit that is terminated or surrendered;

the amount by which the retirement sum applicable to the member exceeds the total of the following amounts computed immediately before the amount mentioned in sub‑paragraph (A) is paid into the member’s account or (if no amount mentioned in sub‑paragraph (A) is to be paid) immediately before the member’s approved benefit is terminated or surrendered:

A, B and C refer to the corresponding amounts mentioned in regulation 4(2) —

immediately after payment to the member’s account of the amount payable (if any) under regulation 18(3) in relation to the termination or surrender of the member’s approved benefit; or

if no amount is due to be paid to the member’s account under regulation 18(3), after the member’s approved benefit is terminated or surrendered.

the retirement sum set aside by the member; or (b)the shortfall in the retirement sum applicable to a member.

the member attained 55 years of age before 10 May 2019 and the first account date of the applicable charge is before 10 May 2019;

where sub‑paragraph (a) does not apply, and the applicable charge is in respect of a leasehold estate in an immovable property — the unexpired term of the leasehold estate, on the first account date, is —

at least (95 – T1) years, where T1 is the member’s age on the first account date; or (ii)such shorter period as the Board may permit; or

sub‑paragraph (a) does not apply and the applicable charge is in respect of the freehold estate of an immovable property.

does not apply in computing the retirement sum set aside by a member in accordance with regulation 4(2) or 4A;

applies in relation to regulation 5(4), 5A, 5AA or 7 only if the member requests the Board, in the manner required by the Board, to specify any applicable charge under that regulation; and

does not apply in relation to regulation 5B, 5C, 5D, 5E or 6 if the member requests the Board, in the manner required by the Board, not to specify any applicable charge under that regulation.

where the member attains that age before 1 January 2009 —

if the relevant amount at the time of the transfer exceeds 2 times the retirement sum applicable to the member — an amount equivalent to the retirement sum applicable to the member;

if the relevant amount at the time of the transfer does not exceed 2 times the retirement sum applicable to the member but exceeds $10,000 — any amount in excess of 50% of the relevant amount;

if the relevant amount at the time of the transfer does not exceed $10,000 but exceeds $5,000 — any amount in excess of $5,000; or

if the relevant amount at the time of the transfer does not exceed $5,000 — $0;

where the member attains that age on or after 1 January 2009 but before 1 January 2013 —

if the relevant amount at the time of the transfer exceeds the applicable first amount — an amount equivalent to the retirement sum applicable to the member;

if the relevant amount at the time of the transfer does not exceed the applicable first amount but exceeds the applicable second amount — any amount in excess of the applicable percentage of the relevant amount;

if the relevant amount at the time of the transfer does not exceed the applicable second amount but exceeds $5,000 — any amount in excess of $5,000; or

if the relevant amount at the time of the transfer does not exceed $5,000 — $0; or

where the member attains that age on or after 1 January 2013 —

if the relevant amount at the time of the transfer exceeds the retirement sum applicable to the member by $5,000 or more — an amount equivalent to the retirement sum applicable to the member;

if the relevant amount at the time of the transfer does not exceed the retirement sum applicable to the member by $5,000 or more but exceeds $5,000 — any amount in excess of $5,000; or

if the relevant amount at the time of the transfer does not exceed $5,000 — $0.

the Board is notified (in the manner that the Board may require), during or after the late notice period but before 1 January 2023, that a member is an applicable member; and

the applicable member attains his or her 60th birthday before 1 January 2023,the Board must, within the late notice transfer period, transfer to the applicable member’s retirement account, towards the maintenance of the retirement sum applicable to the applicable member, the amount prescribed in paragraph (3).

the shortfall in the retirement sum applicable to the member immediately before the transfer under that paragraph; or

where the available balance is less than the shortfall mentioned in sub‑paragraph (a), that available balance.

the shortfall in the retirement sum applicable to the member immediately before the transfer;

the applicable amount.

the shortfall in the retirement sum applicable to the member;

the amount paid.

the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations 1975;

the Central Provident Fund (Residential Properties Scheme) Regulations 1982;

the Central Provident Fund (Non‑Residential Properties Scheme) Regulations 1986;

the Central Provident Fund (Approved Housing Schemes) Regulations 1986;

the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations;

the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations 1987.

any reserved amount has been set aside in a member’s ordinary account under section 15(6) of the Act in respect of items 1 to 6 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014;

the whole or any part of the reserved amount mentioned in sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations; and

the amount which ceases to be set aside under regulation 3(5) of those Regulations (called in this regulation the released amount) exceeds $5,000.

the remainder (if any) of the reserved amount that the member is still required to set aside; and

the member’s remaining committed amount, if any.

any reserved amount has been set aside in a member’s ordinary account under section 15(6) of the Act in respect of item 7 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014;

the whole or any part of the reserved amount mentioned in sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations; and

the released amount exceeds $5,000.

the shortfall in the retirement sum applicable to the member; or

the amount mentioned in paragraph (4)(b) which ceases to be set aside,excluding the member’s remaining committed amount, if any.

any reserved amount has been set aside in a member’s ordinary account under section 15(6) of the Act in respect of item 8 of the Schedule to the Central Provident Fund (Reserved Amount) Regulations 2014; and

the whole or any part of the reserved amount mentioned in sub‑paragraph (a) ceases to be set aside under regulation 3(5) of those Regulations.

the shortfall in the retirement sum applicable to the member;

the amount mentioned in paragraph (6)(b) (which ceases to be set aside).

an amount of money is transferred from a member’s ordinary account or special account (called in this regulation Account A) to the member’s retirement account under section 15(6) or (6CA) of the Act;

the whole or part of the transferred amount in sub‑paragraph (a) is then restored from the member’s retirement account to Account A under section 13(7H) of the Act or paid from the member’s retirement account to one or more accounts under section 13(7HA) or (7HB) of the Act;

the restored or paid amount in sub‑paragraph (b) is then transferred —

to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) of the Act; or

to the special account of a relevant individual under section 18(3)(a) of the Act; and

the transferred amount in sub‑paragraph (c), or the balance of that amount, is then —

credited to Account A under section 19(2) or 19A(2) of the Act as in force immediately before 1 April 2022; (ii)refunded to Account A under section 19(1) of the Act as in force on or after 1 April 2022 or section 19D(2) or (7)(a) of the Act; or

paid to the member’s retirement account under section 19(2A) of the Act.

the shortfall in the retirement sum applicable to the member; (b)the credited or refunded amount.

a member’s moneys in the retirement account or special account are transferred —

to the retirement account of a relevant individual under section 18(1)(a) or (2)(a) of the Act; or

to the special account of a relevant individual under section 18(3)(a) of the Act; and

the transferred amount in sub‑paragraph (a), or the balance of that amount, is then —

credited to the member’s retirement account under section 19(2) or 19A(2) of the Act as in force immediately before 1 April 2022; (ii)refunded to the member’s retirement account under section 19(1) of the Act as in force on or after 1 April 2022 or section 19D(2) or (7)(a) of the Act; or

paid to the member’s retirement account under section 19(2A) of the Act.

the amount by which the retirement account balance exceeds the retirement sum applicable to the member;

the credited or refunded amount in paragraph (1)(b).

the amount of the retirement sum which has been set aside by the member in accordance with regulation 4(2) or 4A, as the case may be;

the property component.

the shortfall in the retirement sum applicable to the member;

the amount so credited under section 13C of the Act.

2 members of the Fund are parties to a marriage, and neither member is a relevant member;

one member —

has already set aside an amount in part or full satisfaction of the retirement sum applicable to the member; and

is not exempted under section 15AA(3) of the Act or a former provision from complying with section 15(6)(a) of the Act;

both members desire to set aside jointly an amount which is less than the aggregate of the retirement sums of both members;

each member has executed before 1 January 2013 a memorandum in accordance with section 15(6A) of the Act; and

both members agree, as a condition precedent to the Board permitting them to set aside jointly an amount which is less than the aggregate of the retirement sums of both members, that in the event of the death of either member, the Board may transfer to the retirement account of the surviving member such amount in cash standing to the credit of the deceased member in the deceased member’s retirement account as he or she has nominated the surviving member to receive,the Board may permit the members to set aside jointly such amount, being an amount which is less than the aggregate of the retirement sums of both members, as the Board may specify.

transfer to the retirement account of the surviving member an amount standing to the credit of the deceased member in the deceased member’s retirement account, being an amount not exceeding the retirement sum applicable to the surviving member; and

pay to the surviving member the remainder (if any) of the amount that the deceased member has nominated the surviving member to receive.

the Board permits the members mentioned in paragraph (1) to set aside jointly an amount which is less than the aggregate of the retirement sums of both members; and

one member (called in this regulation the first member) has already set aside an amount in full satisfaction of the retirement sum applicable to the first member,the other member (called in this regulation the second member) must set aside the balance of the amount permitted to be set aside jointly by the Board.

a proportion in cash that is in direct proportion to that required of the first member; and

a proportion in cash that is in direct proportion to that required of the second member.

if the member attains that age before 1 January 2009 — 50% of the relevant amount;

if the member attains that age on or after 1 January 2009 but before 1 January 2010 — 60% of the relevant amount;

if the member attains that age on or after 1 January 2010 but before 1 January 2011 — 70% of the relevant amount;

if the member attains that age on or after 1 January 2011 but before 1 January 2012 — 80% of the relevant amount;

if the member attains that age on or after 1 January 2012 but before 1 January 2013 — 90% of the relevant amount;

if the member attains that age on or after 1 January 2013 — the whole of the relevant amount.

the reserved amount standing to the member’s credit in the ordinary account; and

the member’s remaining committed amount, if any.

where the member’s balance is less than the amount specified in paragraph (10) — the whole of the member’s balance; or

in any other case — the amount specified in paragraph (10).

if the member becomes a relevant member before the month in which the member attains the applicable age — the month in which the member attains the applicable age;

if the member becomes a relevant member in or after the month in which the member attains the applicable age — the month in which the member becomes a relevant member or in the following month; or

any later month as requested by the member and approved by the Board.

A is the difference between —

the member’s balance (in dollars) at the first time when an annuity plan is issued to the member; and

the total of the following amounts (in dollars):

all payments received by the member under this paragraph before the payment of the amount which is being computed;

any other withdrawals or transfers (except any withdrawal or transfer made under regulation 9A) from the member’s balance that are made after the annuity plan mentioned in sub‑paragraph (i) is issued to the member; (C)the member’s entitlement;

N is the larger of 60 or the total number of months in the period —

beginning with (and including) either the month in which the member attains the applicable age or the month after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to the member, whichever month is later; and

ending with (and including) the month in which the member will attain 90 years of age; and

D is an additional amount (in dollars) which is payable at the discretion of the Board, taking into account —

the member’s balance;

any additional amount which may be credited to the member’s account with the approved bank or retirement account after the annuity plan mentioned in sub‑paragraph (a)(i) is issued to the member; and

any interest which may accrue on the additional amount mentioned in sub‑paragraph (ii).

a date (specified by the Board) that falls in the month in which the member attains the applicable age;

a date (specified by the Board) that falls in the month after the member becomes a relevant member.

where the balance of the amount mentioned in paragraph (5) (including any interest accruing on that amount) is less than the amount specified in paragraph (10) — the entire balance; or

in any other case — the amount specified in paragraph (10).

one year after the last day of the month in which the relevant date falls; or

any shorter period determined by the Board.

in the case where one member (called in this paragraph the first member) attained 55 years of age before 1 July 2004 and the other member (called in this paragraph the second member) attained 55 years of age on or after 1 July 2004 —

the monthly income which the second member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350; and

the monthly income which the first member may be paid, starting on or after the date he or she attains —

60 years of age, if he or she attained 55 years of age before 1 January 1999 or is an applicable member; or

the relevant age,is determined by the Board after taking into consideration the written law relating to the retirement sum to be set aside by him or her; (b)in the case where both members attain 55 years of age on or after 1 July 2004, the monthly income which each member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350.

in the case where one member (called in this paragraph the first member) attained 55 years of age before 1 July 2004 and the other member (called in this paragraph the second member) attained 55 years of age on or after 1 July 2004 —

the monthly income which the surviving or divorced second member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350; and

the monthly income which the surviving or divorced first member may be paid from the amount set aside by him or her, starting on or after the date he or she attains —

60 years of age, if he or she attained 55 years of age before 1 January 1999 or is an applicable member; or

the relevant age,is determined by the Board after taking into consideration the written law relating to the retirement sum to be set aside by him or her; and

in the case where both members attain 55 years of age on or after 1 July 2004, the monthly income which the surviving or each divorced member may be paid from the amount set aside by him or her in his or her retirement account, starting on or after a date (specified by the Board) that falls in the month in which he or she attains the applicable age, is the higher of the computed amount or $350.

applies to a member who attains 55 years of age on or after 1 January 2012; but(b)does not apply to a member to whom regulation 9 applies.

the member’s entitlement; and

the total of the following amounts:

the total amounts already paid to the member under this regulation (if any), whether before, on or after 6 November 2021;

any amount of the member’s entitlement which the Board has approved, on the member’s application, to be retained in the member’s retirement account —

to be paid to the member as a monthly income under regulation 8A or 10 or an additional amount monthly under regulation 10A; or

to be deducted under section 27L(2) of the Act.

the member’s entitlement; and

the total of the following amounts:

the total amounts already paid to the member under this regulation (if any), whether before, on or after 6 November 2021;

any amount of the member’s entitlement which the Board has approved, on the member’s application, to be retained in the member’s retirement account —

to be paid to the member as a monthly income under regulation 8A or 10 or an additional amount monthly under regulation 10A; or

to be deducted under section 27L(2) of the Act.

the first day of the month in which the member’s monthly income under regulation 8A(1), (3) or (6) or 10(1) or (2) or regulation 8 of the Central Provident Fund (Lifelong Income Scheme) Regulations 2009 (as the case may be) starts being paid, whichever is the earliest;

the last day of the month immediately after the month in which the member attains 70 years of age.

whether the monthly income from the member’s approved benefits is less in value than the payout benchmark applicable to the member;

the amount transferred to the member’s retirement account under section 18 or 18A of the Act, if any;

any cash grant (within the meaning of section 14(5) of the Act) credited into the member’s retirement account under section 14(1) of the Act.

is to determine the monthly income provided or to be provided to a member by that member’s pension, annuity or other benefit from any information it may have; and

may, if it has information of the fixed monthly income provided or to be provided by that member’s pension, annuity or other benefit, take that fixed monthly income to be the monthly income provided or to be provided to the member by that pension, annuity or other benefit.

the date on which the Board approves the application.

impose terms and conditions; and

subject to regulation 10C, pay the member, in accordance with paragraph (1), such amounts as the Board may determine.

the Board has before, on or after 1 January 2020 computed the monthly income to be paid to a member under regulation 8A(1) or (6), 9, 10 or 10A; and

the amount standing to the credit of the member in the member’s retirement account is subsequently reduced, on or after 1 January 2020, by any factor that was not taken into account in that computation,the Board may on or after 1 April 2020 (without any application by the member) reduce the amount of the monthly income to be paid in the proportion by which the amount mentioned in sub‑paragraph (b) is reduced.

if the member has applied for the monthly income which the member may be paid under regulation 8A(1), 9(2) or (3), 10, 10A or 10B to be paid into the member’s account with a bank by inter‑bank GIRO, pay the member the entire balance in that manner; or

retain the entire balance in the member’s retirement account until there is a balance of not less than $20 in the amount so retained (including any interest accruing on that amount).

any monthly income or amount due to a member under regulation 8A(1) or (3), 9(2) or (3), 10(1) or (2) or 10B, any balance due to the member under regulation 10C(2) or any additional amount due to the member under regulation 10A(1) or (3); and

any amount due to the member under regulation 9A or 11A.

payment into the member’s bank account;

issuing a cheque or any other physical payment instrument to the member;

crediting the member’s ordinary account;

any other manner of payment applied for by the member.