s 15AA Withdrawal on grounds of significant condition, and exemption for pension, annuity or other benefit
15AA.—(1) Subject to section 16, a member of the Fund is entitled to withdraw the sum standing to the credit of the member in the Fund if the Board is satisfied that the member is suffering from a significant condition.[Act 39 of 2021 wef 01/04/2022] (2) Without limiting subsection (1), a member who has attained 55 years of age but has not attained the prescribed age is entitled, in accordance with regulations made under section 77(1), to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account or such part of that amount as the Board may determine, or to surrender his or her approved annuity from an insurer, if the Board is satisfied that the member —(a) is suffering from a significant condition; or (b) is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income, whether or not the monthly income is less in value than the payout benchmark applicable to the member. (3) A member need not comply with section 15(6)(a) if the Board is satisfied that the member —(a) is suffering from a significant condition; (b) is receiving or will receive a pension, annuity or other benefit approved by the Board that provides the member with a monthly income not less in value than the payout benchmark applicable to the member; or (c) has attained 55 years of age before 1 January 1987. (4) Subsection (5) applies to a member of the Fund who —(a) is entitled to withdraw the sum standing to his or her credit in the Fund under subsection (1) by reason of a specified significant condition; (b) is entitled under subsection (2)(a) by reason of a specified significant condition to withdraw the amount referred to in section 15(6C)(a) which is deposited with an approved bank or retained in the member’s retirement account, or any part of that amount, or surrender his or her approved annuity from an insurer; or (c) is entitled under section 15(2)(a) or (3), or is allowed under section 15(4), to withdraw the sum standing to his or her credit in the Fund and, under subsection (3)(a), need not comply with section 15(6)(a) by reason of a specified significant condition. (5) At the time of the withdrawal or surrender (as the case may be) mentioned in subsection (4) and at such other times as the Minister may determine, and in accordance with such directions as the Minister may give in any particular case —(a) such amount as the Minister may specify must be set aside or topped‑up in the member’s retirement account —(i) by the member; or (ii) from the sum standing to the member’s credit in the Fund, after excluding any reserved amount standing to the member’s credit in his or her ordinary account; and (b) if there exist such circumstances as may be prescribed by regulations made under section 77(1) and the member is thereby required to reserve any amount in his or her ordinary account, such reserved amount must be set aside or topped‑up in that account —(i) by the member; or (ii) from the sum standing to the member’s credit in that account. (6) Where any amount has been set aside or topped‑up in the member’s retirement account for the purposes of subsection (5)(a), the amount standing to the credit of the member in his or her retirement account may be withdrawn by the member in accordance with such terms and conditions as the Minister may from time to time impose. (7) A member who has attained the prescribed age and who need not comply with section 15(6)(a) by reason of subsection (3)(b) is entitled, in accordance with regulations made under section 77(1) —(a) where any amount standing to the member’s credit in the member’s retirement account is deposited with an approved bank or retained in the member’s retirement account under section 15(6C)(a), to withdraw the amount or such part of the amount, as the Board may determine, which was so deposited or retained; and (b) where any amount standing to the member’s credit in the member’s retirement account is used to purchase an approved annuity under section 15(6C)(b), to surrender the approved annuity. (8) For the purposes of subsections (2)(b) and (3)(b), the Minister —(a) may specify different amounts of payout benchmark for different classes of members, taking into account the life expectancy of the different classes of members; (b) must publish the payout benchmark applicable to each class of members in a manner accessible to the public; and (c) may, on the application of a member, specify a payout benchmark for that member that is less than the payout benchmark published under paragraph (b) for the class of members to which the member belongs. (9) In this section —“significant condition” means any physical or mental condition prescribed as a significant condition by regulations made under section 77(1); “specified significant condition” means any significant condition prescribed as a specified significant condition by regulations made under section 77(1).[Act 39 of 2021 wef 01/03/2022]