Draw Down Account

(1) A defined contribution pension plan may provide and a financial institution pension plan must provide that a member who retires with a defined contribution benefit may elect to have the member’s account balance transferred to a draw down account within the pension fund. (2) The draw down account may be established no earlier than the date the member reaches the early retirement age under the pension scheme. (3) The Supervisor shall publish the draw down percentage, which may vary based on the age of the owner of a draw down (4) The owner of a draw down account shall withdraw from the draw down account each fiscal year not more than the draw down percentage times the owner’s draw down account balance at the beginning of the fiscal year. (5) The owner may elect to use the balance in the draw down account to purchase an annuity from an insurance company at any time.