Singapore legislation
Section 13
Section 13
Crediting of contributions and interest into subsidiary accounts, etc.
(1)
Subject to subsections (7A) to (7G), the following subsidiary accounts are to be maintained for each member in respect of the money standing to the member’s credit in the Fund:
an ordinary account;
a medisave account;
a special account.
(1A)
An account referred to in subsection (1) is an account —
maintained for the crediting, transfer and payment to the account of moneys or contributions in accordance with this Act, the MediShield Life Scheme Act 2015 or the CareShield Life and Long‑Term Care Act 2019; and
from which withdrawals, transfers and deductions may be made in accordance with this Act, the MediShield Life Scheme Act 2015 or the CareShield Life and Long‑Term Care Act 2019.
(2)
Every ordinary account, medisave account and special account which was maintained by the Board for a member before 28 September 1984 is deemed to have been validly maintained.
(3)
All moneys standing to the credit of a member in his or her special account as at 1 April 1984 are deemed to have been transferred to his or her medisave account except where the member is entitled at that date to withdraw such money under section 15.
(4)
The Board must credit to the accounts of a member specified in subsection (1), in such manner as the Minister may direct, every contribution paid into the Fund for the member under —
section 7;
section 9A;
(ba)section 9B; or
such other provision as the Minister may prescribe.
(4A)
The Minister may give different directions in respect of different classes of members under subsection (4).
(5)
The Board must credit to each account of a member the interest referred to in section 6(4) on the amount standing to the credit of the member in that account.
(5A)
Where any additional interest is payable to a member under section 6(4B) —
the Board must credit the additional interest into one or more of the member’s ordinary account, medisave account, special account, retirement account and nominee account (if any) in such manner as the Board may determine; and
the Board may make different determinations under paragraph (a) in respect of different classes of members.
(6)
The Board must transfer to one or more designated accounts of a member, in accordance with any regulations made under section 77(1)(ka), any amount standing to the member’s credit in his or her medisave account which is in excess of such amount as the Minister may from time to time direct.
(6A)
For the purposes of subsection (6), the Minister may direct different amounts for different classes of members.
(7)
Where there is no balance in the medisave account of a member, the Board may, on the member’s application and with the Minister’s approval, transfer to the member’s medisave account the whole or such part, as the Board may determine, of —
the amount standing to the member’s credit in any designated account, not exceeding the total amount which had been transferred from the medisave account to that designated account under subsection (6) (called in this subsection the transferred amount); and
any interest that would have been payable on the transferred amount if the transfer had not been made.
(7A)
The Board may transfer to a member’s ordinary account, in accordance with any regulations made under section 77(1) —
if the member’s accounts in the Fund are deemed to be dormant, and such period (as may be prescribed in those regulations) after the day the member’s accounts in the Fund are deemed to be dormant has passed, any amount standing to the member’s credit in the Fund; or
if the member has died, and such period (as may be prescribed in those regulations) after the day of the member’s death has passed, any amount standing to the member’s credit in the Fund that is not in any nominee account maintained for the member.
(7B)
The Board may transfer to the general moneys of the Fund, in accordance with any regulations made under section 77(1) —
if a member’s accounts in the Fund are deemed to be dormant, and the 7th anniversary of the day the member’s accounts in the Fund are deemed to be dormant has passed, any amount standing to the member’s credit in the Fund; or
if a member has died, and the 7th anniversary of the day of the member’s death has passed, any amount standing to the member’s credit in the Fund that is not in any nominee account maintained for the member.
(7C)
Where the Board has made an initial transfer specified in subsection (7D) of any amount standing to a member’s credit in the Fund from any account of the member in the Fund (called in this subsection Account A), the Board may in such circumstances as may be prescribed in any regulations made under section 77(1) —
restore to Account A or transfer to such other account of the member in the Fund as may be prescribed in those regulations (called in this subsection Account B), the whole or such part, as the Board may determine, of the amount of the initial transfer; and
pay into Account A or Account B (as the case may be) the whole or such part, as the Board may determine, of any interest that would have been payable on the amount restored to Account A or transferred to Account B, if the initial transfer had not been made.
(7D)
The initial transfer referred to in subsection (7C) is —
a transfer to the member’s ordinary account under subsection (7A);
a transfer to the general moneys of the Fund under subsection (7B); or
a transfer to the general moneys of the Fund under any regulations made under section 77(1).
(7E)
Where the Board is unable to ascertain a member’s identity, the Board may transfer to the general moneys of the Fund, in accordance with any regulations made under section 77(1), any amount standing to the member’s credit in the Fund.
(7F)
Where, after the Board has transferred any amount standing to a member’s credit in the Fund to the general moneys of the Fund under subsection (7E) or any regulations made under section 77(1), the Board ascertains the identity of the member, the Board must restore that amount (including the whole or such part, as the Board may determine, of any interest that would have been payable thereon if the transfer had not been made) to the member’s account in the Fund.
(7G)
Subsections (7A) to (7F) do not preclude, and do not affect the validity of, any transfer to the general moneys of the Fund, whether before, on or after 1 January 2011, under any regulations made under section 77(1), of any amount standing to a member’s credit in the Fund.
(7H)
Where the Board has transferred any money standing to the credit of a member in the Fund from any account of the member in the Fund (called in this subsection Account A) to any other account in the Fund (called in this subsection Account B) under section 15(2A), (6), (7B) or (8A), 18(1)(a), (2)(a) or (3)(a), 18A(1), 18B, 18C(1) or 18D, any condition referred to in section 27(2)(b) or (3) or any regulations made under section 77(1), the Board may, on its own motion or on the application of the member, and subject to such terms and conditions as it may impose —
restore to Account A the whole or any part of the amount of the transferred money;
pay into Account A the whole or such part, as the Board may determine, of any interest that would have been payable on the restored amount if the restored amount had not been transferred to Account B; and
transfer, from Account B to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the restored amount while the restored amount was in Account B.
(7I)
Where the Board has credited any money to a member’s account in the Fund under section 13(4), 13B(1)(b) or (2)(b) or 13C, or where any money has been paid into a member’s account in the Fund under section 18(1)(b) or (c), (2)(b) or (3)(b) or any regulations made under section 77(1), the Board may, on the Board’s own motion or on an application to the Board, and subject to such terms and conditions as the Board may impose —
refund to the person who paid the money, or pay to any person whom the Board is satisfied is entitled to that payment, the whole or any part of the amount of the money; and
transfer, from the member’s account in the Fund to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the amount refunded or paid under paragraph (a) while that amount was in that account.
(8)
In this section, “designated account”, in relation to a member, means such ordinary account, special account or retirement account (if any) of the member as may be prescribed by any regulations made under section 77(1)(ka).