Singapore legislation
Section 14
Section 14
Closure of Edusave account, etc.
(1)
The Edusave Scheme Administrator must, as soon as practicable after the happening of the first of the following events concerning a member of the Edusave Pupils Fund, transfer all balances in the member’s Edusave account to the member’s PSE account:
if the member is not schooling, at the start of the year immediately after the year in which the member attains the highest of the Edusave Qualifying Ages;
if the member is schooling at the start of the year immediately after the year in which the member attains the highest of the Edusave Qualifying Ages, when the member stops schooling;
where an application under subsection (2) to close the member’s Edusave account early is approved under subsection (4).
(2)
An individual who is a member of the Edusave Pupils Fund or, if the individual is below 21 years of age, any parent of that individual, may apply to the Edusave Scheme Administrator to close the individual’s Edusave account early for the purpose of transferring the balance in the individual’s Edusave account to the individual’s PSE account.
(3)
An application under subsection (2) must be supported by any documents or evidence that the Edusave Scheme Administrator may require.
(4)
The Edusave Scheme Administrator may approve an application under subsection (2) relating to a member of the Edusave Pupils Fund only if the Edusave Scheme Administrator is satisfied that the member is enrolled in an approved institution mentioned in section 22(2)(a).
(5)
The Edusave Scheme Administrator must close a member’s Edusave account —
upon completing the transfer of all balances in the member’s Edusave account to the member’s PSE account under subsection (1); or
upon payment to the Public Trustee under section 18 of all balances in the Edusave account of a deceased member.
(6)
An individual ceases to be a member of the Edusave Pupils Fund when the individual’s Edusave account is closed.[13