Singapore legislation
Section 21
Section 21
Contributions and interest to be paid to members of PSE Fund
(1)
Subject to subsection (2) and any regulations made under section 35, any parent of an eligible member of the PSE Fund, or any person on the parent’s behalf, may, from time to time after a PSE account has been opened for the member and before the member has attained 18 years of age, contribute one or more sums to the member’s PSE account.
(2)
If the aggregate of all contributions by or on behalf of a parent of an eligible member of the PSE Fund to the member’s PSE account under subsection (1) exceeds the maximum amount that the Minister may from time to time prescribe for such contributions, the PSE Scheme Administrator may refund the whole or any part of the contributions in excess of that amount.
(3)
Subject to subsection (4), where any sum has been contributed by or on behalf of a parent of an eligible member of the PSE Fund to the member’s PSE account under subsection (1), the Government must contribute an equivalent sum to the PSE account.
(4)
The aggregate of —
all contributions made by the Government to the PSE account of an eligible member of the PSE Fund under subsection (3); and
all contributions (if any) made by the Government under the co-savings arrangement to the member’s bank account (if any) opened under regulations made under section 3 of the Child Development Co-Savings Act 2001,must not exceed the maximum amount that the Minister may from time to time prescribe.
(5)
For the purposes of subsections (2) and (4), different maximum amounts may be prescribed for different classes of eligible members of the PSE Fund.
(6)
Subject to subsection (2), the PSE Scheme Administrator must cause to be credited —
to any eligible member of the PSE Fund the contributions made to the member’s PSE account under subsections (1) and (3); and
to every member of the PSE Fund interest at the rate mentioned in subsection (9) at the intervals and on the amount standing to the member’s credit in his or her PSE account over the periods, which must be paid out of the income of that Fund at the time, that the PSE Scheme Administrator may determine.
(7)
The PSE Scheme Administrator must, as far as practicable, credit any contribution made by the Government under subsection (3) to the PSE account of an eligible member of the PSE Fund within the prescribed period after the corresponding contribution under subsection (1) was made by or on behalf of a member’s parent to the member’s PSE account.
(8)
Where it is not practicable to credit the contribution made by the Government under subsection (3) to the PSE account of an eligible member of the PSE Fund within the time limited by subsection (7), the PSE Scheme Administrator must credit that contribution within any other period allowed by the Minister.
(9)
Interest is payable on the amount standing to the credit of every member of the PSE Fund in his or her PSE account at such rate per annum as the Minister may from time to time determine, and the Minister may determine different rates of interest for different parts of the amount standing to the credit of any member of the PSE Fund in the member’s PSE account.
(10)
In this section —
Definition
“co-savings arrangement” means the co‑savings arrangement mentioned in section 3(1)(a) of the Child Development Co‑Savings Act 2001;
Definition
“eligible member of the PSE Fund” means any member of that Fund who —
is eligible for the co-savings arrangement; and
satisfies any other prescribed requirement.[16C