Singapore legislation
Clause 5
Clause 5
Protection of benefits
For the avoidance of doubt, the ownership of any moneys paid into a member’s bank account by the Government or the parent of the member under the Scheme shall, with effect from the date of such payment, belong to the member absolutely and —
the payment by the parent shall not constitute “matrimonial asset” within the meaning of section 112 of the Women’s Charter (Cap. 353);
the payment by the parent shall not constitute a transaction at undervalue or an unfair preference under section 98 or 99 of the Bankruptcy Act (Cap. 20) or form part of the estate of a parent who has been adjudicated bankrupt; and
the moneys in the bank account of the member shall not be assignable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim.