5. Protection of benefits

Subject to the Education Endowment and Savings Schemes Act 1992 and any regulations made under section 3 (insofar as they provide for the withdrawal, transfer or utilisation of any moneys paid into a member’s bank account), the ownership of any moneys paid into a member’s bank account by the Government or the member’s parent under the Scheme belongs, with effect from the date of the payment, to the member absolutely and —

the payment by the parent does not constitute a “matrimonial asset” within the meaning of section 112 of the Women’s Charter 1961;

the payment by the parent does not constitute a transaction at an undervalue or an unfair preference under section 361 or 362 of the Insolvency, Restructuring and Dissolution Act 2018, or form part of the estate of a parent who has been adjudicated bankrupt; and

the moneys in the member’s bank account are not assignable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim.