Child Development Co-Savings Regulations

into which shall be credited —

in the case of a co-savings member, any co-investment sum contributed by or on behalf of any parent of the member under regulation 6(1);

in the case of a co-savings member, any co-payment sum contributed by the Government under regulation 6(2);

any other sum contributed by or on behalf of any parent of the member under regulation 6A(1);

in the case of a member whose parents have obtained a judgment for the dissolution or annulment of their marriage or judicial separation, any matrimonial assets divided between the parents by a court pursuant to the divorce, annulment or judicial separation proceedings and ordered to be transferred into the member’s Child Development Account;

any Child Development Credit or Cash Grant for which the member is eligible; and

interest to be paid by the managing agent on the amount standing to the credit of the member’s Child Development Account at such rate per annum and at such intervals as the managing agent may determine; and

out of which shall be met all withdrawals authorised under regulation 9.

on or after 1 January 2009; or

before 1 January 2009, but the estimated delivery date of the child is a date on or after 1 January 2009,the child shall be eligible to become a co-savings member if the following conditions are satisfied:

he is a citizen of Singapore at the time of his birth or he becomes a citizen of Singapore within 12 years of his birth;

in the case of a child mentioned in sub‑paragraph (a) who is born before 1 September 2016 and whose estimated delivery date for his mother’s confinement is before that date, his mother —

is lawfully married to his natural father at the time he is conceived; or

becomes lawfully married to his natural father after he is conceived, whether or not such marriage remains subsisting; and

he is born alive to his mother.

he is born on or after 1 January 2009;

he is a citizen of Singapore at the time of his birth or he becomes a citizen of Singapore within 6 years of his birth; and

he is born alive to his mother.

he is born on or after 1 January 2009;

he is a citizen of Singapore at the time of his birth or he becomes a citizen of Singapore within 12 years of his birth; and

he is born alive to his mother.

he is a citizen of Singapore at the time of his adoption or he becomes a citizen of Singapore within 12 years of his birth;

his adoptive parent is a person who is lawfully married, or widowed or divorced, at the time he is adopted; and

he is below 12 years of age at the time he is adopted.

is born on or after 1 September 2016, or born before that date but whose estimated delivery date for his mother’s confinement is on or after that date; and

is adopted on or after that date.

he is born, and adopted, on or after 1 January 2009;

he is a citizen of Singapore at the time of his adoption or he becomes a citizen of Singapore within 6 years of his birth; and

he is below 6 years of age at the time he is adopted.

he is born, and adopted, on or after 1 January 2009;

he is a citizen of Singapore at the time of his adoption or he becomes a citizen of Singapore within 12 years of his birth; and

he is below 12 years of age at the time he is adopted.

any step-child of his mother or adoptive parent, as the case may be, shall be disregarded;

where the sole adopter of the child is a man (but not a widower), any other child of the man, being a child who is —

his natural child; or

an adopted child who is not solely adopted by him,shall be disregarded;

any other child of his mother or adoptive parent, as the case may be, being a child who is not a citizen of Singapore at the relevant time shall be disregarded;

any other child of his mother or adoptive parent, as the case may be, being a child who has been adopted by another person (other than the spouse of the mother or adoptive parent) at the relevant time, shall be disregarded; (e)any other child of his mother or adoptive parent, as the case may be, who is deceased at the relevant time shall be taken into account; and

where the child whose birth order is being determined or re‑determined is born on or after 13 July 2015 (called A), every stillborn child of A’s mother or adoptive parent (as the case may be) must be reckoned if the mother or natural father of that stillborn child was a citizen of Singapore at the time of the stillbirth.

his date of birth;

the date of birth of every other natural child of his mother, being a child who is a citizen of Singapore at the relevant time; (c)where his mother has any adopted child, the date of adoption of that adopted child or the date on which that adopted child became a citizen of Singapore, whichever is the later; and

where the child is born on or after 13 July 2015 (called C), the date of birth of every stillborn child of C’s mother where the mother or natural father of that stillborn child was a citizen of Singapore at the time of the stillbirth.

the date of adoption of the child or the date on which the child becomes a citizen of Singapore, whichever is the later;

the date of birth of every other natural child of his adoptive parent, being a child who is a citizen of Singapore at the relevant time; (c)where his adoptive parent has any other adopted child, the date of adoption of that other adopted child or the date on which that other adopted child became a citizen of Singapore, whichever is the later; and

where the child is born, and adopted, on or after 13 July 2015 (called D), the date of birth of every stillborn child of D’s adoptive parent where the mother or natural father of that stillborn child was a citizen of Singapore at the time of the stillbirth.

any other child of his mother or adoptive parent, as the case may be, who was not a citizen of Singapore at the relevant time, becomes a citizen of Singapore;

the child is adopted by another person (not being his mother or his step-father);

before 1 September 2016, his mother or, in the case of an adopted child, his adoptive mother dies.

his date of birth;

the date of birth of every other natural child of his mother, being a child who is a citizen of Singapore at the time the event occurs; (c)where his mother has any adopted child, the date of adoption of that adopted child or the date on which that adopted child became a citizen of Singapore, whichever is the later; and

where the child is born on or after 13 July 2015 (called E), the date of birth of every stillborn child of E’s mother where the mother or natural father of that stillborn child was a citizen of Singapore at the time of the stillbirth.

the date of adoption of the child or the date on which the child became a citizen of Singapore, whichever is the later;

the date of birth of every natural child of his adoptive parent, being a child who is a citizen of Singapore at the time the event occurs; (c)where his adoptive parent has any other adopted child, the date of adoption of that other adopted child or the date on which that other adopted child became a citizen of Singapore, whichever is the later; and

where the child is born, and adopted, on or after 13 July 2015 (called F), the date of birth of every stillborn child of F’s adoptive parent where the mother or natural father of that stillborn child was a citizen of Singapore at the time of the stillbirth.

the date of adoption of the child;

the date of birth of every natural child of his adoptive parent, being a child who is a citizen of Singapore at the time the event occurs; (c)where his adoptive parent has any other adopted child, the date of adoption of that other adopted child or the date on which that other adopted child became a citizen of Singapore, whichever is the later; and

where the child is born, or is born and is adopted, as the case may be, on or after 13 July 2015 (called G), the date of birth of every stillborn child of G’s adoptive parent where the mother or natural father of that stillborn child was a citizen of Singapore at the time of the stillbirth.

his date of birth;

the date of birth of every other natural child of his father, being a child who is a citizen of Singapore at the time the event occurs; (c)where his father has any adopted child, the date of adoption of that adopted child or the date on which that adopted child became a citizen of Singapore, whichever is the later;

where the child is born on or after 13 July 2015 (called H), the date of birth of every natural child (called J) of H’s father where J is deceased when the event occurs and J was a citizen of Singapore at death; and (e)where the child is born on or after 13 July 2015 (called H), the date of birth of every natural child of H’s father that is stillborn where the father or mother of that stillborn child was a citizen of Singapore at the time of the stillbirth.

the date of adoption of the child or the date on which the child became a citizen of Singapore, whichever is the later;

the date of birth of every natural child of his adoptive father, being a child who is a citizen of Singapore at the time the event occurs; (c)where his adoptive father has any other adopted child, the date of adoption of that other adopted child or the date on which that other adopted child became a citizen of Singapore, whichever is the later;

where the child is born, and adopted, on or after 13 July 2015 (called K), the date of birth of every natural child (called L) of K’s adoptive father where L is deceased when the event occurs and L was a citizen of Singapore at death; and

where the child is born, and adopted, on or after 13 July 2015 (called K), the date of birth of every natural child of K’s adoptive father that is stillborn, where the father or mother of that stillborn child was a citizen of Singapore at the time of the stillbirth.

the respective relevant times that apply to 2 or more children of a mother or an adoptive parent (whichever is applicable) are the same; and

the provisions for determination or re-determination of birth order under paragraphs (2) to (11) result in those children having the same birth order,the birth order of each of those children is to be determined or re-determined based on the chronological order of —

the date of birth of each child; and

if the date of birth mentioned in sub-paragraph (c) is the same for any of those children, the time of birth of each of those children.

section 2(1) of the Act as in force immediately before 29 May 2022, if the date of birth of the child is before that date; or

section 2(1) of the Act as in force on or after 29 May 2022, if the date of birth of the child is on or after that date.

make an application for the child to be a member, or a co-savings member, of the Scheme in such form as the Director may provide;

nominate a person to be the trustee of any Child Development Account which may be opened for the child; and

together with that person (if that person is not a parent of the child), undertake to comply with such terms and conditions as the Director may impose with respect to the membership of the Scheme.

determine the eligibility of the child to be a member, or a co-savings member, of the Scheme; and

notify the parent of his determination.

the child shall be treated as a member or a co-savings member, as the case may be; and

the Director shall immediately forward the application to the managing agent referred to in paragraph (3A).

suspend or terminate the Child Development Account of the member;

in the case of a co-savings member, notwithstanding regulation 6(2), cease all further contributions payable to the member under regulation 6(2);

revoke the member’s membership of the Scheme.

close any fixed deposit or time deposit account opened under regulation 9(1)(d) and transfer any moneys standing to the credit of the member in that account on the date of closure, including any interest paid on those moneys, to the existing Account; and

thereafter close the existing Account and transfer any moneys standing to the credit of the member in that Account on the date of closure, including any interest paid on those moneys, to the new Account.

the aggregate amount of all co-investment sums contributed by or on behalf of any parent of the co-savings member under paragraph (1);

the aggregate amount of all co-payment sums contributed by the Government under paragraph (2).

paragraph (3)(a) shall not apply; but(b)no additional co-investment sum shall be contributed on or after that date under paragraph (1).

Part II of the First Schedule applies to every co-savings member who is born on or after 1 January 2009 (other than a co-savings member mentioned in sub-paragraphs (c) to (i) or in a direction under paragraph (3C));

[Deleted by S 829/2021 wef 01/11/2021](c)Part III of the First Schedule applies to every co‑savings member who is born before 24 March 2016 and whose estimated delivery date for the mother’s confinement is before that date, and who is not adopted, where —

the co-savings member is not a citizen of Singapore at the time of birth but becomes a citizen of Singapore before the twelfth anniversary of the member’s date of birth; and

both or either mother or natural father of the co‑savings member is a citizen of Singapore at the time of the co‑savings member’s birth; (d)Part III of the First Schedule applies to every co‑savings member who is born on or after 13 July 2015 but before 24 March 2016 and whose estimated delivery date for the mother’s confinement is before 24 March 2016, and who is adopted between 13 July 2015 and 23 March 2016 (both dates inclusive), where —

the co-savings member is not a citizen of Singapore at the time of birth but becomes a citizen of Singapore before the twelfth anniversary of the member’s date of birth; and

both or either adoptive mother or adoptive father of the co‑savings member is a citizen of Singapore at the time of the co‑savings member’s adoption;

unless otherwise allowed by the Minister under paragraph (3C), Part III of the First Schedule also applies to every co‑savings member into whose Child Development Account a co‑investment sum is deposited between 24 March 2016 and 30 June 2016 (both dates inclusive), and —

who —

is born on or after 24 March 2016 or before that date but whose estimated delivery date for the mother’s confinement is on or after that date, but born before 1 July 2016; and

if adopted, is adopted between 24 March 2016 and 30 June 2016 (both dates inclusive);

who is a citizen of Singapore at the time of birth, or becomes a citizen of Singapore before the twelfth anniversary of the co‑savings member’s date of birth; and

whose mother or natural father is a citizen of Singapore at the time of the co‑savings member’s birth or, if adopted, whose adoptive mother or adoptive father is a citizen of Singapore at the time of the co‑savings member’s adoption;

Part IV of the First Schedule applies to every co‑savings member who is the subject of a direction under paragraph (3C), and every co‑savings member into whose Child Development Account the first co‑investment sum is deposited on or after 1 July 2016, and —

who is born on or after 24 March 2016 or before that date but whose estimated delivery date for the mother’s confinement is on or after that date, and if adopted, is adopted on or after that date;

who is a citizen of Singapore at the time of birth, or becomes a citizen of Singapore before the twelfth anniversary of the co‑savings member’s date of birth; and

whose mother or natural father is a citizen of Singapore at the time of the co‑savings member’s birth or, if adopted, whose adoptive mother or adoptive father is a citizen of Singapore at the time of the co‑savings member’s adoption; (g)Part V of the First Schedule applies to every co‑savings member who is the subject of a direction under paragraph (3C), and every co‑savings member into whose Child Development Account the first co‑investment sum is deposited on or after 1 July 2016, and —

who is born on or after 24 March 2016 or before that date but whose estimated delivery date for the mother’s confinement is on or after that date, and if adopted, is adopted on or after that date;

who is a citizen of Singapore at the time of birth, or becomes a citizen of Singapore before the twelfth anniversary of the co‑savings member’s date of birth; and

whose mother and natural father are not citizens of Singapore at the time of the co‑savings member’s birth or, if adopted, whose adoptive parent (if only one) is, or both adoptive mother and adoptive father are, not citizens of Singapore at the time of the co‑savings member’s adoption;

Part VI of the First Schedule applies to every co‑savings member —

who —

is born on or after 1 January 2021, and if adopted, is adopted after that date; or

is born before 1 January 2021 but whose estimated delivery date for the mother’s confinement is on or after that date, and if adopted, is adopted on or after that date;

who is a citizen of Singapore at the time of birth, or becomes a citizen of Singapore before the twelfth anniversary of the co-savings member’s date of birth; and

whose mother or natural father is a citizen of Singapore at the time of the co-savings member’s birth or, if adopted, whose adoptive mother or adoptive father is a citizen of Singapore at the time of the co-savings member’s adoption;

Part VII of the First Schedule applies to every co‑savings member —

who —

is born on or after 1 January 2021, and if adopted, is adopted after that date; or

is born before 1 January 2021 but whose estimated delivery date for the mother’s confinement is on or after that date, and if adopted, is adopted on or after that date;

who is a citizen of Singapore at the time of birth, or becomes a citizen of Singapore before the twelfth anniversary of the co-savings member’s date of birth; and

whose mother and natural father are not citizens of Singapore at the time of the co-savings member’s birth or, if adopted, whose adoptive parent (if only one) is not a citizen of Singapore, or both adoptive mother and adoptive father are not citizens of Singapore, at the time of the co-savings member’s adoption;

Part VIII of the First Schedule applies to every co-savings member —

into whose Child Development Account any co-investment sum is deposited on or after 1 August 2023;

if the co-savings member is not adopted —

who is born on or after 14 February 2023, or born before 14 February 2023 but the estimated delivery date for whose mother’s confinement is on or after that date; and

the mother or natural father of whom is a citizen of Singapore at the time of the co-savings member’s birth;

if the co-savings member is adopted —

who is born on or after 14 February 2023 and adopted on or after that date; and

the adoptive mother or adoptive father of whom is a citizen of Singapore at the time of adoption of the co-savings member; and

who is a citizen of Singapore at the time of birth, or becomes a citizen of Singapore before the twelfth anniversary of the co-savings member’s date of birth; and

Part IX of the First Schedule applies to every co-savings member —

into whose Child Development Account any co-investment sum is deposited on or after 1 August 2023;

if the co-savings member is not adopted —

who is born on or after 14 February 2023, or born before 14 February 2023 but whose estimated delivery date for his or her mother’s confinement is on or after that date; and

the mother and natural father of whom are not citizens of Singapore at the time of the co-savings member’s birth;

if the co-savings member is adopted —

who is born on or after 14 February 2023 and adopted on or after that date; and

the adoptive parent (if only one) of whom is not a citizen of Singapore, or both adoptive mother and adoptive father of whom are not citizens of Singapore, at the time of adoption of the co-savings member; and

who is a citizen of Singapore at the time of birth, or becomes a citizen of Singapore before the twelfth anniversary of the co-savings member’s date of birth.

a co-investment sum is deposited, between 24 March 2016 and 30 June 2016 (both dates inclusive), into the Child Development Account of a co‑savings member —

who is born on or after 24 March 2016 or before that date but whose estimated delivery date for the mother’s confinement is on or after that date; and

if adopted, is adopted on or after 24 March 2016; and

the co-savings member’s mother or natural father, or adoptive mother or adoptive father (if the member is adopted), applies not later than 31 December 2016 for Part IV or V, instead of Part II or III, of the First Schedule (as the case may be), to apply to that member,the Minister may by direction grant that application.

if there is a co-investment sum in respect of the member for which no co-payment sum has been paid, the co-payment sum to be paid must be varied accordingly based on the member’s re-determined birth order; and

if any parent of the member, or any person on behalf of the parent, had deposited sums into the member’s Child Development Account in excess of the maximum total amount of co-investment sums specified in the First Schedule corresponding to the member’s birth order before the re-determination of his birth order (called the previous maximum co-investment sums) —

the whole or any part of those excess sums which does not exceed the difference between the following:

the maximum total amount of co-investment sums specified in the First Schedule corresponding to the member’s re-determined birth order and the time when he becomes a citizen of Singapore;

the previous maximum co-investment sums,is to be treated as a co-investment sum upon such re-determination; and (ii)a co-payment sum equivalent to the co-investment sum under sub-paragraph (i) must be contributed into the member’s Child Development Account.

if a co-savings member born on or after 1 January 2009 dies at any time on or before 31 December in the year in which the twelfth anniversary of his date of birth falls —

he ceases to be a member of the Scheme; and

the Government ceases all further co-payment contributions payable to the member under regulation 6; and

if a member (not being a co-savings member) born on or after 1 January 2009 dies at any time on or before 31 December in the year in which the twelfth anniversary of his date of birth falls, he ceases to be a member of the Scheme.

the custody, care and control or care and control of the member is granted under an order of court or by agreement between the parents of the member to a parent or person other than the person who is the trustee of the Child Development Account; or (b)the member is adopted by any person other than the trustee of the Child Development Account, the trustee shall, as soon as practicable after he knows of the occurrence of such event, notify the Director of such event.

the payment of any fee to —

an approved educational or developmental institution in connection with any educational or developmental courses provided to the member or his sibling by the approved educational or developmental institution; (ii)an approved healthcare service provider in connection with any licensable healthcare service provided to the member or his sibling by the approved healthcare service provider using a healthcare service site;

an approved healthcare-related institution in connection with any healthcare-related product or service specified in the Second Schedule provided to the member or his sibling by the approved healthcare-related institution, unless, in the opinion of the Director, the product or service is not used for the health or healthcare of the member or his sibling; or (iv)an approved childminding operator in connection with any childminding service provided to the member or his sibling by the approved childminding operator, unless, in the opinion of the Director, the service is not for the purposes of the Childminding Pilot for Infants;

the payment of any premium payable in respect of insurance cover under the MediShield Life Scheme for the member or his sibling;

the payment to an insurer of any premium payable in respect of any integrated medical insurance plan or medisave‑approved plan of the member or his sibling; and

the purpose of depositing the moneys in a fixed deposit or time deposit account —

opened by the trustee on behalf of the member with the managing agent with whom the Child Development Account was opened; and

approved by the Director.

be made by inter-bank GIRO or NETS, unless the Director otherwise permits; and

if required by the Director, be supported by such evidence as the Director may specify.

the account is to be maintained in Singapore dollars only;

no moneys standing to the credit of the account or interest paid on those moneys may be withdrawn before the expiry of the term of the account;

upon the expiry of the term of the account and unless the account is extended for another term, the managing agent must transfer the full amount deposited in the account together with any interest paid to the Child Development Account; and

where the Child Development Account is to be closed, the managing agent must, before the Child Development Account is closed, close the account notwithstanding that the term of the account may not have expired by then, and transfer the full amount deposited in the account together with any interest paid to the Child Development Account.

the circumstances of the case warrants such withdrawal; and

the withdrawal can be made before 1st January in the year in which the relevant anniversary of the member’s date of birth falls.

shall be effected by such means and in such manner as the Director may determine; and

shall not be made unless it is effected before 1st January in the year in which the relevant anniversary of the member’s date of birth falls.

the member’s Child Development Account;

if at the time of the refund that Account has been closed in accordance with these Regulations or by a managing agent as permitted by the terms and conditions of the service agreement applicable to the managing agent, the new Child Development Account of the member;

if at the time of the refund that Account has been closed in the circumstances referred to in sub-paragraph (b) and the member no longer has any Child Development Account, such other account for the member’s benefit as the Director may determine.

that Account;

if at the time of the refund that Account has been closed in accordance with these Regulations or by a managing agent as permitted by the terms and conditions of the service agreement applicable to the managing agent, the new Child Development Account of the member; or

if at the time of the refund that Account has been closed in the circumstances referred to in sub-paragraph (b) and the member no longer has any Child Development Account, such other account for the member’s benefit as the Director may determine.

to which any moneys standing to the credit of a member in the member’s Child Development Account have been paid as premium for the medisave‑approved plan; and

which is liable to make any refund of that premium under the MediShield Life Scheme (Private Medical Insurance Scheme) Regulations 2015 (G.N. No. S 623/2015),must, within one month from the date on which the insurer becomes liable to make the refund in sub‑paragraph (b), arrange for that refund to be credited directly into —

that Account;

if at the time of the refund that Account has been closed in accordance with these Regulations or by a managing agent as permitted by the terms and conditions of the service agreement applicable to the managing agent, the new Child Development Account of the member; or

if at the time of the refund that Account has been closed in the circumstances referred to in sub-paragraph (ii) and the member no longer has any Child Development Account, such other account for the member’s benefit as the Director may determine.

the following amounts shall, as soon as practicable in the year in which the relevant anniversary of the member’s date of birth falls, be transferred to his PSE account:

where the member is a co-savings member, any moneys standing to the credit of the member in the Account on 31st December in the year in which the pertinent anniversary of his date of birth falls, up to a maximum amount equivalent to the sum of —

the aggregate amount of all co-investment sums deposited into the Account under regulation 6(1) or the relevant amount specified in the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore, whichever is the lesser; (B)the aggregate amount of all co-payment contributions made by the Government under regulation 6(2) and paid into the Account on or before 31st December in the year in which the pertinent anniversary of the member’s date of birth falls; (C)the aggregate amount of all Child Development Credits and Cash Grants paid into the Account on or before 31st December in the year in which the pertinent anniversary of the member’s date of birth falls; and (D)in the case of a member to whom Part IV, V, VI, VII, VIII or IX of the First Schedule applies, the total of all contributions, if any, mentioned in regulation 6A(1) and (2) (each not being a co‑investment sum) not exceeding the amount specified in the Third Schedule corresponding to the time the member becomes a citizen of Singapore;

any interest paid on all moneys standing to the credit of the member in the Account on or before 31st December in the year in which the pertinent anniversary of his date of birth falls;

the following amounts (if any) shall, as soon as practicable after the Account is closed, be transferred to his PSE account:

any co-payment contribution made by the Government under regulation 6(2), and any Child Development Credit and Cash Grant, which is paid into the Account in the year in which the relevant anniversary of the member’s date of birth falls; and

any interest paid on all moneys standing to the credit of the member in the Account in the year in which the relevant anniversary of his date of birth falls; and

any remainder of the moneys standing to the credit of the member in the Account when the Account is closed may be —

where the Account is closed on or after 1 January 2026, transferred to any of the following:

an account with a bank in Singapore nominated by the trustee;

any account with a bank in Singapore which is in the trustee’s name;

transferred to an account with a bank in Singapore which is in the member’s name (whether solely or jointly with a parent of the member or the trustee of the Account);

withdrawn by the trustee, if the trustee has obtained the approval of the Director under regulation 9(5) for such withdrawal; or

if there is no transfer under sub-paragraph (i) or (ii), or withdrawal under sub-paragraph (iii), transferred to his PSE account.

the trustee of the member’s Child Development Account may elect in writing, at any time after 1st January in the year in which the seventh anniversary of the member’s date of birth falls but before the Account is closed under paragraph (1), for the Account to be closed and for the amounts standing to the credit of the member in the Account to be transferred to the member’s PSE account; and

if the trustee makes an election in accordance with sub‑paragraph (a), then —

the Account shall be closed as soon as practicable after the election is made;

paragraph (2) shall cease to apply to the member; and

the amounts standing to the credit of the member in the Account before the Account is closed shall be dealt with in accordance with paragraph (3C).

the following amounts shall, as soon as practicable after the Account is closed, be transferred to his PSE account:

where the member is a co-savings member, any moneys standing to the credit of the member in the Account, up to a maximum amount equivalent to the sum of —

the aggregate amount of all co‑investment sums deposited into the Account under regulation 6(1) or the relevant amount specified in the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore, whichever is the lesser;

the aggregate amount of all co‑payment contributions made by the Government under regulation 6(2) and paid into the Account; and

the aggregate amount of all Child Development Credits and Cash Grants paid into the Account;

where the member is not a co‑savings member, any moneys standing to the credit of the member in the Account, up to a maximum amount equivalent to the aggregate amount of all Child Development Credits and Cash Grants paid into the Account; and

any interest paid on all moneys standing to the credit of the member in the Account; and

any remainder of the moneys standing to the credit of the member in the Account when the Account is closed may be —

transferred to any of the following, whether the Account is closed before, on or after 1 January 2026:

an account with a bank in Singapore nominated by the trustee;

any account with a bank in Singapore which is in the trustee’s name;

transferred to an account with a bank in Singapore which is in the member’s name (whether solely or jointly with a parent of the member or the trustee of the Account);

withdrawn by the trustee, if the trustee has obtained the approval of the Director under regulation 9(5) for such withdrawal; or

if there is no transfer under sub-paragraph (i) or (ii), or withdrawal under sub-paragraph (iii), transferred to his PSE account.

a reference to co-investment sums deposited into a member’s Child Development Account includes such sums paid into any previous Child Development Account of that member and transferred to the first-mentioned Account;

a reference to co-payment contributions made by the Government and paid into a member’s Child Development Account includes such contributions made by the Government and paid into any previous Child Development Account of that member and transferred to the first-mentioned Account; (c)a reference to interest paid on moneys standing to the credit of a member’s Child Development Account includes interest paid on moneys standing to the credit of the member in any previous Child Development Account of that member and transferred to the first-mentioned Account; and

a reference to the contributions mentioned in regulation 6A(1) and (2) (each not being a co‑investment sum) includes such contributions paid into any previous Child Development Account of that member and transferred to the firstmentioned Account.