Singapore legislation
Regulation 6
Regulation 6
Co-savings arrangement
Subregulation 1
Subject to paragraphs (3) and (3A), any parent of a co-savings member, or any person on behalf of the parent, may, from time to time after a Child Development Account is opened for the member and before 1st January in the year in which the relevant anniversary of the member’s date of birth falls, deposit one or more co-investment sums into the Account.
Subregulation 2
Subject to paragraph (3), the Government shall contribute in respect of each co-savings member, a co-payment sum equivalent to the co-investment sum contributed by the parent of the member or any person on behalf of the parent under paragraph (1).
Subregulation 3
Subject to paragraph (3A), each of the following aggregate amounts shall not exceed the relevant amount specified in the First Schedule corresponding to both the co-savings member’s birth order and the time that he becomes a citizen of Singapore:
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).
Subregulation 3A
In any case where the aggregate amount of all co-investment sums contributed before 1st May 2011 under paragraph (1) exceeds the relevant amount referred to in paragraph (3) —
paragraph (3)(a) shall not apply; but(b)no additional co-investment sum shall be contributed on or after that date under paragraph (1).
Subregulation 3B
For the purposes of paragraph (3) —
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.
Subregulation 3C
Where —
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.
Subregulation 4
The Government shall, as far as practicable, pay a co-payment contribution under paragraph (2) into a co-savings member’s Child Development Account by the last day of the month immediately following the month in which the corresponding co-investment sum under paragraph (1) is deposited into the Account by or on behalf of the parent of the member.
Subregulation 4A
Where it is not practicable for the Government to make a co-payment contribution under paragraph (2) within the time limited by paragraph (4), the Government shall pay the co-payment contribution into the co-savings member’s Child Development Account within such other period as the Minister may allow.
Subregulation 4B
If the Account referred to in paragraph (4) 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 at the time the Government is to pay the co-payment contribution, the Government shall pay the contribution into the new Child Development Account of the co-savings member.
Subregulation 4C
If, at the time the Government is to pay the co-payment contribution, a new Child Development Account has been opened for the co-savings member pending the closure of the Account in the circumstances referred to in paragraph (4B), the Government may pay the contribution into either of those Accounts.
Subregulation 5
Where the birth order of a co-savings member is re-determined under regulation 4B(6) —
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.
Subregulation 6
In this regulation, “relevant anniversary”, in relation to a member born on or after 1 January 2009, means the thirteenth anniversary.