7. Death of member
Feedback & supportLast amended by an amending law of 2021.
Despite regulation 6 —
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.
Where a member ceases to be a member of the Scheme under paragraph (1), the moneys standing to the credit of the member’s Child Development Account shall be disposed of in accordance with section 6 of the Act and the Account shall thereafter be closed.
[Deleted by S 829/2021 wef 01/11/2021]
The managing agent with whom the Child Development Account is opened shall, before closing that Account, close any fixed deposit or time deposit account opened under regulation 9(1)(d) and then 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 Child Development Account.
[Deleted by S 829/2021 wef 01/11/2021]
Subregulation 1
Despite regulation 6 —
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.
Subregulation 2
Where a member ceases to be a member of the Scheme under paragraph (1), the moneys standing to the credit of the member’s Child Development Account shall be disposed of in accordance with section 6 of the Act and the Account shall thereafter be closed.
Subregulation 3
[Deleted by S 829/2021 wef 01/11/2021]
Subregulation 4
The managing agent with whom the Child Development Account is opened shall, before closing that Account, close any fixed deposit or time deposit account opened under regulation 9(1)(d) and then 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 Child Development Account.
Subregulation 5
[Deleted by S 829/2021 wef 01/11/2021]