Singapore legislation
Clause 10
Clause 10
Repeal and re-enactment of section 13 and new section 13A
Section 13 of the principal Act is repealed and the following sections substituted therefor:“Closure of Edusave account, etc.13.—
The Edusave Scheme Administrator must, as soon as practicable after the happening of the first of the following events concerning a member of the Edusave Pupils Fund, transfer all balances in the member’s Edusave account to the member’s PSE account:
if the member is non-schooling, at the start of the year immediately after the year in which he attains the highest of the Edusave Qualifying Ages;
if the member is schooling at the start of the year immediately after the year in which he attains the highest of the Edusave Qualifying Ages, when the member stops schooling;
where an application under subsection (2) to close the individual’s Edusave account early is approved under subsection (4).(2) An individual who is a member of the Edusave Pupils Fund or, if the individual is below 21 years of age, any parent of that individual, may apply to the Edusave Scheme Administrator to close the individual’s Edusave account early for the purpose of transferring the balance in the individual’s Edusave account to his PSE account.(3) An application under subsection (2) must be supported by such documents or evidence as the Edusave Scheme Administrator may require.(4) The Edusave Scheme Administrator may approve an application under subsection (2) relating to a member of the Edusave Pupils Fund only if the Edusave Scheme Administrator is satisfied that the member is enrolled in an approved institution referred to in section 16D(2)(a).(5) The Edusave Scheme Administrator must close the member’s Edusave account —
upon completing the transfer of all balances in a member’s Edusave account to the member’s PSE account under subsection (1); or
upon payment to the Public Trustee under section 16 of all balances in the Edusave account of a deceased member.(6) An individual ceases to be a member of the Edusave Pupils Fund when his Edusave account is closed.Donation of member’s moneys in Edusave Pupils Fund13A.—
An individual who is a member of the Edusave Pupils Fund or, if the individual is below 21 years of age, any parent of that individual, may by notice given to the Edusave Scheme Administrator donate to the Endowment Fund all or part of the sum standing to the member’s credit in his Edusave account.(2) Upon receiving the notice in subsection (1), the Edusave Scheme Administrator may authorise the payment of such sum, as stated in the notice, to the Endowment Fund.”.