Singapore legislation
Regulation 15
of Education Service Incentive Payment (CONNECT Plan) Regulations 2002
Regulation 15
Unclaimed moneys
Subregulation 1
Where the account of any member has been closed under regulation 7, and no person authorised under regulation 14(2) or (3) has applied to withdraw the award within 12 months after the date of the closure, the moneys in the account must be accounted for as unclaimed moneys and must be transferred to the Forfeiture Account.
Subregulation 2
Where any amount has been transferred to the Forfeiture Account under paragraph (1), the Minister must, upon the application of any person eligible to the whole amount or any part thereof, authorise withdrawal by that person of the amount due to the applicant as if it had not been transferred out of the member’s account or (as the case may be) the former member’s account.