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Conditions for withdrawal from PSE Fund

Education Endowment and Savings Schemes (Post-secondary Education Scheme) Regulations

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—(1) For the purposes of section 16D(2)(b) of the Act, the parent of a PSEF member below the age of 21 years, or a PSEF member who has attained the age of 21 years, is entitled to withdraw at any time the sum standing to the credit of the PSEF member in the PSEF member’s PSE account —(a)to pay for every approved fee or charge incurred or to be incurred in respect of the enrolment of the PSEF member in, or any programme which is attended by the PSEF member at, any special education school;(b)to repay any loan granted by the Government to the PSEF member for the payment of any fees or charges incurred or to be incurred in respect of any approved course of study or programme that is attended or to be attended by the PSEF member at any approved institution; or(c)to repay to the account of a CPF member in the Central Provident Fund —(i)any sum withdrawn by the CPF member under section 22(1) of the Central Provident Fund Act (Cap. 36) for the payment of tuition fees payable by the PSEF member for a course of study attended by the PSEF member; or(ii)the whole or such part, as determined by the CPF Board, of the interest that would have been payable on the sum mentioned in sub‑paragraph (i).(2) In this regulation —“approved course of study or programme” means a course of study or programme approved by the Minister for the purposes of section 16D(2) of the Act;“approved fee or charge” means a fee or charge of a type approved by the Minister for the purposes of paragraph (1)(a);“approved institution” means an institution approved by the Minister for the purposes of section 16D(2) of the Act;“Central Provident Fund” means the Central Provident Fund established under section 6 of the Central Provident Fund Act;“CPF Board” means the Central Provident Fund Board constituted under section 3 of the Central Provident Fund Act;“CPF member” means any person to whose credit any amount is standing in the Central Provident Fund, or for whom any account in the Central Provident Fund is maintained for any of the purposes of the Central Provident Fund Act;“PSEF member” means a member of the PSE Fund.

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