Singapore legislation
Regulation 5
of Education Endowment and Savings Schemes (Post-secondary Education Scheme) Regulations
Regulation 5
Contributions to be paid to eligible members of PSE Fund
Subregulation 1
For the purposes of section 16C(2) of the Act, the maximum amount of contributions by or on behalf of a parent of an eligible member of the PSE Fund to the member’s PSE account shall be —
in a case where the member satisfies the requirements under regulation 4(1)(a)(i), the relevant amount specified in Part I of the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore; (b)in a case where the member satisfies the requirements under regulation 4(1)(a)(ii) —
the amount derived from the relevant formula specified in Part II of the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore; or
if the amount referred to in sub-paragraph (i) is a negative amount, $0;
in a case where the member satisfies the requirements under regulation 4(2)(a)(i), the relevant amount specified in Part III of the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore; or
in a case where the member satisfies the requirements under regulation 4(2)(a)(ii) or (c)(i) —
the amount derived from the relevant formula specified in Part IV of the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore; or
if the amount referred to in sub-paragraph (i) is a negative amount, $0.
Subregulation 2
For the purposes of section 16C(4) of the Act, the maximum amount prescribed, being the maximum amount that the aggregate of —
all contributions made by the Government to the PSE account of an eligible member of the PSE Fund under section 16C(3) of the Act; and
all contributions, if any, made by the Government under the co-savings arrangement to the member’s Child Development Account, if any,shall not exceed, shall be the relevant amount specified —
in Part I of the Second Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore, in a case where the member satisfies the requirements under regulation 4(1)(a)(i) or (ii); or
in Part II of the Second Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore, in a case where the member satisfies the requirements under regulation 4(2)(a)(i) or (ii) or (c)(i).
Subregulation 3
For the purposes of section 16C(7) of the Act, the PSE Scheme Administrator shall, as far as practicable, credit the Government’s contribution under section 16C(3) of the Act to the PSE account of an eligible member of the PSE Fund by the last day of the month immediately following the month in which the corresponding contribution under section 16C(1) of the Act was made to that account.
Subregulation 4
For the purposes of section 16C(10) of the Act and this regulation, an eligible member of the PSE Fund is a member of that Fund —
who satisfies the requirements under regulation 4(1)(a)(i) or (2)(a)(i);
in respect of whom the following requirements are satisfied:
the member satisfies the requirements under regulation 4(1)(a)(ii); and
the trustee of the member’s Child Development Account has not made an election in accordance with regulation 10(3) of the Child Development Co-Savings Regulations (Cap. 38A, Rg 2); or
in respect of whom the following requirements are satisfied:
the member satisfies the requirements under regulation 4(2)(a)(ii) or (c)(i); and
in a case where the member is born on or after 1st January 2006 but before 1st January 2008, the trustee of the member’s Child Development Account has not made an election in accordance with regulation 10(3A) of the Child Development Co-Savings Regulations.
Subregulation 5
For the purposes of paragraph (1), the maximum amount of contributions by or on behalf of a parent of an eligible member of the PSE Fund to the member’s PSE account shall include any contributions made by or on behalf of a parent of the member to the member’s Child Development Account which are subsequently transferred to the member’s PSE account.