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Closure of Child Development Account, transfer of member’s moneys and related matters

Child Development Co-Savings Regulations

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—(1) Subject to paragraph (3B), the Child Development Account of a member shall be closed in January in the year in which the relevant anniversary of his date of birth falls.(1A) 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.(2) Subject to paragraph (3B), the amounts standing to the credit of a member in his Child Development Account before the Account is closed shall be dealt with as follows:(a)the following amounts shall, as soon as practicable in the year in which the relevant anniversary of the member’s date of birth falls, be transferred to his PSE account:(i)where the member is a co-savings member, any moneys standing to the credit of the member in the Account on 31st December in the year in which the pertinent anniversary of his date of birth falls, up to a maximum amount equivalent to the sum of —(A)the aggregate amount of all co-investment sums deposited into the Account under regulation 6(1) or the relevant amount specified in the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore, whichever is the lesser; (B)the aggregate amount of all co-payment contributions made by the Government under regulation 6(2) and paid into the Account on or before 31st December in the year in which the pertinent anniversary of the member’s date of birth falls; (C)the aggregate amount of all Child Development Credits and Cash Grants paid into the Account on or before 31st December in the year in which the pertinent anniversary of the member’s date of birth falls; and (D)in the case of a member to whom Part IV, V, VI, VII, VIII or IX of the First Schedule applies, the total of all contributions, if any, mentioned in regulation 6A(1) and (2) (each not being a co‑investment sum) not exceeding the amount specified in the Third Schedule corresponding to the time the member becomes a citizen of Singapore;(ia)where the member is not a co-savings member, any moneys standing to the credit of the member in the Account on 31st December in the year in which the pertinent anniversary of his date of birth falls, up to a maximum amount equivalent to the aggregate amount of all Child Development Credits and Cash Grants paid into the Account on or before 31st December in that year; and(ii)any interest paid on all moneys standing to the credit of the member in the Account on or before 31st December in the year in which the pertinent anniversary of his date of birth falls;(b)the following amounts (if any) shall, as soon as practicable after the Account is closed, be transferred to his PSE account:(i)any co-payment contribution made by the Government under regulation 6(2), and any Child Development Credit and Cash Grant, which is paid into the Account in the year in which the relevant anniversary of the member’s date of birth falls; and(ii)any interest paid on all moneys standing to the credit of the member in the Account in the year in which the relevant anniversary of his date of birth falls; and(c)any remainder of the moneys standing to the credit of the member in the Account when the Account is closed may be —(i)where the Account is closed on or after 1 January 2026, transferred to any of the following:(A)an account with a bank in Singapore nominated by the trustee;(B)any account with a bank in Singapore which is in the trustee’s name;(ii)transferred to an account with a bank in Singapore which is in the member’s name (whether solely or jointly with a parent of the member or the trustee of the Account);(iii)withdrawn by the trustee, if the trustee has obtained the approval of the Director under regulation 9(5) for such withdrawal; or(iv)if there is no transfer under sub-paragraph (i) or (ii), or withdrawal under sub-paragraph (iii), transferred to his PSE account.(3) [Deleted by S 829/2021 wef 01/11/2021](3A) [Deleted by S 829/2021 wef 01/11/2021](3B) Where a member is born on or after 1 January 2009 but before 1st January 2013 —(a)the trustee of the member’s Child Development Account may elect in writing, at any time after 1st January in the year in which the seventh anniversary of the member’s date of birth falls but before the Account is closed under paragraph (1), for the Account to be closed and for the amounts standing to the credit of the member in the Account to be transferred to the member’s PSE account; and(b)if the trustee makes an election in accordance with sub‑paragraph (a), then —(i)the Account shall be closed as soon as practicable after the election is made;(ii)paragraph (2) shall cease to apply to the member; and(iii)the amounts standing to the credit of the member in the Account before the Account is closed shall be dealt with in accordance with paragraph (3C).(3C) For the purposes of paragraph (3B)(b)(iii), the amounts standing to the credit of a member in his Child Development Account shall be dealt with as follows:(a)the following amounts shall, as soon as practicable after the Account is closed, be transferred to his PSE account:(i)where the member is a co-savings member, any moneys standing to the credit of the member in the Account, up to a maximum amount equivalent to the sum of —(A)the aggregate amount of all co‑investment sums deposited into the Account under regulation 6(1) or the relevant amount specified in the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore, whichever is the lesser;(B)the aggregate amount of all co‑payment contributions made by the Government under regulation 6(2) and paid into the Account; and(C)the aggregate amount of all Child Development Credits and Cash Grants paid into the Account;(ii)where the member is not a co‑savings member, any moneys standing to the credit of the member in the Account, up to a maximum amount equivalent to the aggregate amount of all Child Development Credits and Cash Grants paid into the Account; and(iii)any interest paid on all moneys standing to the credit of the member in the Account; and(b)any remainder of the moneys standing to the credit of the member in the Account when the Account is closed may be —(i)transferred to any of the following, whether the Account is closed before, on or after 1 January 2026:(A)an account with a bank in Singapore nominated by the trustee;(B)any account with a bank in Singapore which is in the trustee’s name;(ii)transferred to an account with a bank in Singapore which is in the member’s name (whether solely or jointly with a parent of the member or the trustee of the Account);(iii)withdrawn by the trustee, if the trustee has obtained the approval of the Director under regulation 9(5) for such withdrawal; or(iv)if there is no transfer under sub-paragraph (i) or (ii), or withdrawal under sub-paragraph (iii), transferred to his PSE account.(4) For the avoidance of doubt, any election by the trustee under paragraph (3B) shall be irrevocable.(4A) Despite paragraphs (2), (3B) and (3C), any co‑payment contribution that is not paid into a co‑savings member’s Child Development Account before the Account is closed, must be paid into the member’s PSE account as soon as practicable.(5) Any moneys transferred under paragraph (2)(c)(i) or (ii) or (3C)(b)(i) or (ii), or withdrawn by the trustee of a member’s Child Development Account under paragraph (2)(c)(iii) or (3C)(b)(iii), must be used for the benefit of the member.(6) [Deleted by S 550/2008 wef 31/10/2008](7) In paragraphs (2)(a)(i) and (ii) and (3C)(a)(i) and (iii) —(a)a reference to co-investment sums deposited into a member’s Child Development Account includes such sums paid into any previous Child Development Account of that member and transferred to the first-mentioned Account;(b)a reference to co-payment contributions made by the Government and paid into a member’s Child Development Account includes such contributions made by the Government and paid into any previous Child Development Account of that member and transferred to the first-mentioned Account; (c)a reference to interest paid on moneys standing to the credit of a member’s Child Development Account includes interest paid on moneys standing to the credit of the member in any previous Child Development Account of that member and transferred to the first-mentioned Account; and(d)a reference to the contributions mentioned in regulation 6A(1) and (2) (each not being a co‑investment sum) includes such contributions paid into any previous Child Development Account of that member and transferred to the firstmentioned Account.(8) In this regulation —“pertinent anniversary”, in relation to a member born on or after 1 January 2009, means the twelfth anniversary;“relevant anniversary”, in relation to a member born on or after 1 January 2009, means the thirteenth anniversary.

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