Establishment of Post-Secondary Education Fund
19.—(1) For the purposes of this Act, a fund called the Post‑Secondary Education Fund is established, into which must be paid —(a)
all contributions under section 21;
(b)
all the income of that Fund;
(c)
all moneys transferred to any PSE account under the Child Development Co‑Savings Act 2001;
(d)
all sums transferred to any PSE account under —(i)
section 14(1); or
(ii)
section 13(2) or (3) of this Act as in force immediately before 10 November 2014; and
(e)
any cash grant made by the Government,
and out of which must be met all payments authorised to be made under this Act.
[13/2011; 33/2014]
(2) The PSE Scheme Administrator must administer the PSE Fund on behalf of the Minister, and all moneys belonging to that Fund may be —(a)
deposited in a bank or banks approved by the PSE Scheme Administrator; and
(b)
invested in any securities that trustees may by any written law be authorised to invest.
(3) The PSE Scheme Administrator must maintain for each member of the PSE Fund in respect of the money standing to the member’s credit in that Fund an account to be called the PSE account from which withdrawals may be made under section 22, 23 or 24.[33/2014]
(4) The PSE Scheme Administrator has the powers and must perform the duties given or imposed by this Act or directed by the Minister, and the PSE Scheme Administrator may by instrument in writing delegate to any person all or any of those powers and duties, except the power of delegation conferred by this subsection.
(5) The Minister may, by warrant under his or her hand, authorise the transfer to the Consolidated Fund of any moneys in the PSE Fund which, in the opinion of the Minister and the Minister for Finance, are not immediately required to meet the liabilities or purposes of the PSE Fund.
(6) For the purpose of providing additional income to the PSE Fund, the Minister for Finance may, from time to time, pay to that Fund such sum of money as Parliament may provide.[16A
Members of PSE Fund
20. A person becomes a member of the PSE Fund by virtue of this section if the person —(a)
is a citizen of Singapore; and
(b)
satisfies any other prescribed requirements.[16B
Contributions and interest to be paid to members of PSE Fund
21.—(1) Subject to subsection (2) and any regulations made under section 35, any parent of an eligible member of the PSE Fund, or any person on the parent’s behalf, may, from time to time after a PSE account has been opened for the member and before the member has attained 18 years of age, contribute one or more sums to the member’s PSE account.
(2) If the aggregate of all contributions by or on behalf of a parent of an eligible member of the PSE Fund to the member’s PSE account under subsection (1) exceeds the maximum amount that the Minister may from time to time prescribe for such contributions, the PSE Scheme Administrator may refund the whole or any part of the contributions in excess of that amount.
(3) Subject to subsection (4), where any sum has been contributed by or on behalf of a parent of an eligible member of the PSE Fund to the member’s PSE account under subsection (1), the Government must contribute an equivalent sum to the PSE account.
(4) The aggregate of —(a)
all contributions made by the Government to the PSE account of an eligible member of the PSE Fund under subsection (3); and
(b)
all contributions (if any) made by the Government under the co-savings arrangement to the member’s bank account (if any) opened under regulations made under section 3 of the Child Development Co-Savings Act 2001,
must not exceed the maximum amount that the Minister may from time to time prescribe.
[13/2011]
(5) For the purposes of subsections (2) and (4), different maximum amounts may be prescribed for different classes of eligible members of the PSE Fund.
(6) Subject to subsection (2), the PSE Scheme Administrator must cause to be credited —(a)
to any eligible member of the PSE Fund the contributions made to the member’s PSE account under subsections (1) and (3); and
(b)
to every member of the PSE Fund interest at the rate mentioned in subsection (9) at the intervals and on the amount standing to the member’s credit in his or her PSE account over the periods, which must be paid out of the income of that Fund at the time, that the PSE Scheme Administrator may determine.
(7) The PSE Scheme Administrator must, as far as practicable, credit any contribution made by the Government under subsection (3) to the PSE account of an eligible member of the PSE Fund within the prescribed period after the corresponding contribution under subsection (1) was made by or on behalf of a member’s parent to the member’s PSE account.
(8) Where it is not practicable to credit the contribution made by the Government under subsection (3) to the PSE account of an eligible member of the PSE Fund within the time limited by subsection (7), the PSE Scheme Administrator must credit that contribution within any other period allowed by the Minister.
(9) Interest is payable on the amount standing to the credit of every member of the PSE Fund in his or her PSE account at such rate per annum as the Minister may from time to time determine, and the Minister may determine different rates of interest for different parts of the amount standing to the credit of any member of the PSE Fund in the member’s PSE account.
(10) In this section —“co-savings arrangement” means the co‑savings arrangement mentioned in section 3(1)(a) of the Child Development Co‑Savings Act 2001;
“eligible member of the PSE Fund” means any member of that Fund who —(a)
is eligible for the co-savings arrangement; and
(b)
satisfies any other prescribed requirement.[16C
[13/2011]
