Conditions for withdrawal from PSE Fund
Open ↗22.—(1) Any money standing to the credit of any member of the PSE Fund in his or her PSE account may be withdrawn from that Fund with the authority of the PSE Scheme Administrator in accordance with this section, section 23 and any regulations made under section 35.[33/2014]
(2) Subject to any regulations made under section 35, a parent of a member of the PSE Fund below 21 years of age, or a member of that Fund who has attained 21 years of age, is entitled to withdraw at any time the sum standing to the member’s credit in the member’s PSE account —(a)
to pay for all fees and charges incurred or to be incurred in respect of any approved course of study or programme which is attended or to be attended by the member or any sibling of the member at any approved institution; and
(b)
for any other prescribed purpose.
(3) Subject to any regulations made under section 35, the Minister may permit the withdrawal of the whole sum standing to the credit of a member of the PSE Fund in his or her PSE account —(a)
upon an application by the member or, if the member is below 21 years of age, a parent of the member; and
(b)
if the Minister is satisfied that it is just and equitable to do so.
(4) Upon withdrawal of the whole sum mentioned in subsection (3), the member’s PSE account is to be closed and the member ceases to be a member of the PSE Fund.[33/2014]
(5) In subsection (2), “approved”, in relation to a course of study or programme or an institution, means approved by the Minister for the purposes of that subsection.[16D
Donation of member’s moneys in PSE Fund
Open ↗23.—(1) An individual who is a member of the PSE Fund or, if the individual is below 21 years of age, any parent of that individual, may by notice given to the PSE Scheme Administrator donate all or part of the sum standing to the individual’s credit in his or her PSE account to a prescribed charity of the individual’s or parent’s choice (as the case may be), being a charity whose objects are exclusively or primarily for the advancement of education.[33/2014]
(2) Upon receiving the notice in subsection (1), the PSE Scheme Administrator may authorise the payment of the sum, as stated in the notice, to the prescribed charity.[33/2014]
(3) In this section, “charity” means a charity within the meaning of section 2(1) of the Charities Act 1994, whether or not registered under that Act.[16DA
[33/2014]
Transfer of member’s moneys in PSE Fund
Open ↗24.—(1) Subject to any regulations made under section 35, the PSE Scheme Administrator may, upon an application by a member of the PSE Fund who has attained 21 years of age, permit the member to transfer the whole sum standing to the member’s credit in his or her PSE account to his or her ordinary account (if any) maintained under section 13 of the Central Provident Fund Act 1953, and upon the transfer, the member’s PSE account is to be closed and the member ceases to be a member of the PSE Fund.[33/2014]
(2) Subject to any regulations made under section 35, the PSE Scheme Administrator may, upon an application by a member of the PSE Fund who has attained the relevant age, permit the member to transfer —(a)
the whole or any part of the sum standing to the member’s credit in his or her PSE account to his or her sibling’s PSE account, if any; and
(b)
any remainder of that sum to his or her ordinary account (if any) maintained under section 13 of the Central Provident Fund Act 1953,
and upon the transfer, the member’s PSE account is to be closed and the member ceases to be a member of the PSE Fund.
[33/2014]
(3) The PSE Scheme Administrator may, upon an application by a member of the PSE Fund who has attained or is about to attain the relevant age, permit the member to remain as a member of that Fund, and to continue to maintain in his or her PSE account the sum standing to his or her credit in that account, until such time after attaining the relevant age as the PSE Scheme Administrator may determine.
(4) Subject to subsection (3), where any member of the PSE Fund has attained the relevant age, and no application has been made, within such period (not exceeding 12 months) after the member has attained the relevant age as the PSE Scheme Administrator may specify, for the sum standing to the member’s credit in his or her PSE account to be withdrawn under section 22(3) or transferred under subsection (1) or (2), the PSE Scheme Administrator must transfer the sum standing to the member’s credit in his or her PSE account to his or her ordinary account (if any) maintained under section 13 of the Central Provident Fund Act 1953, and upon the transfer, the member’s PSE account is to be closed and the member ceases to be a member of the PSE Fund.[33/2014]
(4A) Every sum transferred under subsection (1), (2) or (4) to a member’s ordinary account maintained under section 13 of the Central Provident Fund Act 1953 is taken to be a cash grant paid into the Fund under section 14(1) of that Act.[Act 39 of 2021 wef 01/01/2022]
(5) In this section, “relevant age” means the age prescribed for the purposes of this section.
(6) An individual who is a member of the PSE Fund and who resumes being a member of the Edusave Pupils Fund by virtue of section 8(3), or, if the individual is below 21 years of age, any parent of the individual, may apply to the PSE Scheme Administrator to transfer moneys standing to the credit of the individual in his or her PSE account to his or her Edusave account.[16E
[33/2014]
Applications for withdrawal or transfer from PSE account
Open ↗25.—(1) Upon an application to withdraw any sum of money standing to the credit of a member of the PSE Fund in the member’s PSE account by the member’s parent or by the member (as the case may be) under section 22(2) or (3), the PSE Scheme Administrator may authorise the withdrawal of such sum as the parent or member is entitled to withdraw from the member’s PSE account.
(2) Upon an application to transfer the sum standing to the credit of a member of the PSE Fund in the member’s PSE account by the member under section 24(1) or (2), the PSE Scheme Administrator may authorise the transfer of that sum from the member’s PSE account.
(3) Upon an application under section 24(6) to transfer moneys from the PSE account of an individual who is a member of the PSE Fund to the individual’s Edusave account, the PSE Scheme Administrator may authorise the transfer to the Edusave account of an amount not exceeding the amount earlier transferred to the PSE account under section 14(1) with respect to that individual.[33/2014]
(4) All applications for withdrawal or transfer must be supported by such evidence as may be prescribed and by any further evidence that the PSE Scheme Administrator may reasonably require.[16F
Protection of benefits of member of PSE Fund
Open ↗26.—(1) Subject to this Act (insofar as it provides for the refund, withdrawal, transfer or utilisation of any sum contributed to or standing in a PSE account), any moneys paid into the PSE account of a member of the PSE Fund belong to the member and are not assignable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim.
(2) No withdrawals or transfers authorised by the PSE Scheme Administrator from the PSE Fund under section 22, 23 or 24 nor the rights of any member of that Fund acquired under any of those sections are assignable or transferable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim.[33/2014]
(3) A contribution by a parent of a member of the PSE Fund under section 21(1) does not constitute a transaction at an undervalue or an unfair preference under section 361 or 362 of the Insolvency, Restructuring and Dissolution Act 2018 or form part of the parent’s estate, if the parent has been adjudged bankrupt.[16G
[40/2018]
Moneys payable on death of member of PSE Fund
Open ↗27.—(1) Where a member of the PSE Fund dies, the total amount standing to the member’s credit in his or her PSE account must be paid to the Public Trustee for disposal in accordance with —(a)
the Intestate Succession Act 1967, if the member was not a Muslim at the time of death; or
(b)
section 112 of the Administration of Muslim Law Act 1966, if the member was a Muslim at the time of death.[2/2012]
(2) Upon payment of the total amount standing to the credit of a member of the PSE Fund in the member’s PSE account to the Public Trustee under subsection (1), the PSE account is to be closed and the member ceases to be a member of the PSE Fund.[33/2014]
(3) The receipt of the Public Trustee is a good discharge to the PSE Scheme Administrator for those portions of the moneys payable out of the PSE account on the death of a member of the PSE Fund that are payable to the Public Trustee under subsection (1).
(4) All moneys paid out of the PSE account of any member of the PSE Fund on the member’s death are deemed to be impressed with a trust in favour of the person or persons determined by the Public Trustee in accordance with subsection (1) to be entitled to the moneys but are, without affecting the Estate Duty Act 1929, deemed not to form part of the deceased member’s estate or to be subject to the deceased member’s debts.[16H
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
