s 5 Protection of benefits
5. Subject to the Education Endowment and Savings Schemes Act 1992 and any regulations made under section 3 (insofar as they provide for the withdrawal, transfer or utilisation of any moneys paid into a member’s bank account), the ownership of any moneys paid into a member’s bank account by the Government or the member’s parent under the Scheme belongs, with effect from the date of the payment, to the member absolutely and —(a) the payment by the parent does not constitute a “matrimonial asset” within the meaning of section 112 of the Women’s Charter 1961; (b) the payment by the parent 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 estate of a parent who has been adjudicated bankrupt; and (c) the moneys in the member’s bank account are not assignable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim.[52/2007; 40/2018]