s 13 Crediting of contributions and interest into subsidiary accounts, etc.
13.—(1) Subject to this Act, the following subsidiary accounts are to be maintained for each member in respect of the money standing to the member’s credit in the Fund:(a) an ordinary account; (b) a medisave account; (c) a special account or a retirement account, or both.[6/2016] [Act 39 of 2021 wef 01/04/2022] [Act 36 of 2023 wef 01/04/2024] [Act 33 of 2024 wef 19/01/2025] (1A) An account referred to in subsection (1) is an account —(a) maintained for the crediting, transfer and payment to the account of moneys or contributions in accordance with this Act, the MediShield Life Scheme Act 2015 or the CareShield Life and Long‑Term Care Act 2019; and (b) from which withdrawals, transfers and deductions may be made in accordance with this Act, the MediShield Life Scheme Act 2015 or the CareShield Life and Long‑Term Care Act 2019.[6/2016; 26/2019] (2) Every ordinary account, medisave account and special account which was maintained by the Board for a member before 28 September 1984 is deemed to have been validly maintained. (3) All moneys standing to the credit of a member in his or her special account as at 1 April 1984 are deemed to have been transferred to his or her medisave account except where the member is entitled at that date to withdraw such money under section 15. (4) The Board must credit to the accounts of a member specified in subsection (1), in such manner as the Minister may direct, every contribution paid into the Fund for the member under —(a) section 7; (aa) section 8A;[Act 30 of 2024 wef 15/12/2024] (b) section 9A; (ba) section 9B; or (c) such other provision as the Minister may prescribe.[37/2019] (4A) The Minister may give different directions in respect of different classes of members under subsection (4). (5) The Board must credit to each account of a member the interest referred to in section 6(4) on the amount standing to the credit of the member in that account. (5AA) Despite subsection (5), where a member’s special account is closed under section 13AA(1), the Board may credit any interest mentioned in section 6(4) that had accrued to the amount standing to the credit of the member in the member’s special account in the following manner:(a) if there is a shortfall in the retirement sum applicable to the member, or in the amount specified by the Minister for the member pursuant to section 15AA(5)(a) — credit the interest to the member’s retirement account, even if the interest so credited exceeds that shortfall; (b) in any other case or if (despite paragraph (a)) the prescribed circumstances apply — credit the interest to the member’s ordinary account.[Act 33 of 2024 wef 19/01/2025] (5A) Where any additional interest is payable to a member under section 6(4B) —(a) the Board must credit the additional interest into one or more of the member’s ordinary account, medisave account, special account, retirement account and nominee account (if any) in such manner as the Board may determine; and (b) the Board may make different determinations under paragraph (a) in respect of different classes of members.[6/2016] (6) The Board must transfer to one or more designated accounts of a member, in accordance with any regulations made under section 77(1)(ka), any amount standing to the member’s credit in his or her medisave account which is in excess of such amount as the Minister may from time to time direct. (6A) For the purposes of subsection (6), the Minister may direct different amounts for different classes of members.[26/2016] (7) Where there is no balance in the medisave account of a member, the Board may, on the member’s application and with the Minister’s approval, transfer to the member’s medisave account the whole or such part, as the Board may determine, of —(a) the amount standing to the member’s credit in any designated account, not exceeding the total amount which had been transferred from the medisave account to that designated account under subsection (6) (called in this subsection the transferred amount); and (b) any interest that would have been payable on the transferred amount if the transfer had not been made.[6/2016] (7A) The Board may transfer any moneys standing in a member’s account in the Fund (other than a nominee account, if any) to the general moneys of the Fund in accordance with regulations made under section 77(1) if before, on or after 1 April 2022 —(a) the Board is notified that the member has died; (b) the member’s accounts in the Fund are deemed to be dormant under section 2(1B); or (c) the Board is unable to ascertain the member’s identity.[Act 39 of 2021 wef 01/04/2022] [Act 36 of 2023 wef 01/04/2024] (7B) The Board may, on or after 1 April 2024, transfer any moneys standing in a member’s account in the Fund (other than a nominee account, if any) to the general moneys of the Fund in accordance with regulations made under section 77(1) if the Board is satisfied that the member is not an applicable person.[Act 36 of 2023 wef 01/04/2024] (7C) Where the Board has made an initial transfer specified in subsection (7D) of any amount standing to a member’s credit in the Fund from any account of the member in the Fund (called in this subsection Account A), the Board may in such circumstances as may be prescribed in any regulations made under section 77(1) —(a) restore to Account A or transfer to such other account of the member in the Fund as may be prescribed in those regulations (called in this subsection Account B), the whole or such part, as the Board may determine, of the amount of the initial transfer; and (b) pay into Account A or Account B (as the case may be) the whole or such part, as the Board may determine, of any interest that would have been payable on the amount restored to Account A or transferred to Account B, if the initial transfer had not been made.[6/2016] (7CA) Where Account A mentioned in subsection (7C) is a special account that has since been closed under section 13AA(1), subsection (7C) applies with the following modifications:(a) any amount to be restored to Account A under subsection (7C)(a) may be paid to the member’s accounts in the Fund in accordance with section 13AA(4); (b) any interest (in respect of the restored amount) to be paid into Account A under subsection (7C)(b) may be paid to the member’s accounts in the Fund in accordance with section 13AA(5) or (6), whichever is applicable.[Act 33 of 2024 wef 19/01/2025] (7D) The initial transfer referred to in subsection (7C) is a transfer to the general moneys of the Fund under subsection (7B) as in force before 1 April 2022 or on or after 1 April 2024, subsection (7A) or regulations made under section 77(1).[Act 39 of 2021 wef 01/04/2022] [Act 36 of 2023 wef 01/04/2024] (7E) Where the Board —(a) restores or transfers the sum of any initial transfers to a member’s account in the Fund under subsection (7C)(a) (called in this subsection and subsection (7F) S); and (b) is satisfied that while any part of S was standing to the credit of the member in the general moneys of the Fund, the member was not an applicable person, for any period, on or after 1 April 2024 (called in subsection (7F) the non-applicable period), the amount of interest that the Board may pay under subsection (7C)(b) in respect of S must not exceed the reduced amount. [Act 36 of 2023 wef 01/04/2024] (7F) In subsection (7E), the “reduced amount” in respect of S is B + C, where —(a) B is the amount that the Board determines under subsection (7C)(b) in respect of S for the period that any part of S was standing to the credit of the member in the general moneys of the Fund (excluding the non-applicable period); and (b) C is the amount computed as if —(i) the reduced rate prescribed by regulations made under section 77(1) applies to S for the non-applicable period that is before 1 April 2027 (if any); and (ii) the reduced rate applicable to S for the non-applicable period that is on or after 1 April 2027 (if any) is nil.[Act 36 of 2023 wef 01/04/2024] (7G) Subsections (7A) to (7F) as in force immediately before 1 April 2022 and subsections (7A), (7C) and (7D) as in force on or after that date do not preclude, and do not affect the validity of, any transfer to the general moneys of the Fund, whether before, on or after 1 January 2011, under any regulations made under section 77(1), of any amount standing to a member’s credit in the Fund.[Act 39 of 2021 wef 01/04/2022] [Act 36 of 2023 wef 01/04/2024] (7GA) Subsections (7E), (7F) and (7G) apply in respect of the restoration of any amount or payment of any interest under subsection (7C) read with subsection (7CA), and a reference in subsections (7E), (7F) and (7G) to subsection (7C)(a) or (b) or subsection (7C) includes a reference to any of those provisions as modified by subsection (7CA).[Act 33 of 2024 wef 19/01/2025] (7H) Where the Board has transferred any money standing to the credit of a member in the Fund from any account of the member in the Fund (called in this subsection Account A) to any other account in the Fund (called in this subsection Account B) under section 15(6), 15AA(5), 18(1)(a), (2)(a) or (3)(a), 18A(1), 18B, 18C(1) or 18D, any condition referred to in section 27(2)(b) or (3) or any regulations made under section 77(1), the Board may, on its own motion or on the application of the member, and subject to such terms and conditions as it may impose —(a) restore to Account A the whole or any part of the amount of the transferred money; (b) pay into Account A the whole or such part, as the Board may determine, of any interest that would have been payable on the restored amount if the restored amount had not been transferred to Account B; and (c) transfer, from Account B to the general moneys of the Fund, the whole or such part, as the Board may determine, of any interest paid on the restored amount while the restored amount was in Account B.[23/2012; 26/2016; 43/2017] [Act 39 of 2021 wef 01/03/2022] (7HA) Where either Account A or Account B (mentioned in subsection (7H)) or both are special accounts that have since been closed under section 13AA(1), subsection (7H) applies with the following modifications:(a) if only Account A is closed —(i) any amount to be restored to Account A under subsection (7H)(a) may be paid to the member’s accounts in the Fund in accordance with section 13AA(4); and (ii) any interest (in respect of the restored amount) to be paid to Account A under subsection (7H)(b) may be paid to the member’s accounts in the Fund in accordance with section 13AA(5) or (6), whichever is applicable; (b) if only Account B is closed —(i) any amount to be restored to Account A under subsection (7H)(a) may be deducted from the accounts in the Fund of the member for whom Account B was maintained, in accordance with section 13AA(7) or (8), whichever is applicable; and (ii) any interest to be transferred to the general moneys of the Fund under subsection (7H)(c) may be transferred from the accounts in the Fund of the member for whom Account B was maintained, in accordance with section 13AA(7) or (8), whichever is applicable; (c) if both Account A of a member (called Member A) and Account B of another member (called Member B) are closed —(i) any amount to be restored to Account A under subsection (7H)(a) may be paid to Member A’s accounts in the Fund in accordance with section 13AA(4), by a deduction from Member B’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable; (ii) subsection (7H)(b) applies, in relation to Member A, as modified by paragraph (a)(ii); and (iii) subsection (7H)(c) applies, in relation to Member B, as modified by paragraph (b)(ii).[Act 33 of 2024 wef 19/01/2025] (7HB) Where the money transferred to Account B mentioned in subsection (7H) has been transferred to another account in the Fund of the member (called in this subsection Account C) pursuant to subsection (7C), section 15(6CA), 15AA(5) or 18(4), subsection (7H) applies with the following modifications:(a) any amount to be restored to Account A under subsection (7H)(a) may be deducted from Account C; (b) any interest to be transferred to the general moneys of the Fund under subsection (7H)(c) may be transferred from Account C, and is the whole or any part, as the Board may determine, of —(i) any interest paid on the restored amount while the restored amount was in Account B and Account C; and (ii) if applicable, any interest paid in respect of the restored amount in connection with an initial transfer specified in subsection (7D).[Act 33 of 2024 wef 19/01/2025] (7I) Where the Board has credited any money to a member’s account in the Fund (called in this subsection Account A) under section 13(4), 13B(2) or 13C, or where any money has been paid into Account A under section 18(1)(b) or (c), (2)(b) or (3)(b) or any regulations made under section 77(1), the Board may, on the Board’s own motion or on an application to the Board, and subject to any terms and conditions that the Board may impose —(a) refund to the person who paid the money, or pay to any person whom the Board is satisfied is entitled to that payment, the whole or any part of the money (called in this subsection the relevant amount) by a deduction from any of the following accounts in the Fund of the member:(i) Account A; (ii) if Account A is a special account that has since been closed under section 13AA(1) — the member’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable; (iii) if the money credited or paid into Account A has been transferred from Account A to another account in the Fund of the member (called in this subsection Account B) pursuant to subsection (7C), section 15(6CA), 15AA(5) or 18(5) — Account B; and (b) transfer interest to the general moneys of the Fund in the following manner:(i) if paragraph (a)(i) applies — transfer from Account A, the whole or any part, as the Board may determine, of the interest paid on the relevant amount while the relevant amount was in Account A; (ii) if paragraph (a)(ii) applies — transfer any interest in respect of the relevant amount from the member’s accounts in the Fund in accordance with section 13AA(7) or (8), whichever is applicable; (iii) if paragraph (a)(iii) applies — transfer from Account B, the whole or any part, as the Board may determine, of —(A) the interest paid on the relevant amount while the relevant amount was in Account A and Account B; and (B) if applicable, any interest paid in respect of the relevant amount in connection with an initial transfer specified in subsection (7D).[Act 33 of 2024 wef 19/01/2025] (8) In this section, “designated account”, in relation to a member, means such ordinary account, special account or retirement account of the member as may be prescribed by any regulations made under section 77(1)(ka).[Act 33 of 2024 wef 19/01/2025] (9) [Deleted by Act 36 of 2023 wef 01/04/2024]