s 24 Transfer of member’s moneys in PSE Fund
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the PSE Scheme Administrator may specify, for the sum standing to the member’s credit in his or her PSE account to be withdrawn under section 22(3) or transferred under subsection (1) or (2), the PSE Scheme Administrator must transfer the sum standing to the member’s credit in his or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]