Education Endowment and Savings Schemes Act 1992

Education Endowment and
Savings Schemes Act 1992

2020 REVISED EDITION

This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021

An Act to establish an education endowment scheme and a scheme to promote savings for post-secondary education, and for matters connected therewith.

[1 January 1993]

PART 1

PRELIMINARY

Short title

1. This Act is the Education Endowment and Savings Schemes Act 1992.

Interpretation

2.—(1) In this Act, unless the context otherwise requires —

“Council” means the Advisory Council established under section 11;

“Edusave account” means an Edusave account maintained under section 7(3);

“Edusave Pupils Fund” means the Edusave Pupils Fund established under section 7(1);

“Edusave Qualifying Ages” means the range of ages prescribed by regulations to be the Edusave Qualifying Ages;

“Edusave Scheme Administrator” means the public officer appointed under section 7(2) by the Minister to administer the Edusave Pupils Fund on the Minister’s behalf;

“Endowment Fund” means the Edusave Endowment Fund established under section 3(1);

“junior college”, in relation to a member of the Edusave Pupils Fund, means any of the following which is not a prescribed school:

(a)	a junior college that is organised and conducted directly by the Government to provide full‑time pre‑university education;
(b)	a junior college that is established by a person other than the Government and is conducted by a committee of management in receipt of a grant‑in‑aid from the Government to defray the costs and expenses of conducting the junior college to provide full‑time pre‑university education;
(c)	a centralised institute that provides full‑time pre‑university education;
(d)	any other educational institution providing full‑time pre‑university education that may be prescribed as a junior college;

“parent” includes a legal guardian;

“prescribed school”, in relation to a member of the Edusave Pupils Fund, means —

(a)

an institution for providing full-time primary or secondary education, being —

(i)	a school organised and conducted directly by the Government;
(ii)	a school specified in any order made under section 3(1) of the School Boards (Incorporation) Act 1990; or
(iii)	a school that is established by a person other than the Government and is conducted by a committee of management in receipt of a grant‑in‑aid from the Government to defray the costs and expenses of conducting the school; or

(b)

any other educational institution that may be prescribed as a prescribed school;

“PSE account” means a PSE account maintained under section 19(3);

“PSE Fund” means the Post-Secondary Education Fund established under section 19(1);

“PSE Scheme Administrator” means the public officer appointed by the Minister to administer the PSE Fund on behalf of the Minister;

“schooling” means enrolled as a full-time student of a prescribed school or a junior college;

“sibling”, in relation to a member of the PSE Fund, means the natural sibling, stepsibling or adopted sibling of the member.

[33/2014]

(2) For the purposes of this Act, the time at which an individual attains a particular age expressed in years is the relevant anniversary of the date of that individual’s birth, except that where an individual was born on 29 February in any year, then, in any subsequent year that is not a leap year, the anniversary of the birth of the individual is deemed to occur on 1 March of that subsequent year.

[33/2014]

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