Education Endowment and Savings Schemes Act |
Education Endowment and Savings Schemes (Edusave Pupils Fund) Regulations |
Rg 1 |
G.N. No. S 750/2007 |
REVISED EDITION 2010 |
(31st January 2010) |
[1st January 2008] |
Citation |
1. These Regulations may be cited as the Education Endowment and Savings Schemes (Edusave Pupils Fund) Regulations. |
Definitions |
Edusave Qualifying Ages |
3. For the purposes of the Act, the Edusave Qualifying Ages means the age range that spans from 7 years old to 16 years old (both ages inclusive). [S 735/2014 wef 10/11/2014] |
4. [Deleted by S 735/2014 wef 10/11/2014] |
Purposes for which moneys in Edusave account may be withdrawn |
5. The moneys standing to the credit of a member in his Edusave account may be withdrawn under section 12(2) of the Act for the purpose of paying —
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Application for withdrawal of moneys from Edusave account |
6.—(1) Every application for the withdrawal of moneys from a member’s Edusave account shall be made to the Edusave Scheme Administrator in such form as may be required by the Edusave Scheme Administrator.
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Manner of withdrawal and application of moneys withdrawn from Edusave account |
7.—(1) Where the Edusave Scheme Administrator has approved an application to withdraw an amount of money from a member’s Edusave account, the Edusave Scheme Administrator is to transfer, by electronic fund transfer, the amount approved from the Edusave account —
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Amount of withdrawal from Edusave account |
7A. The amount that may be withdrawn on any single occasion, from a member’s Edusave account, must be not less than $1 but not more than the balance in the member’s Edusave account, whichever is the lower, at the time of the withdrawal. [S 735/2014 wef 10/11/2014] |
Insufficiency of moneys in Edusave account |
8. Where the balance in a member’s Edusave account is insufficient to pay any fees, charges or expenses in respect of which an application has been made for the withdrawal of moneys from the member’s Edusave account, the amount of such fees, charges or expenses which remains unpaid shall be paid for in cash by the parents or guardian of the member, if he has not attained the age of 21 years, or by the member, if he has attained the age of 21 years. |
Where moneys withdrawn from Edusave account are not used for purpose of withdrawal |
9.—(1) Where an amount transferred from a member’s Edusave account to another person’s designated bank account referred to in regulation 7(1) is not used or not fully used (called the unused amount), that other person must refund an amount equal to the unused amount.
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Unclaimed moneys in Edusave Pupils Fund |
10. Any amount in the Edusave Pupils Fund which is unclaimed may be transferred to the Endowment Fund in accordance with section 7(5) of the Act. |
Statements of accounts |
11.—(1) The Edusave Scheme Administrator shall issue a statement of account to every member at least once in every 12 months. [S 735/2014 wef 10/11/2014]
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