10.
—(1) Subject to paragraphs (3A) and (3B), the Child Development Account of a member shall be closed in January in the year in which the relevant anniversary of his date of birth falls.
(1A) The managing agent with whom the Child Development Account is opened shall, before closing that Account, close any fixed deposit or time deposit account opened under regulation 9(1)(d) and then transfer any moneys standing to the credit of the member in that account on the date of closure, including any interest paid on those moneys, to the Child Development Account.
[S 324/2008 wef 01/08/2008]
[S 226/2011 wef 01/05/2011]
(2) Subject to paragraphs (3), (3A) and (3B), the amounts standing to the credit of a member in his Child Development Account before the Account is closed shall be dealt with as follows:
(a)
the following amounts shall, as soon as practicable in the year in which the relevant anniversary of the member’s date of birth falls, be transferred to his PSE account:
(i)
where the member is a co-savings member, any moneys standing to the credit of the member in the Account on 31st December in the year in which the pertinent anniversary of his date of birth falls, up to a maximum amount equivalent to the sum of —
(A)
the aggregate amount of all co-investment sums deposited into the Account under regulation 6(1) or the relevant amount specified in the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore, whichever is the lesser;
[S 226/2011 wef 01/05/2011]
[S 251/2012 wef 01/06/2012]
(B)
the aggregate amount of all co-payment contributions made by the Government under regulation 6(2) and paid into the Account on or before 31st December in the year in which the pertinent anniversary of the member’s date of birth falls; and
(C)
the aggregate amount of all Child Development Credits paid into the Account on or before 31st December in the year in which the pertinent anniversary of the member’s date of birth falls;
[S 226/2011 wef 01/05/2011]
(ia)
where the member is not a co-savings member, any moneys standing to the credit of the member in the Account on 31st December in the year in which the pertinent anniversary of his date of birth falls, up to a maximum amount equivalent to the aggregate amount of all Child Development Credits paid into the Account on or before 31st December in that year; and
[S 226/2011 wef 01/05/2011]
(ii)
any interest paid on all moneys standing to the credit of the member in the Account on or before 31st December in the year in which the pertinent anniversary of his date of birth falls;
(b)
the following amounts (if any) shall, as soon as practicable after the Account is closed, be transferred to his PSE account:
(i)
any co-payment contribution made by the Government under regulation 6(2), and any Child Development Credit, which is paid into the Account in the year in which the relevant anniversary of the member’s date of birth falls; and
[S 226/2011 wef 01/05/2011]
(ii)
any interest paid on all moneys standing to the credit of the member in the Account in the year in which the relevant anniversary of his date of birth falls; and
(c)
any remainder of the moneys standing to the credit of the member in the Account when the Account is closed may be —
(i)
transferred to an account in the member’s name with a bank in Singapore, being an account which is nominated by the trustee of the Account; or
(ii)
withdrawn by the trustee, if the trustee has obtained the approval of the Director under regulation 9(5) for such withdrawal.
[S 226/2011 wef 01/05/2011]
(3) Where a member is born on or after 1st April 2001 but before 1st January 2006 —
(a)
the trustee of the member’s Child Development Account may elect in writing, within such period as the Director may allow, that paragraph (2) shall not apply to the member; and
(b)
if the trustee makes an election in accordance with sub-paragraph (a), then —
(i)
paragraph (2) shall not apply to the member; and
(ii)
when the Account is closed, all moneys standing to the credit of the member in the Account may be —
(A)
transferred to an account in the member’s name with a bank in Singapore, being an account which is nominated by the trustee; or
(B)
withdrawn by the trustee, if the trustee has obtained the approval of the Director under regulation 9(5) for such withdrawal.
(3A) Where a member is born on or after 1st January 2006 but before 1st January 2008 —
(a)
the trustee of the member’s Child Development Account may elect in writing, within such period as the Director may allow, for the Account to be closed in January in the year in which the seventh anniversary of the member’s date of birth falls; and
(b)
if the trustee makes an election in accordance with sub‑paragraph (a), then —
(i)
the Account shall be closed in January in the year in which the seventh anniversary of the member’s date of birth falls;
(ii)
paragraph (2) shall not apply to the member; and
(iii)
when the Account is closed, all moneys standing to the credit of the member in the Account may be —
(A)
transferred to an account in the member’s name with a bank in Singapore, being an account which is nominated by the trustee; or
(B)
withdrawn by the trustee, if the trustee has obtained the approval of the Director under regulation 9(5) for such withdrawal.
(3B) Where a member is born on or after 1st January 2006 but before 1st January 2013 —
(a)
the trustee of the member’s Child Development Account may elect in writing, at any time after 1st January in the year in which the seventh anniversary of the member’s date of birth falls but before the Account is closed under paragraph (1), for the Account to be closed and for the amounts standing to the credit of the member in the Account to be transferred to the member’s PSE account; and
(b)
if the trustee makes an election in accordance with sub‑paragraph (a), then —
(i)
the Account shall be closed as soon as practicable after the election is made;
(ii)
paragraph (2) shall cease to apply to the member; and
(iii)
the amounts standing to the credit of the member in the Account before the Account is closed shall be dealt with in accordance with paragraph (3C).
(3C) For the purposes of paragraph (3B)(b)(iii), the amounts standing to the credit of a member in his Child Development Account shall be dealt with as follows:
(a)
the following amounts shall, as soon as practicable after the Account is closed, be transferred to his PSE account:
(i)
where the member is a co-savings member, any moneys standing to the credit of the member in the Account, up to a maximum amount equivalent to the sum of —
(A)
the aggregate amount of all co‑investment sums deposited into the Account under regulation 6(1) or the relevant amount specified in the First Schedule corresponding to both the member’s birth order and the time he becomes a citizen of Singapore, whichever is the lesser;
(B)
the aggregate amount of all co‑payment contributions made by the Government under regulation 6(2) and paid into the Account; and
(C)
the aggregate amount of all Child Development Credits paid into the Account;
(ii)
where the member is not a co‑savings member, any moneys standing to the credit of the member in the Account, up to a maximum amount equivalent to the aggregate amount of all Child Development Credits paid into the Account; and
(iii)
any interest paid on all moneys standing to the credit of the member in the Account; and
(b)
any remainder of the moneys standing to the credit of the member in the Account when the Account is closed may be —
(i)
transferred to an account in the member’s name with a bank in Singapore, being an account which is nominated by the trustee of the Account; or
(ii)
withdrawn by the trustee, if the trustee has obtained the approval of the Director under regulation 9(5) for such withdrawal.
(4) For the avoidance of doubt, any election by the trustee under paragraph (3), (3A) or (3B) shall be irrevocable.
(5) Any moneys transferred to an account in a member’s name with a bank in Singapore under paragraph (2)(c)(i) or, (3)(b)(ii)(A), (3A)(b)(iii)(A) or (3C)(b)(i), or withdrawn by the trustee of a member’s Child Development Account under paragraph (2)(c)(ii) or, (3)(b)(ii)(B), (3A)(b)(iii)(B) or (3C)(b)(ii), shall be used for the benefit of the member or his sibling.
[S 226/2011 wef 01/05/2011]
(6) [Deleted by S 550/2008 wef 31/10/2008]
(7) In paragraphs (2)(a)(i) and (ii) and (3C)(a)(i) and (iii) —
(a)
a reference to co-investment sums deposited into a member’s Child Development Account includes such sums paid into any previous Child Development Account of that member and transferred to the first-mentioned Account;
[S 226/2011 wef 01/05/2011]
(b)
a reference to co-payment contributions made by the Government and paid into a member’s Child Development Account includes such contributions made by the Government and paid into any previous Child Development Account of that member and transferred to the first-mentioned Account; and
[S 226/2011 wef 01/05/2011]
(c)
a reference to interest paid on moneys standing to the credit of a member’s Child Development Account includes interest paid on moneys standing to the credit of the member in any previous Child Development Account of that member and transferred to the first-mentioned Account.
[S 226/2011 wef 01/05/2011]
[S 324/2008 wef 01/08/2008]
[S 644/2007 wef 01/01/2008]
(8) In this regulation —
“pertinent anniversary” means —
(a)
the sixth anniversary, in the case of a member who is born before 1st January 2006; or
(b)
the twelfth anniversary, in the case of a member who is born on or after 1st January 2006;
“relevant anniversary” means —
(a)
the seventh anniversary, in the case of a member who is born before 1st January 2006; or
(b)
the thirteenth anniversary, in the case of a member who is born on or after 1st January 2006.