Enye Hypersonic July 19, 2012 Share July 19, 2012 After all our contributions and govt matching, can we get it back all in CASH after the child turns 12? not much info on this on the website leh ↡ Advertisement Link to post Share on other sites More sharing options...
Stkm1234 Clutched July 19, 2012 Share July 19, 2012 nope. previously, any unused will go to the child's edusave account. Don't think that has changed in any way. Link to post Share on other sites More sharing options...
Dafansu Turbocharged July 19, 2012 Share July 19, 2012 the infor are inside What happens to unused savings in the CDA? The unused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the year your child turns 13 years of age. You may continue to contribute to the PSEA until your child turns 18 years of age and receive the Government's matching contributions subject to the combined CDA/PSEA matching contribution cap of up to $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child. The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for your child and his or her siblings. The PSEA is under the purview of the Ministry of Education (MOE). More information on the PSEA can be found at MOE's website at: http://www.moe.gov.sg. For children born during the period 2006-2007, the trustees will receive an option letter at their official address (as maintained by the Ministry of Home Affairs) in November in the year the child turns 6 years of age to choose to retain the balance in the CDA or to withdraw the amount in cash. https://www.babybonus.gov.sg/bbss/html/faq.html Link to post Share on other sites More sharing options...
Enye Hypersonic July 19, 2012 Author Share July 19, 2012 (edited) the infor are inside What happens to unused savings in the CDA? The unused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the year your child turns 13 years of age. You may continue to contribute to the PSEA until your child turns 18 years of age and receive the Government's matching contributions subject to the combined CDA/PSEA matching contribution cap of up to $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child. The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for your child and his or her siblings. The PSEA is under the purview of the Ministry of Education (MOE). More information on the PSEA can be found at MOE's website at: http://www.moe.gov.sg. For children born during the period 2006-2007, the trustees will receive an option letter at their official address (as maintained by the Ministry of Home Affairs) in November in the year the child turns 6 years of age to choose to retain the balance in the CDA or to withdraw the amount in cash. https://www.babybonus.gov.sg/bbss/html/faq.html what is so special about children born in 2006-2007 where the parents get the option of withdrawing in cash? has this option been withdrawn for children born after 2007? this PSEA to me is really bu#$sh!T with so many restrictions on withdrawal. Edited July 19, 2012 by Enye Link to post Share on other sites More sharing options...
TVT Supercharged July 19, 2012 Share July 19, 2012 You have the option to withdraw all in cash, or bring it over to the PSEA. MCYS will write to you on the child's 6th year to inform you all this. CDA a/c will be closed anyway when the child reaches his/her 7th year. But if you haven't finish the govt one-to-one matching amount, then it is not advisable to withdraw. Link to post Share on other sites More sharing options...
Salmon 1st Gear July 19, 2012 Share July 19, 2012 They did send the option letter when child is near 6 or 7 yrs. We choose $$$, then they'll transfer the amount to the parents account. Link to post Share on other sites More sharing options...
Enye Hypersonic July 19, 2012 Author Share July 19, 2012 You have the option to withdraw all in cash, or bring it over to the PSEA. MCYS will write to you on the child's 6th year to inform you all this. CDA a/c will be closed anyway when the child reaches his/her 7th year. But if you haven't finish the govt one-to-one matching amount, then it is not advisable to withdraw. revised policy is CDA extended to child's 12th year. does this mean we will receive the cash withdrawal option when the child reaches 12? Link to post Share on other sites More sharing options...
TVT Supercharged July 19, 2012 Share July 19, 2012 That I do not know, yet. When my child reaches 12 years old, then I tell you lor. Link to post Share on other sites More sharing options...
Enye Hypersonic July 19, 2012 Author Share July 19, 2012 That I do not know, yet. When my child reaches 12 years old, then I tell you lor. by then too late to change anything if $$ all stuck in PSEA Link to post Share on other sites More sharing options...
Liping24cn Clutched July 19, 2012 Share July 19, 2012 No interest paid on the amount lock in the child account? Is it a bank account or special arrangement fund? Link to post Share on other sites More sharing options...
Salmon 1st Gear July 19, 2012 Share July 19, 2012 (edited) No interest paid on the amount lock in the child account? Is it a bank account or special arrangement fund? Special account where you cannot withdraw cash but can make deduction say on school fees. Interest pathetic. For deduction of school fees I think there is an admin charge. Do check with the school. Edited July 19, 2012 by Salmon Link to post Share on other sites More sharing options...
Enye Hypersonic July 19, 2012 Author Share July 19, 2012 (edited) One more thing to highlight in case people here don't know end of line for unused PSEA is to.... child's CPF OA (where else ) so the only chance to withdraw in cash is when closing that CDA account. thats why I want to know if that option is still available when child turns 12 Edited July 19, 2012 by Enye Link to post Share on other sites More sharing options...
Skyiet27 Clutched July 19, 2012 Share July 19, 2012 But my child born in 07 We dun hv the match $ to $ scheme leh Only gave us cash 3k Link to post Share on other sites More sharing options...
Salmon 1st Gear July 19, 2012 Share July 19, 2012 But my child born in 07 We dun hv the match $ to $ scheme leh Only gave us cash 3k Try another one, you'll get the $ to $ match. Link to post Share on other sites More sharing options...
TVT Supercharged July 19, 2012 Share July 19, 2012 But my child born in 07 We dun hv the match $ to $ scheme leh Only gave us cash 3k Is yours the first child? Only 2nd child onwards gets the matching $ for $ scheme. Link to post Share on other sites More sharing options...
Drive 1st Gear July 19, 2012 Share July 19, 2012 revised policy is CDA extended to child's 12th year. does this mean we will receive the cash withdrawal option when the child reaches 12? Wah fish, can i clarify: i can't wtihdraw at 6? My kid just turned 6 liao Link to post Share on other sites More sharing options...
TVT Supercharged July 19, 2012 Share July 19, 2012 what is so special about children born in 2006-2007 where the parents get the option of withdrawing in cash? has this option been withdrawn for children born after 2007? this PSEA to me is really bu#$sh!T with so many restrictions on withdrawal. Its because those children born in 2006-2007 are now 6 years old, and its time for their parents to decide what to do with the CDA a/c. Those born after 2007 will get their letter when they are in their 6th year. Link to post Share on other sites More sharing options...
Liping24cn Clutched July 19, 2012 Share July 19, 2012 Seems like very cheem rules untill some are confused. ↡ Advertisement Link to post Share on other sites More sharing options...
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