A key asset in every Singaporean and Permanent Residents life is our CPF account. Central Provident Fund (CPF) is a national programme to help us set aside funds for our retirement, providing a key pillar of social security in our country’s ecosystem.
CPF covers the 3 main areas for our retirement.
- Fully paid housing (Ordinary Account, OA)
- Healthcare insurance and savings (Medisave Account, MA)
- Steady stream of retirement funds (Special Account, SA or Retirement Account, RA)
Our CPF account grows over our lifetime as it accumulates from our salary contribution. Inevitably, when we leave this world, we will leave behind our CPF money to our loved ones. The only way to ensure that this happens is through CPF Nomination.
With CPF Nomination, your CPF Savings will be distributed to your loved ones swiftly upon your passing. You have flexibility to allocate different percentages to your loved ones according to your wish.
These 3 areas are covered in the CPF Nomination:
- CPF account balances on OA, MA, SA & RA
- CPF LIFE premium balance
- Discounted Singtel Shares
These 3 areas are not covered in the CPF Nomination:
- Properties bought using CPF Savings
– CPF will automatically waive off the need to refund for the CPF Savings used
– In a Joint tenancy, the surviving owner(s) will be transferred the ownership of the property.
– In a Tenancy-in-common agreement, share of property will form part of your estate. - Payouts from the Dependants’ Protection Scheme (DPS)
– Check with your insurer for the claim procedures - Investments under the CPF Investment Scheme (CPFIS)
– Claim administered by your investment product provider or agent bank (DBS, OCBC or UOB)
All 3 areas have separate claim arrangements according to the Insurer and Agent Bank.
Now, the question, how to make a CPF nomination? Simply head here to do your CPF nomination right now!
Without CPF nomination, all your CPF Savings will be handled by the Public Trustee’s Office.
- An administrative fee will be deducted from your CPF Savings
- Your CPF savings will be distributed according to intestacy laws or Muslim Inheritance Certificate
- You have no power to decide the distribution amount to your loved ones
- It can take up to 6 months for the distribution
As part of Zenbox Catalyst’s life education, we urge our viewers to do their CPF Nomination. It should also be reviewed regularly in every life milestone to distribute your CPF Savings based on your wish.
In line with Pre-Planning, we leave no regrets for our loved ones as we plan ahead for our departure from this life. Read on to understand the Importance of Pre-Planning.
References:
https://www.cpf.gov.sg/member/cpf-overview
https://www.cpf.gov.sg/member/infohub/educational-resources/what-does-your-cpf-nomination-cover
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