Below is an article published with permission from the CPF Board. Singaporeans should note the point that a Will does not cover the distribution of CPF savings after death. So please make your CPF nominations as soon as possible. You don’t want your loved ones to encounter complications over the distribution of your wealth after you are gone. What is the point of being rich but not able to transfer your wealth to your loved ones when you are not around?
A CPF nomination allows CPF members to specify who will receive their CPF savings, and how much each nominee should receive when they pass away. Here’s a list of FAQs to help you better understand it. Information on CPF nomination is also available at the CPF website.
Q1: What happens to my CPF monies if I pass away without making a CPF nomination?
Your entire savings in all your CPF accounts will be distributed by the Public Trustee to your family members according to the intestacy law or the Certificate of Inheritance (for Muslims). So, you need not worry about your CPF monies landing in the wrong hands even if you do not make a CPF nomination.
Q2: Do I need to make a CPF nomination?
No, it is not a requirement for you to do so. If you do not have a CPF nomination, your CPF savings will be distributed by the Public Trustee to your family members according to the intestacy law or the Certificate of Inheritance (for Muslims).
But you should make a CPF nomination if you wish to distribute your CPF savings according to your wishes (eg. you wish to nominate four persons; and you wish for three nominees to get 30% each, while one nominee gets 10%).
Q3: If I already have a will, do I still need to make a CPF nomination?
A will does not cover the distribution of CPF savings after death. You will need to make a CPF nomination if you wish to distribute your CPF savings according to your wishes. If you do not have a CPF nomination, your CPF savings will be distributed by the Public Trustee to your family members according to the intestacy law or the Certificate of Inheritance (for Muslims).
Q4: How do I make a CPF nomination?
If you wish to make a nomination, you are encouraged to do so at any of our CPF Service Centres. Our customer service executives can guide you through the process and answer your questions, and they can also act as your witnesses as you complete the form. To reduce waiting time, you can make an e-appointment on the CPF website.
Q5: There were rumours that Medisave savings go to the Government after death as they are not included in CPF Nominations. Is this true?
This is not true. When you make a nomination, monies in all your CPF accounts will be paid to your nominees when you pass away. This includes your Medisave savings and discounted SingTel shares.
Q6: What happens if my nominees do not come forward immediately to claim my CPF monies after I pass away? Will the monies go to the Government?
You need not worry. CPF Board will write to your nominees, and they can come forward anytime to claim their share of your CPF monies. If you did not make a CPF nomination, we will forward all your savings to the Public Trustee for distribution to your family members according to intestacy law or the Certificate of Inheritance (for Muslims).
Q7: Can I request to transfer my CPF monies to my family members’ CPF accounts when I pass away?
The majority of CPF members opt for cash nominations. From time to time, the Board does receive requests from members who prefer their savings to be transferred to their nominees’ CPF accounts when they pass away. It was in response to such requests that the Board introduced an Enhanced Nomination Scheme in 2011 to allow these members an avenue to have their bequest wishes fulfilled.
You can visit any of our service centres, so that our customer service executives can explain the scheme in detail to you before you make the nomination, and they can also act as witnesses to your nomination. To reduce waiting time, you can make an e-appointment on the CPF website.
Q8: CPF Board does not inform family members of the nomination details. How can I be sure the monies went to the rightful nominees?
CPF nomination details are kept confidential to protect the identities of nominees. The CPF Board has internal systems and controls to safeguard members’ monies and regular independent audits ensure these controls remain robust.
A CPF member can authorise the CPF Board to disclose his nomination details to specific individuals in the event that these individuals request the details after the member passes away. In addition, if a nominee gives permission to the CPF Board to disclose his or her identity, we do then share the nomination details.
SG Wealth Builder