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Posted on: 2021-12-23
Yes we know Singaporeans don't really know much about CPF but ever had the thought of "If I die then my CPF how?". As random as it may be, it is an important question to think about as there are certain facts to consider beforehand. Read on to find out more.
Your citizenship plays a role in determining how your death will be reported to the CPF board.If you are a...
A CPF nomination is a nomination to ensure that you get to decide who your CPF savings are distributed to after your death. This is important so that your savings will be given according to your will without any problems.
To find out how to apply for a CPF nomination and what it covers click here
All your savings that are in your Ordinary Account (OA), Special Account (SA), Retirement Account (RA) and Medisave will be distributed to your nominee
They are funds from your Retirement Account that are used to pay for the Lifelong Income Fund to join CPF LIFE. These funds are used to enable you to have a monthly income for life. However, after death, any leftover of these funds will be distributed to your nominee.
SDS which stands for Special Discounted Shares Scheme is a scheme which allows Singaporeans to purchase Singtel shares at a discount.
If the deceased has made a CPF nomination prior to their death, the nominee will be contacted within 15 days of the death. The nominee can then apply to have the savings withdrawn via cash or via GIRO.
However, if there is no nominee, the CPF contributions will be sent to the Public Trustee Office to be distributed according to Singapore's intestacy laws. This process can take up to 6 months.
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