Your CPF nomination allows you to specify who to receive your CPF savings, and how much each nominee should receive, when you are no longer around. If you do not make a CPF nomination, your CPF savings will be distributed by the Public Trustee according to the intestacy laws.
If you do wish to nominate, please note that :
- A marriage will automatically revoke an earlier nomination, if any;
- A divorce does not revoke an earlier nomination, if any;
- A will does not supersede an earlier nomination, if any;
- If your nominee is below the age of 18 years old at the time your CPF savings are paid out, his/her share will be forwarded to the Public Trustee for administration until he/she reaches 18 years of age.
- If any of your nominees is an undischarged bankrupt at the time your CPF savings are paid out, the Board will be legally obliged to inform the Official Assignee (OA) of any assets that are due to him as his estate is vested in the OA by virtue of the laws in Singapore relating to bankruptcy.
What is covered by CPF Nomination?
- Savings in the Ordinary, Special, Medisave and Retirement Accounts;
- Insurance money from the Dependant.
For assistance, please contact us at makeawillsingapore.com