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What happens to your CPF money when you pass away?

Have you ever wondered?

CPF savings do not form part of your estate and are not covered by a Will.

This is the rule of wealth transfer for CPF monies when one is deceased.

There are 3 types of nominations.

  • Cash Nomination – Your nominees will receive the CPF savings due to them in cash via cheque or GIRO. Cash nomination is the default unless you specifically opt for one of the other two types.
  • Enhanced Nomination Scheme (ENS) Nomination – Your nominees will receive the CPF savings due to them being in their CPF accounts.
  • Special Needs Savings Scheme (SNSS) Nomination – Parents can nominate their children with special needs to receive the CPF savings them on a monthly basis.

What if you don’t make any CPF nominations?

CPF monies (balances left in a deceased member’s Ordinary, Medisave, and Special/Retirement Accounts) do not form part of the estate and are not covered by a Will.

If you don’t make a CPF nomination, the money will be distributed via intestacy laws. It will take time to locate the legally entitled beneficiaries, and a fee will be payable to the Public Trustee’s Office to make the distribution.

You should make a CPF nomination if you want your CPF savings to be distributed according to your wishes.

You may nominate any person or organization to the beneficiary of your CPF monies. However, you must be 16 years and above, and of sound mind to make a CPF nomination.

Need clarification?  You can refer to this guide here.

To find out more, attend our webinar (Grow Assets Even After Death) or have a FREE Estate Planning Risk Assessment to find out how prepared are you for your loved ones if you’ve passed on yesterday.

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Chew Hock Beng 周福明

Hock Beng (福明) is a highly qualified individual in the field of financial planning and consultancy. His impressive array of certifications, including Certified Financial Planner, Chartered Financial Consultant, Chartered Life Underwriter, and Chartered Family Office Specialist, reflects his dedication to mastering various aspects of financial services.

Moreover, his active involvement in community initiatives and appointments in prestigious organization such as the Financial Planning Association of Singapore (FPAS) and IFPAS underscores his commitment to the profession and the betterment of the financial planning industry.

Hock Beng’s roles as an Honorary Treasurer, Exam Board Chair, and member of various sub-committees demonstrate his leadership capabilities and his willingness to contribute to the advancement of financial education and standards.

As a certified instructor with Financial Perspectives and an Adjunct Trainer with Falco Academy, Hock Beng not only enhances his own expertise but also shares his knowledge and skills with aspiring financial professionals, thereby enriching the industry as a whole.

Currently, Hock Beng’s focus on managing a team of independent financial adviser representatives highlights his leadership and mentoring abilities. Through training, mentoring, and coaching, he plays a pivotal role in developing the next generation of financial advisers, ensuring that they uphold the highest standards of professionalism and service to clients.

For decisive action towards financial guidance, mentorship, coaching, or professional collaboration, don’t hesitate to call/WhatsApp Hock Beng today.

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根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策