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:

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