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CPF & YOU

 

Beneficiaries To Receive CPF Monies Faster And With Greater Ease (From 1 April 2022) www.cpf.gov.sg

“For un-nominated CPF monies, currently, the monies are transferred to the Public Trustee’s Office (PTO) for disbursement. The PTO then traces and verifies each beneficiary’s claim before disbursing the monies. From 1 April 2022, this will be streamlined to let a single beneficiary represent all other beneficiaries (with their consent) to receive un-nominated monies amounting not more than $10,000. This process will be simpler and faster.

For un-nominated CPF monies exceeding $10,000, the process will remain unchanged.”

 

You Asked: “For Muslims, can I confirm that nominated CPF, insurance payout including DPS and Shariah investment does not fall under Faraid distribution? Which means they will be given according to the nomination.”

Our Shariah Advisor Answered: Yes, for nominated CPF & nominated insurance payout for DPS do not fall under Faraid Distribution anymore.

For Shariah Investment via CPFIS with the exception of insurance products, even if you have nominated your CPF, CPFIS is considered to be invested outside of CPF account and hence CPF nomination does not cover this and if you have not liquidated the investment, it will fall under Faraid .

This applies to non-muslim too, the CPFIS will fall under intestacy law if the money hasn’t been returned, back into your CPF account. With the exception for insurance policies (using CPFIS) where if you have made a nomination with your insurance company, the death benefits from the policies will be paid to your nominated beneficiaries.

 

CPF & YOU — Engage
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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:

Salmah Ismail

Prioritizing Your Significance – Outcomes are shaped by your intentions. Your intentions play a vital role in charting your life’s course, particularly when it comes to your financial roadmap. In my capacity as a consultant at the largest Independent Financial Advisory (IFA) firm, my commitment lies in offering expert guidance to craft tailored solutions that align with your requirements. This is achieved by drawing upon my up-to-date expertise and competencies, cultivated through ongoing learning and training, along with the insights gained from over twenty years of experience in the financial services sector.

 

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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