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.
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.
My objective is to build long-term meaningful client-consultant relationship.
“I provide professional advice with best effort to develop a customised solution that suits individual needs by applying my knowledge, experience and skills which are current through continuing education and training.”
By submitting this form, I confirm that
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.
Subscribe to our newsletter to receive updates on our latest content!
Will I be able to retire comfortably?