The Central Provident Fund (CPF) scheme is a unique and advantageous concept in Singapore. It is possible that you may be able to accumulate a substantial amount of savings for use in your later years. This amount could therefore not only provide you with a security blanket but could also help you to ensure the comfort of your family upon your passing. It is, therefore, useful to know more about the CPF scheme and how you can make nominations to pass on your savings to your loved ones.

What is CPF?

The Central Provident Fund is a compulsory social security savings system set up to meet our healthcare, housing and retirement needs. It is funded by contributions from both our incomes and our employers. Almost all Singapore citizens have a CPF accounts with savings and would often leave behind these savings upon their passing.

Is your CPF money a part of your will?

CPF monies are not a part of the deceased’s estate and are not covered by their will. If you want to specify who gets the money and how much, you can make CPF nominations.

Can you make a CPF nomination?

Any CPF member can make a CPF Nomination at any point in their lives. It is advisable to revisit the nomination if made early as changing life circumstances may lead to a change in the nominees and shares. You can make a nomination from 16 years of age in line with the minimum age to work and earn under the Employment Act.

What is a CPF Nomination?

Through a CPF Nomination, you can stipulate who should receive any CPF savings you may have after your passing. It allows you to decide your nominees and the percentage of CPF savings that each of them receives. In this process, you are required to obtain your nominees’ name, NRIC/Passport number, mailing address and email address. It is also useful to note the following facts regarding CPF nomination:

  • A marriage revokes a previous nomination, but a divorce does not.
  • CPF monies are not covered by wills, and so wills do not replace any earlier nominations.
  • The CPF share of a nominee under 18 at the time of the payment will be forwarded to the Public Trustee until he or she reaches 18 years of age as provided by Section 25 of the Central Provident Fund Act.
  • The CPF share of an undischarged bankrupt will be handed over to the Official Assignee as the property of a bankrupt is assigned to the OA as per Singapore law.

What does the CPF Nomination cover?

The Nomination covers your Ordinary, Special, Medisave and Retirement Accounts. It also covers unused CPF LIFE premiums and Discounted SingTel shares.

What is not covered by the CPF Nomination?

Properties bought using the CPF savings are not included in the Nomination. This becomes a part of your estate, and you can nominate people in your will for this. The Nomination also does not include payouts from Dependants’ Protection Scheme (DPS), cash and investments held in the CPF Investment Account under the CPF Investment Scheme-Ordinary Account and investments held under the CPF Investment Scheme-Special Account. All of these form part of your estate and can be allocated in your will.

What are the different types of CPF Nomination?

You nominees may have varying needs, and you can, therefore, receive your savings in different forms as specified by you in the Nomination. The different types are as follows:

  • Cash Nomination: CPF savings can be received in cash via cheque or GIRO.
  • Enhanced Nomination Scheme Nomination: CPF savings can be received in their CPF accounts.
  • Special Needs Savings Scheme Nomination: Through this scheme, parents can nominate their children with special needs who will receive CPF savings on a monthly basis.

How do you make a Nomination?

The nomination can be made in-person by visiting any of the CPF Service Centres by appointment through CPF Appointment Service at the CPF website. You must complete the CPF Nomination Form in front of the Customer Service Executives who can assist you and be your witnesses.

Alternatively, you can download and complete the form in the presence of two witnesses above the age of 21. This can be mailed to the CPF Board along with a copy of your NRIC/Passport and your witnesses’ NRIC passport.

Making a nomination can be complicated and confusing. We recommend reaching out to our lawyers for expert advice on your CPF Nominations issues.

How can you view your nomination details?

You can view the details of your nomination online by logging in with your SingPass and submitting an online request. Nomination details can also be checked through the transaction number of your request four days after the date of submission.

You can also bring your NRIC to any CPF Service Centre to enquire about the nomination in person at the service counters. You cannot find out about your nomination over the phone, by email or via a third party as this information is confidential.

How can you cancel your nomination?

To cancel your nomination, you must complete a Notice of Revocation of Nominations, which you can pick up from a CPF Service Centre.

Can you make a nomination if you are bankrupt?

Yes, it is advisable to make a nomination if you are bankrupt and wish for your savings to be distributed among loved ones.

What happens if you do not make a CPF nomination?

If there is no nomination, the CPF savings will be transferred to the Public Trustee who will distribute it to your family members in accordance with the laws of intestacy or inheritance certificate.

How can we help?

At IRB Law, we wish to help you to secure your future and the future of your loved ones. Our experienced lawyers have the knowledge to advise you in drafting your CPF nominations. Please do not hesitate to reach out to us at [email protected] or call at 6589 8913 to schedule an appointment with one of our lawyers today.