September 13, 2021

Categories: Savings

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Most of us have CPF accounts and contribute to it regularly, amassing savings that are meant to help boost our retirement needs. However, I am sure that many are not fully aware of the available option to specify who will receive your CPF savings and how much each nominee should receive, when you are no longer around.

This above, is known as making a CPF nomination. Now you are probably wondering: When should I make my CPF nomination – is there an optimal timing to do so? In fact, you are eligible to make a CPF nomination as soon as you start accumulating savings in your CPF accounts. That being said, if you have taken the good move to make your nomination, it is recommended that you review your nomination and ensure that it continues to fit your intentions.

You may wish to revise your nomination when you experience definitive life milestones and situations such as:

  • Getting married;
  • Having a child;
  • Getting divorced; or
  • Upon the death of your nominee(s).

You might be thinking: Is it really necessary to set it in stone so early? One thing to note is that your CPF savings do not form part of your estate and will be covered under your Will. Another motivation is to allow your loved ones to receive your CPF savings swiftly and conveniently. Without a nomination, your CPF savings will be distributed by the Public Trustee’s Office (PTO) to the legally entitled beneficiaries (who are usually family members and next-of-kin) under the Intestate Succession Act or the Inheritance Certificate (for Muslims). The PTO will charge a fee for the distribution of your un-nominated CPF savings.

Also, if you have special concerns to take into consideration, such as children with special needs or specific persons you would like to receive your CPF savings, you can utilise the SNSS nomination or ENS nomination to ensure your loved ones continue to be taken care of.

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