CPF Nomination Scheme
Ministry of ManpowerSpeakers
Summary
This question concerns participation in the CPF Nomination Scheme and the processing time for fund distribution following a member’s death. Ms Hany Soh asked about nomination statistics and the difference in payout timelines between nominated and un-nominated CPF accounts. Minister for Manpower Josephine Teo reported that over 40% of members have nominated, with half of recent applications being completed online. Minister for Manpower Josephine Teo stated that nominated monies are typically paid within a month, while un-nominated funds are transferred to the Public Trustee's Office. These un-nominated monies incur administrative fees and are usually disbursed by the Public Trustee within four weeks of receiving all required documentation.
Transcript
58 Ms Hany Soh asked the Minister for Manpower (a) out of the total number of Singaporeans who maintain a CPF account, how many of them have opted for the CPF Nomination Scheme and out of which, how many have made their nominations online; and (b) upon the demise of a CPF member, how long does it take for CPF Board to be alerted and thereafter process the payout to those who have made a nomination, and for those cases where no nomination is made.
Mrs Josephine Teo: Today, more than two in five CPF members have made a nomination. Among those aged 65 and above, three in four members have done so. The online nomination service was rolled out last year to make this process even more convenient for members. Since then, about half of nominations have been made online.
CPF Board is notified by the Registry of Births & Deaths after the death of a member is registered, and typically distributes nominated CPF monies within a month of notification. For un-nominated CPF monies, CPF Board will pass the monies to the Public Trustee’s Office (PTO) within three weeks of notification of the member’s passing after accounting for transactions such as MediSave deductions for hospital bills. The PTO will trace and search for the eligible beneficiaries under the law and charges administrative fees for disbursement. Eligible beneficiaries may come forward at any time to make their claims. Upon the submission of the complete set of documents and information by the applicant, PTO usually disburses the un-nominated CPF monies within four weeks.
To allow their CPF monies to be distributed to preferred beneficiaries faster and without incurring fees, we encourage all members to make their CPF nominations and update it as their life circumstances change.
We will continue to regularly review our CPF policies to ensure they better meet members’ needs.