The CPF Nomination Scheme is like a will by CPF. Money in your CPF are not covered by your will, meaning if you have made a will and included how your CPF money will be distributed, it is not legally enforceable by the Singapore’s law. You can change your Nomination whenever you like to, even after you have already made one.
Just like how a normal person should have their will made if they have any assets they wish to leave behind for their family members, your CPF money should also have instructions on how it should be distributed upon your death.
Items covered by the CPF Nomination:
- CPF savings in Ordinary, Special, Medisave and Retirement Account
- Unused CPF LIFE premiums
- Discounted SingTel shares
Items not covered by the CPF Nomination and can be listed in a will:
- Property bought using CPF savings
- Payouts from Dependents’ Protection Scheme
- Cash & Investments you made through the CPF Investment Scheme
How can your CPF Savings be paid out?
- Cash Nomination: All CPF monies will be paid out in cash to your beneficiaries
- Enhanced Nomination: Beneficiaries will receive your CPF monies in their CPF accounts
- Special Needs Nomination: Your children with special needs will receive monthly payouts from your CPF savings
What if I did not Nominate anything for my CPF when I die?
Your CPF savings will be distributed to your beneficiaries via a public trustee. While the money will be distributed to your beneficiaries, it might not be in the proportion that you want it to be, and it might be a lengthy process for the money to be distributed out.
The Public Trustee also levies a fee for their service which can be quite expensive. From a minimum of $15 to possibly a few thousand dollars.
When should I make or re-make my Nomination?
You should always change your nomination after major events. A newborn, marriage, divorce, passing away of parents, spouse, or child. The Nomination should always be made up to date to ensure that your CPF savings are distributed based on your desire. A Nomination that is not updated after a major event (such as divorce) is still recognised and will be enforced.
How can I make my Nomination?
You can make your CPF Nomination at any CPF Service Centres, however, you must book an appointment with CPF first. You will fill up the CPF Nomination form in the presence of the CPF’s Customer Service Executives.
Secondly, you can complete the CPF Nomination form by yourself and mail it to CPF Board. The Nomination form must be filled in by you under the presence of 2 witnesses, both above age 21.
Forms Available HERE.
Other things you should know
Savings withdrawn from your CPF for education, home payment, and all the accrued interest accumulated in your account will be waived. Your beneficiaries/nominees do not have to repay CPF for any of these monies. However, your CPF home loan would still need to be repaid if you have not finished paying your home loan. But, if you had bought the Home Protection Scheme (HPS) while you are alive, it will be used to pay for the remaining loan balance.