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Written Answer by Mr Lim Swee Say, Minister for Manpower, on CPF nominations

Employment practices

NOTICE PAPER NO. 829 OF 2017 FOR THE SITTING ON 11 SEPTEMBER 2017

QUESTION NO. 604 FOR WRITTEN ANSWER

MP: Dr Chia Shi-Lu

To ask the Minister for Manpower what is the current percentage of CPF members who have nominated their beneficiaries and whether members are made aware of the list of fees charged by the Public Trustee for the administration of un-nominated monies.

Answer

  1. As of end December 2016, about half of all CPF members aged 16 and above have made a nomination for their CPF savings.
  2. When a CPF member passes away without making a nomination, his CPF savings will be transferred to the Public Trustee’s Office (PTO) for distribution according to intestacy laws. The PTO charges an administration fee for this distribution of members’ CPF savings and publishes the fee schedule on their website.
  3. CPF Board informs members of PTO’s administration fee and encourages them to make a nomination for their CPF savings through efforts such as including customised messages in members’ Yearly Statement of Accounts as well as educating them on the nomination scheme through CPF Board’s social media channels, talks, roadshows and website. The Board also prompts members with no valid nomination to make one when they attend the CPF Retirement Planning Service at age 54.