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CPF (Amendment) Bill 2023

The CPF system is a key pillar of Singapore’s social security system which supports residents1 in setting aside savings for retirement, housing and healthcare needs.

The CPF (Amendment) Bill 2023 comprises two parts:

(A) First, the Bill proposes to legislate the ceasing of non-residents’ participation in CPF schemes. This was earlier announced in March 2023.
(B) Second, it also proposes Amendments to clarify and streamline the administration of CPF schemes for better service delivery to residents.

(A) We will focus the CPF system on its core focus of supporting the retirement, housing and healthcare needs of residents.

  •  As announced on 8 Mar 2023, CPF accounts that belong to non-residents will have their accounts automatically closed from 1 Apr 2024.
  • Non-residents should transfer their CPF monies to their bank accounts by 1 Apr 2024. CPF monies that are not transferred by this date will be transferred to the General Moneys of the Fund. These monies will no longer earn the prevailing CPF interest; instead:
    o As transitionary measure, in the first three years from 1 Apr 2024, non-residents' monies in the General Moneys of the Fund will earn interest based on the 3-month average of the three local banks’ savings account interest rate, which is currently 0.05%.
    o From 1 Apr 2027, these monies which remain in the General Moneys of the Fund will no longer earn any interest.
  • Non-residents' participation in CPF schemes will also cease from 1 Apr 2024.
  • Please refer to the CPF website at cpf.gov.sg/AccountClosure for more details.

(B) We will clarify and streamline the administration of CPF schemes to improve service delivery. The administrative amendments in the CPF (Amendment) Bill 2023 propose to:

Align Disclosure Practices after Member’s Demise to Industry Practices

  • Members no longer need to explicitly authorise the Board to disclose their CPF account information to individuals upon their demise.
  • In line with industry practice for wills and intestate distribution of assets by the Public Trustee, the Board will allow disclosure of deceased members’ CPF information (i.e. deceased members’ CPF balances; names of all nominees and the proportion of CPF monies that the nominees will receive; the deceased’s participation in CPF schemes) to their nominees and, upon application, to beneficiaries under the relevant intestacy laws with effect from 1 Feb 2024. This enables nominees and beneficiaries under intestacy laws to settle post-demise matters relating to the deceased members’ CPF accounts with greater ease and transparency.

Process Transactions for Deceased Member

  • Upon or after members’ demise, CPF Board can continue to process certain transactions, which typically arise or follow from obligations preceding the member’s demise.
  • These transactions include any outstanding monies due to third parties (e.g. refunds to employers if there were excess CPF contributions made) or outstanding inflows due to go into their CPF accounts (e.g. refund of CareShield Life premiums to member’s MediSave account after death).

Update Notices and Service Methods

  • For greater convenience, CPF members will be able to access more documents from CPF Board electronically. This includes selected hardcopy notifications such as the Notice of Contributions issued to self-employed persons2.

FOOTNOTE

  1. Residents such as Singapore Citizens and Permanent Residents.
  2. Self-employed persons may exercise their option to receive a hardcopy notification by simply going to the CPF website to indicate their preference.