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Employers encouraged to use CPF e-Submission2375/News/news-categories-info/forum-replies<p> <strong> <em>Lianhe Zaobao, 7 Aug<br>Voices, Pg 10</em></strong> </p><p> <br></p><p>We refer to Ms Lee Yi Mei’s letter, “Who is responsible for lost CPF contribution letter” (2 August 2019).</p><p>Our records show that Ms Lee’s establishment had defaulted on CPF contributions multiple times in the past; 5 times in the last two years alone. Many employees, such as those who are servicing their monthly mortgage with CPF, depend on timely CPF contributions. Therefore, a calibrated approach of escalating late payment charges are imposed for repeated offences.</p><p>To ensure that their employees receive their CPF contributions on time, 9 in 10 employers pay electronically, either through the CPF website, mobile phones or AXS stations located island-wide. Those who choose to mail their CPF contributions using cheques risk having them lost in transit. Hence, it is the responsibility of these employers to check with the banks to ensure that their CPF contributions have been properly credited by the due date.</p><p>Ms Lee also asked about the difference in treatment by the two CPF staff. This is a misunderstanding. We have reached out to her to clarify.</p><p>To avoid instances of late or incorrect CPF contributions, we encourage all employers to pay electronically. Employers who need assistance to adopt e-payments may call the Board at 6220 2340, email <a href="mailto:employer-esubmission@cpf.gov.sg">employer-esubmission@cpf.gov.sg</a>, or sign up for the next Employer Classroom session on 23 Aug via the CPF website.</p><p> <strong>Irene Kang (Ms)</strong><br><strong>Group Director (Communications)</strong><br><strong>Central Provident Fund Board</strong></p>Employers encouraged to use CPF e-Submission6/8/2019 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2731
Members who made CPF top-ups can request higher payouts2362/News/news-categories-info/forum-replies<p> <strong><em>Lianhe Zaobao, 1 Feb<br>Voices, Pg 21</em></strong> </p><p> <br></p><p>We refer to Mr Ong Yiat Wah’s letter “The duration of monthly payouts is too long” (25 January 2019). </p><p>The Retirement Sum Scheme (RSS) provides members with a monthly payout from their Retirement Account (RA) during retirement until their savings are depleted. A member’s payout is computed based on 4% interest per year and to last him up to 20 years. With the extra interest of 2% for the first $30,000 and 1% for the next $30,000, the same payout may last the member till 95 years old. The extension of payout duration, funded by Government-paid extra interest, helps more members avoid the risk that they outlive their savings. </p><p>In general, top-ups to CPF accounts will result in an increase in monthly payouts. </p><p>Top-ups beyond the Full Retirement Sum will result in extensions of the payout duration. However, members can request to increase their monthly payouts instead.</p><p>We have contacted Mr Ong to explain the matter and acceded to his request for an increase in monthly payouts.</p><p> <strong>Irene Kang (Ms)</strong><br><strong>Group Director (Communications)</strong><br><strong>Central Provident Fund Board</strong></p>Members who made CPF top-ups can request higher payouts31/1/2019 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2780
Assisting members with their CPF withdrawals2358/News/news-categories-info/forum-replies<p> <strong> <em>Lianhe Zaobao, 8 Nov<br>Voices, Pg 27</em></strong> </p><p> <br></p><p>We refer to Mdm Ang Siew Tan’s letter “People with disabilities face difficulties withdrawing CPF” (30 October 2018).</p><p>When the CPF Board is made aware that a member could lack the mental capacity to handle monies, we will request a medical certification to verify his or her mental condition before processing the application for CPF withdrawals. This is to safeguard members’ savings and to prevent fraudulent withdrawals.</p><p>In the case of Mdm Ang’s sister, we had informed Mdm Ang that we require a medical certification to ascertain her sister’s mental capacity before assessing her eligibility to withdraw her CPF savings. She had then approached the Institute of Mental Health (IMH) to obtain the medical certification but IMH could only provide a detailed medical report which required assessment of the patient and hence a higher fee. </p><p>We regret the inconvenience that the family had faced and have since contacted Mdm Ang to explain that we do not require a detailed medical report from IMH, and that a certification from an accredited general practitioner will be sufficient. We have also arranged for her sister to visit our panel of doctors to obtain the medical certification.</p><p> <strong>Irene Kang (Ms)</strong><br><strong>Group Director (Communications)</strong><br><strong>Central Provident Fund Board</strong></p>Assisting members with their CPF withdrawals7/11/2018 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2781
CPFB has duty to ensure integrity of HPS administration2357/News/news-categories-info/forum-replies<p> <strong><em>Lianhe Zaobao, 2 Oct<br>Voices, Pg 21</em></strong> </p><p> <br></p><p>We refer to Ms Li Yue’s letter, ‘Our Grievous Mid-Autumn Festival’ (27 September 2018).</p><p>We would like to convey our deepest condolences to Ms Li and her family on the demise of her husband. We are currently assisting her family and will reach out to Ms Li to see how we can help her with HDB’s financial assistance measures so that she can tide over this period of financial difficulty.</p><p>Please allow us to clarify how the Home Protection Scheme (HPS) works for the benefit of the readers.</p><p>HPS is an insurance scheme where claims are paid out from premiums collected. To keep premiums low and the application process simple, members are required to fully disclose their health conditions when they apply for HPS. Members who declare in the HPS form that they are healthy would generally not be inconvenienced by further underwriting and an HPS cover would be issued in good faith.</p><p>In Ms Li’s case, her husband bought an HDB flat in 1998. As he did not use his CPF savings to service his monthly housing instalment, HPS was optional and he did not seek HPS coverage then.</p><p>In 2013, Ms Li’s husband was hospitalised for a serious health episode. Soon after his discharge, he approached HDB to apply for an HPS cover. As with every HDB flat buyer who signs up for the HPS, the HDB officer would have explained to him the requirement to fully declare his health conditions in the application form. However, in his HPS form, he declared that he did not undergo any operation or hospital treatment in the last five years, nor did he declare the medical condition he was hospitalised for. HPS cover was issued to him on the basis of his declarations.</p><p>We are not in a position to speculate about the reasons why Ms Li’s husband did not disclose recent material facts at the time of his application. However, given the seriousness of his health conditions then, he would not have been eligible for an HPS cover.</p><p>As part of sound insurance practice, CPFB has a duty to ensure the integrity of HPS administration. Therefore, upon detection of non-disclosure by any insured member, we will terminate the HPS cover and refund the unused premiums into the insured’s Ordinary Account. It would not be fair otherwise to members whose HPS applications are rejected for similar reasons.</p><p>The vast majority of HPS claims by beneficiaries have been successful. Nonetheless, CPFB will look into how the HPS application and underwriting process can be improved.</p><p> </p><p> <strong>Irene Kang (Ms)</strong><br><strong>Group Director (Communications)</strong><br><strong>Central Provident Fund Board</strong><br>  </p> <p> <strong>Norman Chee (Mr)</strong><br><strong>Director (Housing Finance)</strong><br><strong>Housing & Development Board</strong></p>CPFB has duty to ensure integrity of HPS administration1/10/2018 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2782
CPF Board clarifies CPF LIFE monthly payouts2353/News/news-categories-info/forum-replies<p> <strong> <em>The Straits Times, 21 Aug<br>Forum, Pg A17</em></strong> </p><p> </p><p>We thank Mr Lim Tong Wah for his letter (More clarity needed on CPF LIFE payouts; Aug 14).</p><p>CPF LIFE payouts are determined by an independent actuarial consultant. </p><p>Members will be informed of their actual CPF LIFE payout shortly before their payout starts. </p><p>This payout is computed based on the member's Retirement Account balance at that point.</p><p>In Mr Lim’s case, as he has not reached his payout eligibility age, we provided him with a set of projected payouts. </p><p>The estimated payout provided last month compared with January was an underestimate. </p><p>Mr Lim’s Retirement Account balance remained the same from January to last month because the interest accrued will only be credited to his account in January next year. </p><p>With the same Retirement Account balance, last month’s projection was lower than January’s because last month’s projection included interest that would have been earned for the six months from last month to December, whereas the January projection included interest for the full year. </p><p>We agree that this method of projection has caused confusion and unnecessary alarm to members. </p><p>We apologise for the inconvenience caused.</p><p>To improve our communication of payout estimates to members, we will revise our projection for CPF LIFE payouts to include all interest earned, as is the case for actual CPF LIFE payouts today.</p><p>We wish to assure Mr Lim that when he starts his actual CPF LIFE payouts, all interest earned will be paid to him and streamed out through his monthly payouts.</p><p> </p><p> <strong>Irene Kang (Ms) </strong> <br> <strong>Group Director (Communications) </strong> <br> <strong>Central Provident Fund Board </strong></p>CPF Board clarifies CPF LIFE monthly payouts20/8/2018 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2783
CPF Board procedures on disclosing dead members' details2351/News/news-categories-info/forum-replies<p> <strong> <em>The Straits Times, 18 Jun<br>Forum, Pg A17</em></strong> </p><p> <br></p><p>We thank Mr Neo Lin Chen (Unable to access CPF statement, June 1; and Having procedures doesn’t mean error-free execution, June 8), Ms Margaret Lee (Transparency, accountability needed when handling CPF money; Forum Online, June 6) and Mr Young Pak Nang (Will CPF Board release detailed statement to all nominated beneficiaries?; Forum Online, June 9) for their letters.</p><p>The letters have highlighted some areas of concern and provided useful suggestions on how we can improve our current practice when disclosing Central Provident Fund (CPF) information of deceased members.</p><p>We will review our procedures to better meet the needs of members.</p><p>Currently, the CPF Board discloses a deceased’s CPF information to his nominees only if he had given the Board prior instructions to do so. If he had not provided such instructions, the CPF Board takes a prudent approach and will seek the consent of all nominees before acceding to requests for information regarding the deceased’s CPF account.</p><p>We assure CPF members that the CPF Board has strict controls in place to ensure that the deceased’s CPF savings are paid accurately to the nominees. Our processes and payments are independently checked and audited regularly by external auditors to ensure that they remain robust.</p><p>We should have been more prompt and clearer in explaining to Mr Neo on how we were handling his request, and have contacted him to apologise.</p><p>We have also contacted Ms Lee to clarify the matter.</p><p> </p><p> <strong>Irene Kang (Ms) </strong> <br> <strong>Group Director (Communications) </strong> <br> <strong>Central Provident Fund Board </strong></p>CPF Board procedures on disclosing dead members' details17/6/2018 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2784
Eligibility for home insurance is reassessed in certain cases2349/News/news-categories-info/forum-replies<p> <strong><em>The Straits Times Online, 07 May</em></strong> </p><p> <br></p><p>We thank Mrs Ng Kim Yong for her letter (“Blind person not given HDB home insurance”; ST Online Forum, 27 April).</p><p>The Home Protection Scheme (HPS) is a mortgage-reducing insurance that protects surviving family members from losing their homes in the event of death, terminal illness or total permanent disability (TPD) of the insured member.</p><p>To ensure that the scheme remains viable and that HPS premiums are kept affordable for all insured members, the eligibility for HPS is subject to an applicant being in good health at the point of HPS application.</p><p>Cases involving total blindness were rejected as such members already qualify for claim under TPD ground. </p><p>However, for exceptional cases where members already meet the TPD claim criteria (such as total blindness) but might be otherwise healthy, we have reviewed the application process and will contact the members to reassess their eligibility for HPS cover.</p><p>We have explained the matter to Mrs Ng and arranged a medical examination for her friend to reassess his eligibility.</p><p> </p><p> <strong>Irene Kang (Ms) </strong> <br> <strong>Group Director (Communications) </strong> <br> <strong>Central Provident Fund Board </strong></p>Eligibility for home insurance is reassessed in certain cases6/5/2018 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2785
CPF Board clarifies that measures taken were to safeguard member’s CPF savings 2348/News/news-categories-info/forum-replies<p> <strong><em>Lianhe Zaobao, 6 Mar<br>Voices, Pg 25</em></strong> </p><p> <br></p><p>We thank Mr Lee Yong Hwa for his letter (“CPF account of paralysed elderly woman frozen”, 28 February). </p><p>We empathise with the difficult situation that Mr Lee is in and would like to clarify that it is definitely not our intention to add to his distress.</p><p>Upon receiving Mrs Lee’s application to withdraw her CPF savings, we had written to confirm her intention as part of our authentication checks. It was only then that we learnt from Mr Lee about his wife’s medical condition.</p><p>When the Board is made aware that a member could lack the mental capacity to handle monies, we would temporarily cease the member’s CPF payments while we verify the member’s mental condition by requesting a medical certification. This is to help our members safeguard their savings and prevent fraudulent withdrawals. In Mrs Lee’s case, we helped to arrange for a house-call medical examination for her to obtain the medical certification after informing Mr Lee why we have ceased the CPF payments.</p><p>Under the Mental Capacity Act, only a donee or deputy can act on behalf of members who lack mental capacity. We have therefore requested Mr Lee to provide a Lasting Power of Attorney, or a Court Order where a deputy is appointed to act on members’ behalf, before any CPF withdrawals or payments are allowed.</p><p>We will reach out to Mr Lee to explain the matter and render further assistance on the process. We are also working with the relevant agencies to explore further options to help Mr Lee.</p><p> </p><p> <strong>Irene Kang (Ms) </strong> <br> <strong>Group Director (Communications) </strong> <br> <strong>Central Provident Fund Board </strong></p>CPF Board clarifies that measures taken were to safeguard member’s CPF savings 5/3/2018 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2786
Efforts to help CPF members better understand policies and schemes 2344/News/news-categories-info/forum-replies<p> <strong> <em>The Straits Times Online, 22 Jan</em></strong> </p><p> <br></p><p>We thank Mr Lim Tong Wah for his feedback (Educate seniors on CPF changes; Forum Online, Jan 14).</p><p>When Central Provident Fund (CPF) members turn 55 years old, CPF savings in their Special and Ordinary Accounts will be transferred to a newly created Retirement Account (RA), up to the Full Retirement Sum. Members can also choose to top up their RA, up to the Enhanced Retirement Sum, to get higher payouts.</p><p>When they reach their Payout Eligibility Age (PEA), members who have $60,000 or more in their RA will be invited to choose a CPF Life plan and may start their payouts any time from their PEA till age 70.</p><p>Top-ups to the RA will increase members' CPF Life payouts. For members who have not started their CPF Life payouts, top-ups to the RA will be used for the CPF Life premium. For members who have started their payouts, top-ups to the RA will be used to provide additional monthly payouts until the top-up monies run out.<br></p><p>Alternatively, members can apply to use the top-up monies as additional CPF Life premiums to receive lifelong payouts. Doing so strengthens members' retirement adequacy and provides peace of mind.</p><p>The CPF Board has been reaching out to members to help them better understand CPF policies and schemes. We invite CPF members reaching the age of 55 to the one-to-one CPF Retirement Planning Service, which offers personalised guidance, so that they can make informed decisions about the options they have with their CPF savings to prepare for retirement.</p><p>We have also set up CPF Mobile Service Centres in community clubs in the heartland to make our services more accessible to members, especially the elderly. Thematic talks and CPF Retirement Planning Roadshows are held regularly to reach out to the public.</p><p>The Board also worked with the Ministry of Communications and Information to weave useful information on CPF-related schemes into its dialect TV programmes for seniors, Happy Can Already and Eat Already.</p><p>We will continue these efforts and develop new initiatives to help CPF members make informed decisions towards their retirement.</p><p>We have since reached out to Mr Lim to explain the matter to him.</p><p> </p><p> <strong>Irene Kang (Ms) </strong> <br> <strong>Group Director (Communications) </strong> <br> <strong>Central Provident Fund Board </strong></p>Efforts to help CPF members better understand policies and schemes 22/1/2018 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2787
Doctor had certified receptionist fit to work2331/News/news-categories-info/forum-replies<p><strong><em>The Straits Times Online, 16 Feb</em></strong> </p><p> </p><p> We thank Mrs Ngiam Kweeing for her feedback ("Sick but still serving customers"; Forum Online, Feb 12). </p><p> We share her concerns and do encourage staff who are unwell to consult a doctor and rest at home. </p><p> They are also eligible for no-MC leave to recuperate at home. </p><p> The receptionist, an employee of our vendor, had an eye irritation due to her contact lens. </p><p> At the time of the incident, she had already consulted a doctor, and had returned to work after being on medical leave and after her doctor had certified that her condition was not contagious. </p><p> </p><p> <strong>Irene Kang (Ms) </strong><br><strong>Group Director (Communications) </strong><br><strong>Central Provident Fund Board </strong></p>Doctor had certified receptionist fit to work15/2/2017 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2788
CPF Board reaches out to members to explain policies and schemes2328/News/news-categories-info/forum-replies<p> <strong><i>The Straits Times, 10 Dec</i></strong><br><strong><i>Forum, Pg A50</i></strong></p><p> </p><p>We thank Mr Gan Kok Tiong for his feedback ("Nothing beats face-to-face explanations on govt policies"; Dec 4).</p><p>Such explanations are important when trying to make policies and schemes understood, especially with the dialect-speaking elderly, as Mr Gan pointed out.</p><p>The Central Provident Fund Board's customer service staff located at our five Service Centres islandwide can address members' queries in various local languages, including in dialect, if required.</p><p>Similarly, in our one-to-one CPF Retirement Planning Service, which is available to members reaching 55, we identify specific customer service staff to assist members who can converse only in dialect.</p><p>In addition, we have set up CPF Mobile Service Centres in community clubs in the heartlands to make our services more accessible to members, especially the elderly.</p><p>There is presently a CPF Mobile Service Centre at Bedok Community Centre, and it will be there till the end of this year.</p><p>To extend our reach even more, we collaborate with the Chinese Development Assistance Council to train its Mandarin and dialect-speaking volunteers so that they will be able to explain CPF policies and schemes to seniors.</p><p>Together with the People's Association and the Ministry of Manpower, we also conduct a series of Kopi Talks sessions in English, Malay, Mandarin and Tamil to equip grassroots leaders with CPF information, which they can in turn pass on to the residents.</p><p> </p> <strong>Irene Kang (Ms)<br>Group Director (Communications)<br>Central Provident Fund Board</strong> CPF Board reaches out to members to explain policies and schemes19/12/2016 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2789
Beneficiaries can use CPF monies for funeral expenses2326/News/news-categories-info/forum-replies<p> <strong><i>TODAY Online, 10 Nov</i></strong></p><p> </p><p>We refer to Mr Marcus Tan’s letter “Allow CPF use for funeral expenses” (Nov 1, online).</p><p>When a Central Provident Fund member who has made a valid nomination dies, his/her CPF monies would be distributed to the beneficiaries according to the nomination.</p><p>Nominees who are responsible for the deceased member’s last rites can use the bequest to pay for the funeral expenses. If there is no nomination, the Public Trustee’s Office (PTO) would disburse the monies according to intestacy laws.</p><p>If the monies are needed for funeral expenses, a beneficiary can apply to the PTO for a reimbursement of funeral expenses, capped at S$6,000, from the deceased member’s non-nominated CPF monies.</p><p>For more information or to download the online application form for the reimbursement of funeral expenses, the public may visit the <a href="http://www.mlaw.gov.sg/pto" target="_blank">PTO’s website</a>. We thank Mr Tan for the opportunity to clarify.</p><p> </p> <strong>Irene Kang (Ms)<br>Group Director (Communications)<br>Central Provident Fund Board</strong> <p> </p> <strong>Jill Tan (Ms) <br>Public Trustee<br>Insolvency & Public Trustee’s Office<br>Ministry of Law</strong>Beneficiaries can use CPF monies for funeral expenses9/11/2016 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2790
Retirement payouts: CPF Board replies2314/News/news-categories-info/forum-replies<p> <strong> <i>TODAY, 31 Mar<br>Voices, Pg 18</i></strong></p><p> </p><p>We thank Mr Phan Pang Chia for his letter “Why should CPF retirement account last until age of 128?” (March 25). The Retirement Sum Scheme (RSS) provides members with monthly payouts until their Retirement Account (RA) balances are exhausted.</p><p>The payout duration depends on the Central Provident Fund member’s RA balance. Members who have received high amounts of voluntary top-ups to their RA may see a big extension of the duration.</p><p>Under such circumstances, members can apply to increase their monthly RSS payouts and shorten the duration. Alternatively, they can join CPF Life, which would provide higher monthly payouts, while ensuring that payouts last for life.</p><p>We have contacted Mr Phan and his wife to explain how the scheme works in detail.</p><p>We are enhancing our communication of RSS policies to members, and reviewing the default RSS payout duration.</p><p> </p> <strong>Irene Kang (Ms)<br>Group Director (Communications)<br>Central Provident Fund Board</strong>Retirement payouts: CPF Board replies30/3/2016 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2791
CPF monies not covered by a will2306/News/news-categories-info/forum-replies<p> <strong> <i>The Straits Times, 09 Dec<br>Forum, Pg A22</i></strong></p><p> </p><p>Under the Central Provident Fund (CPF) Act, CPF monies do not form part of a deceased member's estate and are not covered by a will ("Hassle to claim late grandma's CPF money" by Ms Chan Jee May; Nov 30).</p><p>CPF members who wish to specify who will receive their CPF monies, and how much each nominee should receive upon their demise, can make a CPF nomination.</p><p>Where CPF members have not made a nomination, their CPF monies will be passed to the public trustee for distribution under the intestacy/ inheritance laws of Singapore.</p><p>As Ms Chan's grandmother had not made a nomination for her CPF monies, the CPF Board forwarded the monies to the Public Trustee's Office (PTO), which serves as the administrator of un-nominated CPF monies.</p><p>The PTO is required to verify that a claimant is recognised as a beneficiary under the law, in order to distribute un-nominated CPF monies.</p><p>As part of the verification process, the claimant is required to provide supporting documentation, such as birth and marriage certificates.</p><p>In this specific case, as the required documents are not available, the claimant was advised to arrange for her grandmother's brother to make a statutory declaration on the relationship.</p><p>This can be done either with a lawyer or at the PTO's premises.</p><p>Once the statutory declaration has been made, the PTO will then assess the claim, based on the information provided in the statutory declaration.</p><p>The CPF Board and PTO have contacted Ms Chan to clarify the process and will provide the necessary assistance to resolve the matter.</p><p> </p><p> <strong>Praveen Randhawa (Ms)<br>Director<br>Corporate Communications<br>Ministry of Law<br></strong></p><p> </p> <strong>Irene Kang (Ms)<br>Group Director of Communications<br>Central Provident Fund Board</strong>CPF monies not covered by a will9/12/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2792
CPF investment scheme reviewed on regular basis2304/News/news-categories-info/forum-replies<p> <strong><i>The Straits Times, 01 Dec<br>Forum, Pg A24</i></strong></p><p> </p><p>We thank Mr Tay Kim Lee for his feedback ("Review criteria for CPF investments"; last Tuesday).</p><p>As the administrator of the CPF Investment Scheme (CPFIS), the Central Provident Fund Board works closely with an external investment consultant to evaluate if the funds seeking inclusion under CPFIS are of good quality at the point of entry with reasonable investment costs. The evaluation consists of both quantitative and qualitative analyses, covering criteria such as performance consistency, management tenure, expenses, fund managers' track record and investment process.</p><p>There are currently more than 130 investment-linked products and 90 unit trusts included in the CPFIS. These include equity funds, bond funds and mixed asset funds which cover major geographical regions.</p><p>This mix of funds offers choices to CPF investors. The investment returns on these funds depend on various factors, such as investors' risk appetite and investment horizon, market cycle which the fund undergoes and costs of investment.</p><p>To help CPFIS investors achieve better net returns, the CPF Board has, since 2006, progressively lowered the cost of investing by setting caps on sales charges, funds' total expense ratio and wrap fees.</p><p>We will continue to review the CPFIS scheme to better meet the evolving needs of our members.</p><p>CPF members who are risk-averse can leave their CPF savings with the CPF Board to earn risk-free interest rates of up to 3.5 per cent and 5 per cent in their Ordinary and Special accounts respectively.</p><p> </p><p> <strong>Irene Kang (Ms)<br> Group Director of Communications<br> Central Provident Fund Board<br></strong></p> <strong> </strong>CPF investment scheme reviewed on regular basis30/11/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2793
CPF: Robust processes in place to track nominations2298/News/news-categories-info/forum-replies<p> <strong> <i>The Straits Times, 17 Aug<br>Forum, Pg A23</i></strong></p><p> </p><p>We thank Mr Shaheedu Pakri for his letter ("Help early CPF members' kin claim their dues"; Aug 6).</p><p>The Central Provident Fund Board has robust processes in place to ensure that members' nomination records are properly maintained and updated.</p><p>Once a nomination is processed, the nomination form will be tracked and electronically tagged to the members' CPF accounts.</p><p>Upon notification from the relevant public agency on the death of a CPF member who has made a valid nomination, the Board will get in touch with the nominees to claim the deceased's CPF savings, after the necessary verifications have been made.</p><p>We encourage CPF members, including those residing overseas, to update their personal particulars, such as their addresses, with the relevant authority to ensure that their nomination records are kept up to date and to enable their CPF savings to be disbursed expeditiously to their nominees upon their death.</p><p>For CPF members' convenience, the updating of addresses can be carried out at any Neighbourhood Police Post/Centre or the Immigration and Checkpoints Authority.</p><p>In addition, members can register their contact number and e-mail address via the CPF website.</p><p>For general inquiries, members can e-mail us at member@cpf.gov.sg or call our call centres on 1800-227-1188.</p><p> </p><p> <strong>Irene Kang (Ms)<br> Group Director of Communications<br> Central Provident Fund Board<br></strong></p> <strong> </strong>CPF: Robust processes in place to track nominations16/8/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2794
Options for small firms to submit CPF contributions2294/News/news-categories-info/forum-replies<p> <strong><i>The Straits Times, 6 Jul<br>Forum, Pg A23</i></strong></p><p> </p><p>We thank Mr Tan Suan Tiu for his letter ("Make it easier for small firms to file CPF contributions"; last Wednesday).</p><p>The Central Provident Fund Board provides multiple electronic channels for employers to submit their monthly CPF contributions in a seamless and convenient manner.</p><p>Currently, 96 per cent of all employees have their CPF contribution details submitted electronically by their employers.</p><p>Smaller companies can file their CPF contributions through CPF e-Submit@web. This is a free and secure online tool which auto-computes CPF contributions for employers and enables fuss-free electronic payment via direct debit or eNets.</p><p>It also allows tracking of e-submission status and sends monthly reminders to employers, resulting in timely and accurate payment of CPF contributions.</p><p>In addition, employers can make use of the Electronic Standing Instruction function to auto-submit their CPF contributions if there are no changes to their monthly CPF contribution details.</p><p>In an effort to continually enhance service to employers, the Board will be launching a mobile application for CPF submissions by the end of the year.</p><p>The CPF Board will continue to reach out to employers to promote the CPF e-Submit@web tool.</p><p>Employers who prefer a step-by-step guide to the system can sign up for the next quarterly CPF E-Submission Seminar on Aug 14 at the CPF website or call 6220-2340 for more information.</p><p> </p><p> <strong>Irene Kang (Ms)<br> Group Director of Communications<br> Central Provident Fund Board<br></strong></p> <strong> </strong>Options for small firms to submit CPF contributions5/7/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2795
Efforts to ensure employer contributions to CPF2259news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times Online, 20 Mar</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Louis Francis Albert for his letter ("Ensure employers make CPF contributions"; Forum Online, last Friday).</p><p>Central Provident Fund (CPF) contributions are payable for all employees who are Singapore citizens and permanent residents earning more than $50 a month.</p><p>The CPF Board takes a serious view of employers who default on CPF contributions for their employees.</p><p>In 2013, the CPF Board recovered $16.6 million of CPF arrears from 3,900 employers who underpaid or did not pay CPF. This benefited more than 19,000 employees.</p><p>In addition to ongoing audits and on-site inspections of companies, the CPF Board also conducts outreach initiatives regularly to raise awareness among employees and employers of their CPF rights and obligations under the WorkRight campaign.</p><p>To report non-payment or underpayment of CPF contributions for employees, the public can call 1800-221-9922 or email <a href="mailto:workright@mom.gov.sg">workright@mom.gov.sg</a>.</p><p>All information provided will be kept strictly confidential.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director of Communications</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><p></p></tbody></table>Efforts to ensure employer contributions to CPF19/3/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2796
Suggestions on CPF: Board replies2248news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>The Straits Times, 11 Feb</strong><br><strong>Forum, Pg A23</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Tan Hong Choon ("How about personalised sums, payouts?"), Mr Sim Beng Tiong ("Grant option of early, targeted saving for Minimum Sum") and Mr Francis Cheng ("Allow full withdrawal for those with terminal illnesses"; all published last Friday) for their suggestions.</p><p>CPF Life has been designed to be as inclusive as possible. Central Provident Fund members turning 55 from Jan 1, 2013 are already automatically placed on CPF Life if they have at least $40,000 in their Retirement Account when they reach 55.</p><p>If they have less than $40,000 at age 55, they will be automatically placed on CPF Life at age 65, if they have at least $60,000 in their Retirement Account then.</p><p>Additionally, CPF members who are not on CPF Life can choose to join the scheme any time between the ages of 55 and 80.</p><p>The monthly payouts CPF members receive from CPF Life are determined by the amount they have set aside in their Retirement Account.</p><p>To help CPF members save earlier for their retirement, they can make cash or CPF top-ups under the existing Minimum Sum Topping-up Scheme.</p><p>Members can top-up to the prevailing Minimum Sum, which is currently $155,000, to bolster their own or their loved ones' Special or Retirement Account savings.</p><p>Members can earn interest of up to 5 per cent a year on their Special and Retirement Account monies. This includes the additional 1 percentage point interest paid on the first $60,000 of a member's combined balances (with up to $20,000 from the Ordinary Account).</p><p>Those who make cash top-ups to themselves and their loved ones can also enjoy tax relief of up to $14,000 a year.</p><p>Under the existing Medical Grounds Scheme, terminally ill CPF members can apply for an early withdrawal of their Ordinary, Special and Retirement Account (if applicable) monies, as well as Medisave Account savings in excess of the current Medisave Minimum Sum, in one lump sum.</p><p>Members can visit the CPF website (<a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a>) for more details.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director of Communications</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><p></p></tbody></table>Suggestions on CPF: Board replies10/2/2015 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2797
Medisave contributions for workfare: CPF Board replies2293/News/news-categories-info/forum-replies<p><strong>​</strong><span class="blackhighlight"><em><strong>The Straits Times Online, 22 Nov</strong></em></span></p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td colspan="2"><p> </p><p>WE THANK Mr Seah Kian Chong for his feedback ("System glitch in Workfare payment"; Forum Online, Monday). </p><p>Self-employed persons who are eligible for Workfare Income Supplement (WIS) will receive it, as long as they contribute to their Medisave Account according to their declared income within two years after the end of the work year.</p><p>Self-employed persons who earn a net trade income of more than $6,000 a year are required to contribute to their Medisave Account. Those who earn $6,000 or less can make voluntary Medisave contributions for their future health-care needs and also to get WIS, if eligible.</p><p>For the year 2010, as a self-employed person, Mr Seah made a voluntary Medisave contribution to qualify for WIS for work done in that year. Last year, based on his net trade income, he had to contribute a higher Medisave amount to receive WIS for work done in that year.</p><p>We have since contacted Mr Seah to explain this.</p><p>Central Provident Fund members who have queries on their Medisave contributions for WIS eligibility can contact us on 1800-222-6622 or e-mail <a href="mailto:member@cpf.gov.sg">member@cpf.gov.sg</a><br></p><p> <span class="blackhighlight"><br><strong><br>Irene Kang (Ms)</strong><br><strong>Director of Communications</strong><br><strong>Central Provident Fund Board</strong></span></p></td></tr></tbody></table>Medisave contributions for workfare: CPF Board replies21/11/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2293
Back-up systems for critical CPF services2246/News/news-categories-info/forum-replies<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>The Straits Times, 22 Oct</strong><br><strong>Forum, Pg A22</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Lim Chin Huat for his letter ("Why no back-up server for CPF site?"; last Saturday).</p><p>We assure him that, as part of our business continuity plans, the Central Provident Fund Board has back-up systems in place for critical e-services and data, which include retaining access to CPF members' information.</p><p>We apologise for the miscommunication by our customer service officer and for any inconvenience caused.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr></tbody></table>Back-up systems for critical CPF services21/10/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2246
CPF members can also obtain their statements by calling or writing in2245news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>TODAY, 17 Oct</strong><br><strong>Voices, Pg 26</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We thank Mr Chan Kim Heng for his letter “How password-only access to CPF statements compromises security” (Oct 14).</p><p>To safeguard Central Provident Fund (CPF) members’ confidential information, the Board does not allow third parties’ requests for retrieval of CPF statements on behalf of members.</p><p>CPF members need not visit our service centres and can conveniently obtain their statements by writing in or calling us. We will send the statements directly to them after carrying out the necessary verifications, without the use of SingPass.</p><p>The CPF Board strongly recommends all members observe security best practices always when accessing CPF statements with their SingPass. They should not share their SingPass ID and password with third parties and should always log out once they complete their online transactions.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF members can also obtain their statements by calling or writing in16/10/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2245
Home Protection Scheme: Why cover starts upon collection of keys2242news-categories-info/forum-replies<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>The Straits Times, 16 Oct</strong><br><strong>Forum, Pg A28</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Wilfred Ling for his feedback ("Home Protection Scheme: Start coverage once payment is made"; Oct 8).</p><p>The Home Protection Scheme (HPS) is a mortgage-reducing insurance administered by the Central Provident Fund Board that aims to help CPF members settle their outstanding housing loans for HDB flats in the event of death or permanent incapacity.</p><p>HPS cover will commence when a member has become the legal owner of his HDB flat upon collection of the keys, and this is about the same time as the commencement of his housing loan.</p><p>At this point, flat buyers would have finalised the housing loan quantum, loan repayment period and share of repayment among the co-owners.</p><p>The HPS sum assured and coverage period can then be determined based on these parameters. This helps to ensure that members have the appropriate level of financial protection and do not pay excessive premiums using their CPF savings.</p><p>Members looking for earlier financial protection can consider alternative private mortgage or term insurance policies.</p><p>A forfeiture of 5 per cent of the price of the flat will apply when new flat buyers cancel their application after signing the Agreement for Lease. This is to deter frivolous applications and to protect the interests of serious buyers.</p><p>Nonetheless, the HDB is mindful that there could be situations that merit special consideration.</p><p>The HDB will look into the circumstances of each case and consider the best way to help buyers, including waiving the forfeiture for those facing extenuating circumstances.</p><p>We will take Mr Ling's feedback into consideration in future reviews of the HPS.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Loh Swee Heng</strong><br><strong>Director (Sales)</strong><br><strong>Housing & Development Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr></tbody></table>Home Protection Scheme: Why cover starts upon collection of keys15/10/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2242
Closing investment accounts: CPF Board replies2243news-categories-info/forum-replies<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>The Straits Times, 11 Oct</strong><br><strong>Forum, Pg A46</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Ho Soo Sun for his feedback ("Hassle to close CPF investment account"; Oct 3).</p><p>As he had correctly pointed out, Central Provident Fund (CPF) members have to set aside the Minimum Sum and the Medisave Minimum Sum applicable to them, before they can close their CPF Investment Accounts and withdraw their CPF Investment Scheme investments at 55. This is to help members cater for their future retirement and health-care needs.</p><p>Members who are unable to set aside the Medisave Minimum Sum at 55 have two options. First, they can make a cash top-up to their Medisave Account. Alternatively, if they have set aside their Minimum Sum, they can request to withdraw their Special and Ordinary account savings and use the monies withdrawn to top up their Medisave Account.</p><p>We apologise to Mr Ho for not clearly informing him on how he could have used his CPF savings to top-up his Medisave Account. We have since contacted him to resolve the matter and are reviewing how we can make our processes more convenient for our members.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr></tbody></table>Closing investment accounts: CPF Board replies10/10/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2243
Housewives allowed to open CPF accounts2241news-categories-info/forum-replies<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>The Straits Times, 3 Oct</strong><br><strong>Forum, Pg A34</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Ng Eng Juan for his suggestion to allow housewives to open Central Provident Fund accounts, so they can receive contributions from their husbands or children ("CPF accounts for housewives"; Tuesday).</p><p>The CPF Board already allows all Singapore citizens or permanent residents, including housewives, to open CPF accounts.</p><p>In fact, for those who have not worked before, a CPF account is automatically created for them when a CPF contribution or a first top-up, such as the GST Voucher-Medisave payout (for eligible Singaporeans) or Minimum Sum top-up, is received.</p><p>CPF members can make cash or CPF top-ups for their loved ones under the Minimum Sum Topping-Up Scheme to build up their retirement savings. Members who make cash top-ups for their loved ones can enjoy tax reliefs of up to $7,000 a year.</p><p>We have seen a steady increase in the number of top-ups made over the years.</p><p>Members can visit the CPF website (<a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a>) for more details.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr></tbody></table>Housewives allowed to open CPF accounts2/10/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2241
Access to CPF services: Board replies2240news-categories-info/forum-replies<p> </p><table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 18 Sep</strong><br><strong>Forum, Pg A24</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Soh Kar Chiang for his letter ("Why shut office on Saturdays?"; yesterday).</p><p>Central Provident Fund (CPF) members can access our service centres located islandwide on Saturdays.</p><p>Our service centres in Bishan, Jurong, Tampines and Woodlands, which are next to the MRT stations, are open on Saturdays from 8am to 1pm.</p><p>For members who need to visit a service centre, we encourage them to book an appointment through our appointment system on the CPF website at <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a>, to reduce their waiting time.</p><p>CPF services are also available electronically on our website, which members can access any time at their own convenience.</p><p>Since 2009, the service centre at 79 Robinson Road has been closed on Saturdays because of very low demand.</p><p>This has enabled us to redeploy our resources towards other service channels where demand is higher.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr></tbody></table>Access to CPF services: Board replies17/9/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2240
Some flexibility in CPF use for servicing home loans2115news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 3 Jul</strong><br><strong>Forum, Pg A28</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE REFER to the letters from Mr David Lee Wing Choy ("CPF scheme an obstacle to home-loan financing"; last Friday) and Mr Rajasegaran Ramasamy ("Let loans be settled before transferring CPF money"; last Saturday).</p><p>When Central Provident Fund (CPF) members turn 55, a Retirement Account is created from their Ordinary and Special Account savings. The amount in the Retirement Account provides members with a steady stream of income to meet their basic living expenses in retirement.</p><p>For members who are still servicing their housing loans after 55, we exercise some flexibility in the use of their Retirement and Ordinary Account savings to enable them to continue paying their outstanding housing loans.</p><p>We have contacted Mr Lee to explain how he can use his CPF savings for his housing needs.</p><p>CPF savings are for our retirement needs. Members are advised to be prudent and purchase property within their means.</p><p>There are resources on the CPF website, such as checklists, videos and calculators, that members can use to help plan their finances. Members can also sign up for our monthly talks to learn more about various aspects of the CPF system.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><p></p></tbody></table>Some flexibility in CPF use for servicing home loans2/7/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2115
CPF members allowed to decide how savings go to nominees2114news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>TODAY, 21 May</strong><br><strong>Voices, Pg 24</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We thank Mr Jolly Wee for his suggestion to allow the balances of deceased members’ accounts to be transferred to his or her nominees’ Central Provident Fund accounts. (“Allow transfer of CPF balances of deceased to spouse”; May 15)</p><p>The majority of CPF members opt for cash nominations. From time to time, however, the CPF Board has received requests from members who, like Mr Wee, prefer their savings to be transferred, on their demise, to their nominees’ CPF accounts.</p><p>This is why the Board introduced an Enhanced Nomination Scheme in 2011 to allow these members an avenue to have their bequest wishes fulfilled. We have contacted Mr Wee to provide him with more details about the scheme.</p><p>CPF members who wish to make a nomination are encouraged to visit one of our service centres, so our customer service executives can explain the schemes and act as witnesses. To reduce their waiting time, members can make an e-appointment on the CPF website.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><p></p></tbody></table>CPF members allowed to decide how savings go to nominees20/5/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2114
Dependants' Protection Scheme: Why age cap set at 602116news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 26 Mar</strong><br><strong>Forum, Pg A26</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Su Kim Teck for his suggestion ("Raise age cap for Dependants' Protection Scheme"; last Friday).</p><p>The Dependants' Protection Scheme (DPS) is a term insurance scheme that provides a sum of money to help insured members and their families tide over the initial difficult period in the event of permanent incapacity or death.</p><p>Central Provident Fund members aged 21 to 60 will automatically be covered under DPS when they make their CPF contribution.</p><p>The age limit for DPS is set at 60 years old because, beyond that, the need for financial protection for the majority of members is likely to reduce as their dependants are likely to be already working or are less financially dependent.</p><p>In addition, the annual premiums for coverage beyond 60 years old would be significantly higher due to higher mortality rates. The additional premiums required to continue DPS coverage would be better reserved for the members' retirement.</p><p>Setting the age limit at 60 years old strikes a balance between the need for financial protection for the members' dependants and the need for adequate retirement savings.</p><p>Members who wish to purchase life insurance beyond 60 years old can still do so from private insurers.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><p></p></tbody></table>Dependants' Protection Scheme: Why age cap set at 6025/3/2014 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2116
Complainants' identities kept confidential2118news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 29 Nov</strong><br><strong>Forum, Pg A34</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Yeow Hwee Ming for his letter ("Protect interests of whistle-blowers"; Nov 23).</p><p>The Central Provident Fund Board takes a serious view of all complaints and has put in place a process to safeguard the confidentiality and interests of all complainants.</p><p>When a complainant lodges a case against his employer or former employer, his identity will be kept strictly confidential by the CPF Board, unless the complainant gives consent for his identity to be revealed.</p><p>A detailed investigation and assessment are carried out for each and every case. These include interviewing all parties involved and assessing the facts presented to the Board.</p><p>Depending on the complexity of the complaint and number of people involved, some cases may take longer to investigate. The complainant will be updated about the progress of his case.</p><p>Mr Yeow wrote that he knew of friends who had complained to the CPF Board about employers who over-deducted their commissions upfront to pay for the employers' CPF contributions.</p><p>The Board has not been informed by any of the complainants that they have authorised Mr Yeow to act on their behalf. We have responded to his inquiries on the status of the case on three occasions, and informed him that we remain in contact with the complainants involved and will update them about any new developments.</p><p>Workers and members of the public can call 1800-221-9922 or e-mail <a href="mailto:workright@mom.gov.sg">workright@mom.gov.sg</a> to report non-payment or underpayment of CPF contributions, or any non-compliance with the Employment Act. All details will be kept strictly confidential.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications Division</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></tbody></table>Complainants' identities kept confidential28/11/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2118
CPF top-ups: Board replies2117news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 3 Nov</strong><br><strong>Think, Pg 44</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We are heartened by Mr Chin Kee Thou's support for regular Central Provident Fund top-ups ("Top up CPF accounts for better returns"; Oct 27).</p><p>The CPF Board encourages members to top up their own and their loved ones' Special or Retirement accounts regularly via the Minimum Sum Topping-Up scheme, to save for a more secure retirement.</p><p>Such top-ups are optional and on top of one's required contributions to CPF.</p><p>Members can voluntarily top up their Special Account if they are below 55 years old, or their Retirement Account if they are above 55, up to the applicable limits, to enjoy risk-free interest rates of up to 5 per cent per annum and a tax relief of up to $7,000 (for cash top-ups).</p><p>If they top up their loved ones' Special or Retirement accounts, they can enjoy an additional tax relief of up to $7,000.</p><p>Mr Chin also mentioned the Voluntary Deferment Bonus (V-Bonus). The V-Bonus applies to members born between 1944 and 1953 who voluntarily defer the drawdown of their retirement income. They can enjoy up to $600 of V-Bonus for each consecutive 12 months that they defer their CPF retirement payouts, until age 65. They can also receive the V-Bonus if they join the CPF Life annuity scheme.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF top-ups: Board replies2/11/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2117
Employers have to contribute to their employees' CPF2119news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>Lianhe Zaobao, 29 Oct</strong><br><strong>Voices, Pg 17</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>Dear Editor,</p><p>We are concerned about Madam Tong Mui Eng’s claim (24 October), that her employer did not contribute to her CPF.</p><p>Under the CPF Act, all employees earning more than $50 a month are entitled to CPF contributions from their employers. This includes part-time and casual employees. As rightly pointed out by Madam Tong, such CPF contributions will help employees to build up their retirement savings, and older and low-wage workers will also receive Government assistance such as Workfare.</p><p>Employers are required under the law to contribute CPF for their employees. The CPF Board will not hesitate to take action to recover arrears and late payment interest from companies who did not comply with their CPF obligations. We may also prosecute employers who do not comply.</p><p>We have since contacted Madam Tong to follow up on her case.</p><p>Employees and members of the public can report non-payment or underpayment of CPF contributions to the CPF Board via <a href="mailto:workright@mom.gov.sg">workright@mom.gov.sg</a> or 1800 221 9922. All information will be kept strictly confidential.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Ms Irene Kang</strong><br><strong>Director, Communications</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></tbody></table>Employers have to contribute to their employees' CPF28/10/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2119
CPFIS members should invest prudently2120news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Business Times, 23 Oct</strong><br><strong>Letters to the Editors, Pg 19</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>IN your articles, "Designated stock saga exposes weaknesses" (The Business Times, Oct 11) and "Tell investors why CPFIS stock Chasen crashed" (The Business Times, Oct 18), your senior correspondent R Sivanithy touched on the issue of whether the CPF Investment Scheme's (CPFIS) qualifying criteria for individual stocks listed on the Singapore Exchange (SGX) should be more stringent, given that CPF savings are retirement monies.</p><p>To help CPF members build their retirement nest egg, the investment of CPF savings should ideally provide stable and predictable returns. In this respect, well-diversified funds are more suitable than volatile investments like stocks.</p><p>The Board has therefore progressively tightened the CPFIS fund evaluation process to ensure that only well-diversified funds with low investment costs, good performance records and robust processes to sustain future performance are admitted. We hope that through our policy intervention, investments of CPF monies under CPFIS will yield consistent and sustainable returns for CPF members.</p><p>Notwithstanding this, we recognise that there is a group of members who have been investing directly in shares and wish to continue to do so. So while we continue to allow direct investments in shares under CPFIS, as a balance, we have also imposed limits and safeguards to cap our members' exposure.</p><p>The reality is that no amount of tightening of qualifying criteria can guarantee that no individual stock will run foul of regulatory, accounting or corporate governance standards. CPFIS members should invest in well-diversified, low-cost funds to lower their risks. Members who are risk- averse can leave their CPF savings with the Board to earn the guaranteed, risk-free interest rates of up to 3.5 per cent and 5 per cent in their Ordinary and Special Accounts respectively.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Irene Kang (Ms)</strong><br><strong>Director, Communications</strong><br><strong>CPF Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPFIS members should invest prudently22/10/2013 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2120
CPF on home loans for seniors2121news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>The Straits Times, 9 Oct</strong><br><strong>Forum, Pg A29</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE UNDERSTAND the concerns raised in Ms Cherilyn Ho's letter ("Help seniors avoid huge housing loans"; Sept 27).</p><p>When a CPF member sells his property after age 55, his CPF savings used to pay for the property are refunded to his CPF account.</p><p>If he buys another property subsequently, he is able to use his Ordinary Account balance, plus his Retirement Account balance in excess of half the CPF Minimum Sum.</p><p>The remainder of his Retirement Account balance will provide him a monthly income from his draw-down age.</p><p>We have since contacted Ms Ho to further assist her on her father's case.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF on home loans for seniors8/10/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2121
Minimum Sum top-up - Cash top-ups are considered gifts to the recipient 2123news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 25 Apr</strong><br><strong>Forum, Pg A28</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>The CPF Minimum Sum Scheme aims to provide members with a stream of income from their Retirement Account (RA) savings to meet basic retirement needs during their silver years ('CPF withdrawal' by Ms Tan Saw Bin; April 19). These savings should generally last members for about 20 years from their draw-down age (DDA).</p><p>Under the Minimum Sum Topping Up Scheme (MSTU), members who receive large top-ups, defer their DDA or receive large inflows after their DDA may apply to increase their monthly payout amount if their RA savings can last them for 20 years from their DDA, or five years from the date of application, whichever ends later.</p><p>We encourage members who can do so to consider making top-ups to their own or their family members' CPF accounts periodically, to enhance their retirement savings. As cash top-ups made under the MSTU are considered gifts to the recipient, upon the demise of the recipient, the remaining cash top-up will be paid to the recipient's nominees based on his CPF nomination, or transferred to the Public Trustee for distribution to the deceased's beneficiaries if there is no CPF nomination.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>Minimum Sum top-up - Cash top-ups are considered gifts to the recipient 24/4/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2123
CPF Board does not condone any fraud actions2122news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>Lianhe Zaobao, 6 Apr</strong><br><strong>Voices, Pg 22</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We refer to Ms Li Mei Zhu’s letter, ‘Simple CPF Top-up Application is worrying’ (3 April 2012).</p><p>The CPF Board is committed to safeguarding the interests of its members and will not tolerate any form of fraud. With regard to top-up applications, CPF Board conducts separate checks by different officers, on top of system controls, to ensure that all applications are processed correctly and in accordance to policy regulations.</p><p>Such checks and controls are reviewed by the CPF Board regularly to ensure that they remain robust, and are subject to stringent checks by our external auditors. If members wish to, they can also check the CPF website that their applications have been correctly processed.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF Board does not condone any fraud actions5/4/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2122
CPF LIFE has no Minimum Sum requirement2124news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>Lianhe Wanbao, 20 Mar</strong><br><strong>Forum, Pg 13</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We refer to Ms Xiao Hui’s letter asking if low-income earners can join CPF LIFE (10 Mar).</p><p>We wish to clarify that there is no minimum Retirement Account savings needed to join CPF LIFE. Members who have less than $40,000 in their Retirement Account are also invited to join CPF LIFE, and can choose to join CPF LIFE anytime between age 55 and 80 years old. This will enable them to enjoy a stable stream of income for as long as they live.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Ms Jennifer Toh</strong><br><strong>Deputy Director, Corporate Communications</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF LIFE has no Minimum Sum requirement19/3/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2124
CPF Education Scheme can be repaid flexibly2125news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>Lianhe Zaobao, 9 Mar</strong><br><strong>Forum, Pg 31</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We refer to Madam Yang Wen Qin’s letter asking if CPF savings can be used to repay outstanding education loan (5 Mar).</p><p>While the CPF Education Scheme allows members to draw from their CPF savings to support their children through government subsidised full-time local tertiary education, CPF savings are ultimately meant to provide for members' old-age needs. It is therefore important for graduates to repay promptly to their parents’ CPF accounts, to ensure that their parents have sufficient savings for retirement.</p><p>Similarly, Madam Yang’s daughter’s CPF is for her own retirement needs. Using her daughter’s CPF savings to repay an outstanding education loan is a premature drawdown of her own CPF savings and will compromise on her retirement savings. Therefore, repayments are to be made in cash. Students are cognizant of this condition when they joined the scheme.</p><p>We understand that fresh graduates may have many adjustments including finding employment and settling into their first job. Hence, repayment will only start one year after graduation or on leaving the course. The CPF Board also offers flexible repayment instalment plans ranging from one year to 12 years, with a minimum monthly repayment of $100. In addition, students who are currently studying full-time, serving National Service, or unemployed can apply for deferment of their repayments.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF Education Scheme can be repaid flexibly8/3/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2125
Stamp duty rebates must be declared: CPF Board2126news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 12 Feb</strong><br><strong>Forum, Pg A38</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>R JAMES Ang asked if stamp duty rebates deducted from Central Provident Fund (CPF) accounts but reimbursed later in cash by property developers is allowed ('Stamp duty'; Feb 4).</p><p>CPF members who buy private properties can use their CPF savings to pay for stamp duty and other approved expenses related to the property purchase, as these expenses count towards the total cost of purchasing the property.</p><p>However, these approved expenses exclude rebates, reimbursements or benefits-in-kind received from the property developer, which in effect lower the total expenses. If members receive such benefits after they have withdrawn from their CPF for the purchase, they are to refund the amount equivalent to the benefit, to their CPF.</p><p>This is to ensure there is no premature withdrawal of CPF savings meant for retirement.</p><p>During the sale process, CPF members must declare to their lawyers any such rebates, reimbursements or benefits-in-kind received.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>Stamp duty rebates must be declared: CPF Board11/2/2012 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2126
Annual CPF withdrawals meet needs of most people2127news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 26 Oct</strong><br><strong>Forum, Pg A32</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Lim Tong Wah for his feedback ('55 and after: Allow monthly or quarterly CPF withdrawals instead'; Oct 15).</p><p>Members who are eligible to withdraw a portion of their Central Provident Fund (CPF) savings upon reaching 55 can do so annually on or after their birthday.</p><p>While we empathise with Mr Lim's call for a higher withdrawal frequency, our experience is that annual withdrawals are sufficient to meet the needs of most CPF members.</p><p>Moreover, members experiencing unemployment for a continuous period of at least six months already have the flexibility to tap on their withdrawable CPF savings before their next birthday to help them tide over the difficult period.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>Annual CPF withdrawals meet needs of most people25/10/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2127
To communicate the messages of our campaign to all members2128news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Straits Times, 22 Oct</strong><br><strong>Forum, Pg A44</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We thank Mr Bennie Cheok for his timely reminder that retirement planning is not only for those who are nearing retirement but for everyone, including young workers ('CPF top-up'; Monday). This is indeed the CPF Board's approach: To communicate the messages of our campaign to all CPF members and not just those nearing age 55.</p><p>The 'Are You Ready?' campaign is part of our continuing efforts to encourage a wide cross section of Singaporeans on both traditional and new media platforms to actively plan for their finances, such as through making use of the Minimum Sum Topping-Up scheme.</p><p>Because the campaign included a 'Reaching 55' talk on Oct 9, and the two were reported together in the media, it could have led Mr Cheok to believe that the campaign was not targeted at all working Singaporeans.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>To communicate the messages of our campaign to all members21/10/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2128
CPF Board's & GE's joint reply: CPF Board did not amend regulations2129news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>Lianhe Wanbao, 14 Oct</strong><br><strong>Forum, Pg 12</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>Dear Editor</p><p>We refer to the letter from Lao Renjia in Wanbao Forum on 29 September 2011, titled “Policy matures but no cash received”.</p><p>The CPF Board would like to clarify that there were no changes to the CPF Investment Scheme regulations in 2007. Great Eastern has since contacted the writer and clarified the matter directly with him.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Ms Jennifer Toh</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Miss Tan Seck Geok</strong><br><strong>Head, Group Corporate Communications</strong><br><strong>Great Eastern Life Assurance Co Ltd</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF Board's & GE's joint reply: CPF Board did not amend regulations13/10/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2129
Fund didn't meet CPF Board's criteria2133news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>The Business Times, 28 Sep</strong><br><strong>Editorial and Opinon, Pg 25</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE refer to the article, 'Alpha pays a price for its success' (The Business Times, Sept 21).</p><p>The CPF Investment Scheme (CPFIS) provides members with the opportunity to pursue higher returns on their CPF savings through market instruments that come with investment risks. The CPF Board has put in place a fund admission process where both quantitative and qualitative criteria are applied to assess the suitability of each fund, including the fund's track record, organisational strength, ranking among its global peer group as well as its expense ratios.</p><p>Rather than short-term outperformance, the CPF Board's current admission criteria and evaluation framework aim to create an optimal choice of quality funds able to yield consistent and sustainable returns over time. Investment costs are also deliberately capped as these can erode returns significantly over a long period.</p><p>At the point of evaluation, the APS Alpha Fund did not meet the evaluation criteria. In addition to not meeting the CPF Board's expense ratio cap, the fund's long-term performance also failed to be ranked within the top quartile of its peer group. Your article also reported concerns over APS' capacity constraints, which are shared by the CPF Board.</p><p>Currently, there are about 230 funds under CPFIS which meet the CPF Board's evaluation criteria, spanning different asset classes and risk appetites. They represent a spread that offers CPF members sufficiently adequate choice of investment opportunities.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>Fund didn't meet CPF Board's criteria27/9/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2133
CPF members should top up their accounts as soon as possible2131news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>Lianhe Zaobao, 23 Sep</strong><br><strong>Forum, Pg 28</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We refer to the letter 'CPF Board needs to improve its efficiency' from Mr Teo Chai Guan (15 September).</p><p>As the trustee of CPF funds, the CPF Board aims to strike a balance between service excellence and ensuring that adequate care is taken to process all applications. A time frame of seven working days is therefore required for cheque clearance, checks to verify eligibility and to credit monies into the recipients’ CPF accounts. We were pleased to have been able to serve Mr Teo and his wife within our service commitment.</p><p>We would like to encourage members to make top-ups by the third week of the month, to enjoy interest on their top-ups in the following month. To expedite application processing, members can do so via electronic channels like the AXS or the e-Cashier facility via <a href="http://www.cpf.gov.sg/">www.cpf.gov.sg</a>.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></tbody></table>CPF members should top up their accounts as soon as possible22/9/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2131
Limit in using CPF to repay housing loan2134news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>Shin Min Daily News, 30 Aug</strong><br><strong>Opinion, Pg 19</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We refer to the letter 'No money for housing loan' (9 August).</p><p>CPF members are allowed to withdraw their CPF savings for a property up to the valuation limit, which is the lower of the purchase price or the valuation. Upon reaching the limit, members can only continue to use their CPF savings if they can set aside half of the prevailing Minimum Sum in their Ordinary and Special Accounts. This is to strike a balance between CPF's objectives of providing for retirement, housing and healthcare, by seeking to ensure that a member has sufficient savings for his retirement in addition to financing a home purchase.</p><p>In the case of Mr Ng, he has reached his valuation limit for the flat, and therefore needs to set aside half of the prevailing Minimum Sum before he can continue using his CPF savings. Nonetheless, we understand the financial challenges that Mr Ng is facing, and have been in touch with HDB to see what assistance can be rendered to help ease his financial situation.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>Limit in using CPF to repay housing loan29/8/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2134
Age would affect the payout of CPF LIFE2130news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"> </td><td height="10" align="left" valign="top" colspan="2"> <i><span class="blackhighlight"><strong>Lianhe Wanbao, 13 Aug</strong><br><strong>Forum, Pg P14</strong></span></i></td></tr><tr><td height="2" valign="top"> <br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We refer to the letter 'CPF LIFE' (1 Aug 2011).</p><p>A number of factors, including a member's Retirement Account balance, gender, as well as the age at which he joins CPF LIFE, determine a member's CPF LIFE payouts. Mr Chow enquired about the scheme in March 2010 when he was 57 years old, and was advised that if he joined the scheme, his payout range would have been $811 to $885 per month. Mr Chow eventually joined the scheme in August 2010 after he had turned 58, and the payout range was then $799 to $870. There is therefore no discrepancy in his participation in CPF LIFE.</p><p> <strong>The CPF Board would like to assure all members that they would be advised on their payout range when they signed up for CPF LIFE, and they are given a month to cancel their plan should they change their mind.</strong></p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"> <span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>Age would affect the payout of CPF LIFE12/8/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2130
CPFIS investors should know investment risks2238news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>The Business Times, 21 Apr</strong><br><strong>Editorial & Opinion, Pg 21</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>IN 'Time to raise the bar on CPFIS stocks' (The Business Times, April 14), your correspondent R Sivanithy suggested tightening the CPF Investment Scheme (CPFIS) rules on stocks to safeguard CPF savings.</p><p>With the CPF reforms in recent years, members can now receive attractive risk-free interest rates for their savings. The CPFIS provides an avenue for the member who wishes to seek potentially higher returns on his CPF savings to invest through a variety of market instruments.</p><p>Those who choose to do so must accept higher risks in their investments. The CPF Board adopts a basic set of criteria for shares inclusion, which are:</p><p>- shares must be offered by a company incorporated in Singapore,<br>- shares are listed on the SGX main board,<br>- shares are traded in Singapore dollars, and<br>- the company allows CPF investors to attend their shareholders' meeting.</p><p>Members who wish to invest in stocks should understand the risks of doing so, and any inclusion criteria cannot guarantee that an individual stock will not run foul of regulatory, accounting or corporate governance standards throughout time. They must therefore evaluate the stocks carefully before investing in them.</p><p>CPF Board provides a further safeguard by capping investors' total exposure to stocks. Currently, only Ordinary Account savings in excess of $20,000 may be invested in CPFIS instruments, and exposure to stocks is capped at 35 per cent of investible Ordinary Account balances.</p><p>The CPF Board conducts regular outreach programmes to advise members to exercise prudence and good judgment when managing their CPF savings.</p><p>We would like to take this opportunity to remind CPFIS investors to familiarise themselves thoroughly with the risks of the various instruments including stocks before undertaking any investment.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPFIS investors should know investment risks20/4/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2238
CPF Board’s reply: Had explained and apologised to CPF member2247news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>Lianhe Zaobao, 7 Mar</strong><br><strong>Forum, Pg 13</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>We refer to the letter 'Query on CPF account' dated 2 March 2011.</p><p>The letter received by Mr Goh on 30 November 2010 from the CPF Board was sent in response to an online submission to join CPF LIFE. Our records showed that the application was submitted via an e-counter at Bishan Service Centre using Mr Goh's Singpass when he was present at the counter.</p><p>As Mr Goh was already a CPF LIFE member by then, we could not accept a duplicate application. The Board sent a subsequent letter to Mr Goh on 24 January 2011 explaining the situation, which, according to Mr Goh, he did not receive.</p><p>We have since contacted Mr Goh to explain the matter and apologise for any confusion or inconvenience caused.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF Board’s reply: Had explained and apologised to CPF member6/3/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2247
CPF will consider reviewing minimum age for scheme2239news-categories-info/forum-replies<table border="0" cellspacing="0" cellpadding="0"><tbody><tr><td height="10"></td><td height="10" align="left" valign="top" colspan="2"><i><span class="blackhighlight"><strong>The Straits Times, 7 Jan</strong><br><strong>Forum, Pg A27</strong></span></i></td></tr><tr><td height="2" valign="top"><br> </td><td height="2" valign="top"></td></tr><tr><td> </td><td colspan="2"><p>WE THANK Mr Trent Ng ('Spare young people the premium shock') and Dr Yong Sok Ying ('Review system') for their letters last Saturday.</p><p>The Dependants' Protection Scheme (DPS) is designed to automatically cover Central Provident Fund (CPF) members when they make their first CPF contribution.</p><p>Its purpose is to insure members as early as possible when they are more likely to be healthy and insurable, and the premium is at its lowest.</p><p>The DPS is designed as an opt-out scheme to enable as many members as possible to enjoy the DPS protection at affordable premiums without the need to apply for it.</p><p>Members are notified by the CPF Board and the insurer at the commencement of their DPS cover. Members may opt out of the scheme at any time, by informing their insurer in writing. If they do so within two months, they will receive a full premium refund.</p><p>We will consider the suggestion to review the minimum age when automatic cover commences.</p></td></tr><tr><td height="25"> </td></tr><tr><td height="15"></td><td height="15" align="left" valign="top" colspan="2"><span class="blackhighlight"><strong>Jennifer Toh (Ms)</strong><br><strong>Deputy Director (Corporate Communications)</strong><br><strong>Central Provident Fund Board</strong></span></td></tr><tr><td> </td></tr><tr><td> </td></tr><p></p></tbody></table>CPF will consider reviewing minimum age for scheme6/1/2011 4:00:00 PMhttps://null/common/Lists/News/DispForm.aspx?ID=2239

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