What will happen to my Academic Staff Provident Fund Approved Investment Scheme investments if I did not open a CPF Investment Scheme Investment Account in time for the transfer?
As indicated in the National University of Singapore (NUS) letter to you, if you did not open a CPF Investment Scheme Investment Account by 27 December 2007, NUS is unable to transfer your Staff Provident Fund Approved Investment Scheme – Ordinary Account (ASPFAIS-OA) investment holdings and Part V insurance policies. As the Academic Staff Provident Fund (ASPF) scheme has closed down, your ASPFAIS Investment Account has been frozen and you will no longer be able to use your ASPF monies to transact under the ASPFAIS and service the premiums of your insurance policies bought under the ASPF Part V Scheme.
You can still open a CPFIS Investment Account at any agent bank i.e. DBS, OCBC and UOB, and instruct NUS to transfer your ASPFAIS investments and Part V insurance policies to your newly-opened CPF Investment Scheme (CPFIS) Investment Account after 1 January 2008. However, this transfer will be effected only on a monthly basis and any payments to be made in the meantime, including insurance premiums, would have to be paid in cash.
For your investments bought under Staff Provident Fund Approved Investment Scheme – Special Account (ASPFAIS-SA), NUS would have transferred them over to CPF Investment-Special Account (CPFIS-SA) as long as you have a CPF Account. No CPFIS Investment Account is needed for the transfer of investment holdings under the SA.
