Why do I need to open a CPF Investment Scheme Investment Account now to 'hold' my Academic Staff Provident Fund Approved Investment Scheme (ASPFAIS) Investment?
The Academic Staff Provident Fund (ASPF) Part V Scheme does not fall under the purview of the ASPF Investment Scheme. Under the ASPF Part V Scheme, the policies were bought under the name of National University Singapore (NUS). NUS had been paying the premiums directly to the insurance companies, after deducting the monies from members' ASPF Ordinary Accounts, without going through the agent banks. As the CPF Board does not have such a scheme, Part V insurance policies have to be transferred to the CPF Investment Scheme-Ordinary Account (CPFIS-OA) instead. Under the CPFIS-OA, you need to have a CPFIS Investment Account to hold your investments, including the transferred Part V insurance policies.