Can a member (outgoing party) transfer his share in the property to his ex-spouse (remaining party) under the division of CPF monies in matrimonial proceedings?
Yes, the member can do so but the ex-spouse should take note of the following required refunds when the ex-spouse sells/transfers or disposes of the property subsequently:
Portion of the required CPF refund not refunded to the member's CPF account at the point of transfer of property
i) the principal CPF monies withdrawn by the member and the accrued interest that were not refunded to the member's CPF account,
ii) interest that would have accrued on (i) as at the date of the ex-spouse's subsequent sale/transfer or disposal of the property, and
iii) the member’s pledged amount if he is aged 55 years old and above and had pledged the property to make up his retirement sum.
Ex-spouse's required CPF refund
iv) the total principal CPF monies withdrawn by the ex-spouse and the accrued interest, and
v) the ex-spouse’s pledged amount if he is aged 55 years old and above and had pledged the property to make up his retirement sum.
If the ex-spouse is 55 years and above, the refunds will be used to top up his Retirement Account up to the Full Retirement Sum he needs to set aside. Any excess housing refunds will be paid to him.
