The Parliament passed the CPF Amendment Bill 2026 on 6/7 May to legislate the transfer of Singtel Special Discounted Shares (SDS) from the CPF Board to the Central Depository (CDP) accounts of SDS holders. 

The details are summarised below.

Transfer to benefit SDS and Singtel shareholders

The transfer will enable SDS holders who hold shares in their individual CDP accounts to consolidate all their holdings, making it easier to track and trade.  As Singtel shareholders, SDS holders will also benefit from Singtel's greater flexibility in carrying out corporate actions in a timely and cost-efficient manner. This will give Singtel more options to reward shareholders and fund growth initiatives.

To enable the transfer, the Central Provident Fund (Amendment) Bill was passed in Parliament. CPF Board will work with Singtel, CDP and other stakeholders to facilitate the transfer, which is planned for 21 November 2026. After the transfer, CPF Board will no longer be the trustee and Singtel SDS will be held in SDS holders' CDP accounts under their own names.

What this means for SDS holders

For SDS holders who wish to keep their Singtel SDS holdings, no action is required. On 21 November 2026, SDS holders with individual CDP accounts will have their Singtel SDS automatically transferred to their CDP accounts, while those without individual CDP accounts will have their Singtel SDS transferred to a designated CDP account that will be created in their name.

For SDS holders who wish to sell their Singtel SDS holdings, CPF withdrawal conditions have been waived for Singtel SDS sale proceeds from 8 April 2026. SDS holders can withdraw sale proceeds in cash or retain them in their CPF Ordinary Account.

Read more on the transfer of Singtel Special Discounted Shares (SDS) from CPF Board to the Central Depository (CDP) accounts of SDS holders.