Cash nomination lets CPF nominees decide how to use bequeathed savings

The Straits Times, 16 January 2024
Forum, pB5

We thank Ms Celine Ng Sout San for her letter on the Central Provident Fund Board Nomination Scheme (“Restructure nomination schemes to cater to members’ diverse needs”, 10 January 2024).

CPF members have the option to bequeath their CPF savings to their nominees in cash or to their nominees’ MediSave Account and Special/Retirement Account.

Most members choose to bequeath their CPF savings to their nominees in cash, which offers nominees the most flexibility to use the bequeathed savings based on their own circumstances and needs.

Nominees who receive the bequeathed savings in cash can use it to top up their CPF if they wish to save more for their retirement and healthcare needs, in their preferred proportion.

The CPF Board will continue to regularly review our schemes to ensure relevance to the broad majority. We would also encourage members to make and regularly review their nomination to ensure that it continues to fit their intentions.

Gregory Chia

Group Director, Retirement Income Group

Central Provident Fund Board