CPF: Things that you probably don’t know? (Part 4)

April 8, 2016

To deceased’s nominee’s CPF instead of cash?

Under the CPF Enhanced Nomination Scheme – one can choose to on death – give one’s CPF to his or her nominee(s)’ CPF instead of the normal cash under the CPF Nomination Scheme.

Can choose how much to Special & Medisave accounts?

You can also specify the proportion of your CPF which will go into the nominee(s)’ CPF Special and Medisave accounts.

For example, you can choose to put say 10 per cent to Medisave and 90 per cent to the Special account.

Withdrawals subject to CPF rules in the future?

The nominee(s) who receive your CPF can withdraw subject to the Full Retirement Sum (FRS – currently $161,000) and Basic Retirement Sum (BRS – currently $80,500) rules – which apply when they reach age 55 for their Special account, and the Medisave withdrawal eligibility rules and limits as well as approved insurance premiums like MediShield Life, Integrated Plans and ElderShield.

Leong Sze Hian

About the Author

Leong

Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional qualifications.