Can I give away monies in my CPF (e.g. through a Will)?
Will Coverage
A Will does NOT cover monies in your CPF Savings unless they are:
- Held in CPFIS-OA
- Held in CPFIS-SA
- Paid into property
In order to distribute the monies in your CPF Savings, you need to make a separate CPF nomination. If no CPF nomination was made, CPF board will pay the monies in CPF Savings to the Public Trustee’s Office for distribution to your family member(s) in accordance with the intestacy laws or inheritance certificate (for Muslims) in Singapore.
CPF Nomination Coverage
- CPF savings* in your Ordinary, Special, MediSave, and Retirement Accounts
- CPF LIFE unused premiums
- Discounted Singtel shares ^
* CPF savings cannot be included in your will because they do not form your estate. This arrangement protects your CPF savings from creditor claims on any outstanding debts you may have, and preserves your savings fully for your nominees or family members.
^ If the deceased member had made a valid CPF nomination, his discounted Singtel shares will be distributed to his nominee(s) in the proportion he had indicated in his CPF nomination form. If the deceased member had not made a valid nomination, or had passed away before 1 January 1996, his discounted Singtel shares will form part of his estate (and be distributed according to the Will if there is one). [Source: https://www.cpf.gov.sg/service/article/what-happens-to-a-deceased-member-s-discounted-singtel-shares]
Should I include my Discounted Singtel Shares in my Will?
Our recommendation is for you to make your CPF nomination which caters to both your CPF savings and the discounted Singtel shares. In the event that a nomination has been made and the same asset is also included in the Will, the CPF nomination will take precedence. However, differing instructions between the CPF nomination and the Will may lead to potential confusion.
If you still wish to include it in your Will, you should list it as such to avoid such confusion;
| Category | Other Assets |
| Item name | Discounted Singtel Shares |
| Identifying details | Held in my CPF (CPF Account Number: {CPF Account Number} ) |
| Additional Instructions | To follow the distribution as per my CPF nomination. In the event that no nomination is made, or if my CPF nomination is rendered invalid, the Discounted Singtel Shares shall form part of my estate and be distributed in accordance with the instructions in my Will. |
What is not covered by your CPF nomination:
- Properties bought using your CPF savings
- Payout from Dependants’ Protection Scheme (DPS)
- Investments made under CPF Investment Scheme (CPFIS)
Source: https://www.cpf.gov.sg/member/infohub/educational-resources/what-does-your-cpf-nomination-cover
According to CPF website on CPF Investment Scheme (CPFIS):
- For CPFIS-OA, to invest your OA you will need to open a CPF investment account with an agent bank before buying the products.
- For CPFIS-SA, to invest your SA, you do not need to open an account with an agent bank, the products are bought directly from provider.
The products bought under CPFIS and the money in CPFIS-OA agent bank are not covered under CPF nomination, these form part of the deceased estate. Do note that getArrange Will does not override the insurance nomination made for any CPFIS insurance policies REGARDLESS whether the nominations were made earlier or later.
3 Things You Should Know About CPF Nomination Scheme (17 September 2018)
- When you make a CPF nomination, your CPF savings will be distributed in cash to your nominee(s) by default unless you choose otherwise. The nomination rules are stated clearly in the CPF website.
- If you wish to distribute your CPF savings to your nominees’ CPF accounts, you can opt for the Enhanced Nomination Scheme (ENS).
- Parents who wish to set aside their CPF savings for the long term care of children with special needs may consider the Special Needs Savings Scheme (SNSS).
More information is also available at CPF | Making A CPF Nomination.
You can make your CPF nominations directly online here.
OR
You can do it in person by visiting any of the CPF Service Centres.