If you didn’t already know, the Central Provident Fund (CPF) Board has just announced that you can now nominate CPF beneficiaries online.
CPF Board has said that they believe that this online initiative will make it more convenient for CPF members because they no longer have to go down to a CPF Service Centre to complete the form. This will also protect their privacy.
This is perhaps also in light of encouraging more people to make nominations as just a couple months ago, it was revealed by CPF Board that there was over $200 million of CPF monies left unclaimed due to people not making nominations.
Now that it’s so much more convenient and you don’t have to wait for hours at their service centre, you no longer have an excuse to not do it!
Why Do I Need A CPF Nomination?
A CPF nomination allows you to determine how you want your CPF savings to be distributed and the proportion of your savings each nominee will receive, according to the CPF Board.
If you do not make a CPF nomination, you will have your CPF savings distributed by the Public Trustee’s Office according to your legally entitled beneficiaries. This will involve a charge.
It is also good to note that your CPF savings are excluded from the estate and cannot be covered under a will.
This serves as a protection for your savings from any creditor claims on outstanding loans that you may have when you are alive. It also helps make sure that your savings are preserved fully for your loved ones to claim.
How Do I Nominate CPF Beneficiaries Online?
Previously, you could only do it the hard-copy way at the CPF Service Centres. CPF Board said, “Under the hard-copy process, details of the nomination such as who the nominees are and the amount to be distributed to them, may inadvertently be seen by the witnesses. Under the new online nomination mode, nomination details such as the identities of nominees will not be revealed to witnesses.”
Step 1: Go onto the CPF website and login with your SingPass account.
Step 2: Click on “Services”.
Step 3: Click on “Forms and E-App”, then on “Other Matters”, and then on “CPF Nomination Scheme”.
Step 4: Click on “Apply Online”.
Step 5: Read through all the important notes before ticking the box and clicking “Start”.
Step 6: You will be asked to fill in your witness’ NRIC particulars and contact information, and they will receive a notification through e-mail or SMS, or both, and must confirm the nomination within seven days.
This process is to ensure that the witnesses are aware that you’re making an online nomination. The witnesses will also have to declare how they found out about your intention, be it by a phone call or a text message. Your nomination details will not be made known to the witnesses to ensure privacy.
Step 7: Wait for notifications.
The CPF Board will process your nomination and you will receive notifications on the status of your nomination via e-mail or SMS, or both.
Step 8: Once you receive your confirmation, you’re done.
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