Dear SHCians
There is a on going issue on our CPF money with the government and I would like to share this which I have also just learned.
For those who have made nominees in the CPF, check the status again to confirm that your beneficiary will be able to receive CASH instead of :
MODE:
1) Nominee to receive moneys in his/their Special Account (SA) or Retirement Account (RA)
– first subject to the prevailing Minimum Sum limit, and thereafter into Medisave Account
(MA) subject to the prevailing Medisave Contribution Ceiling
2) Nominee to receive moneys in his/their Medisave Account first, subject to the prevailing
Medisave Contribution Ceiling, and thereafter into Speciakl Account or Retirement
Account, subject to the prevailing Minimum Sum
There are 3 Type :
C – Cash Nomination Scheme
E – Enhanced Nomination Scheme
S – Special Needs Savings Scheme
Print out your status and check if your nominee has 100% or divided into portion if you have more than one child and that under (Type*) you see the (C) which is cash, and that under
Mode^ it is blank, otherwise, you have to email to CPF and check with them.
It is better to have all this done while one is still alive to avoid any problem for your next of kins
Leon
Thanks Leon for this invaluable information. Very considerate of you to share it around.
Mad :-)
Went to CPF today to confirm nomination arrangement. Most important, all CPF account holders must go in person to do an official nomination. Reason is because, they (the staff) can act as witness (2 persons) in our nomination form. According to the CPF staff in attendance, the nomination arrangement is still the same, nothing is changed.
Hewlee
Have you been reading the papers about CPF and MediShield Life? Hew Lee knows about nomination. I am sure some of us know a lot about MediShield life and integrated packages.
Why are some seniors happy with MediShield life? Because it extends for life, it uses our medisafe, etc.
Let’s talk about it here for a while. If it makes sense, we should come together and listen to the more knowledgeable ones, and we can share what’s behind MediShield Life. I have not read in full what is in the papers, but listening can be useful too.
Terence Seah