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 :
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