Tuesday, September 21, 2010

All-out effort to pay out unclaimed CPF savings

CPF members from January can opt to have their savings transferred directly to CPF accounts of their nominees instead of having the payouts made in cash when they pass away. CPF board will automatically disburse the money to the nominees.

CPF savings if left unclaimed for seven years following the death of a member will be moved into the general monies of the CPF Fund. However, claimants will still be able to approach CPF board any time after the seven years to claim the money due to them.

CPF board will trace beneficiaries by exploring all ways to try to locate them. It will go through its own records and residential listings to locate the beneficiary. If this fails, letters will be send to the person who notified the board of the member’s death of to the last known address of the dead member.

If there is no response, advertisement in major newspapers will be placed to ask beneficiaries to come forward to claim the money.

To prevent unclaimed money, if you have not done a CPF nomination, making a nomination will be recommended if you like your nominees to receive proportion of CPF savings when you are no longer around.

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