CPF Easy Info Thread. :)

[kehyi4]

What if we use all SA to buy into a temporary bond before 55, how does this reserved sum gets to RA? Supposed we do top up of 14k in total and then before 55 we use all SA amount to invest and left OA for RA set up.

Firstly, you can't use *all* your SA for CPFIS-SA. The first 40k of your SA cannot be used:
From CPF FAQ:
"... only monies in excess of $20,000 in your Ordinary Account and $40,000 in your Special Account can be invested."

Secondly, any amount that's reserved cannot be used for CPFIS-SA, I mean, that's what "reserved" means, right?
Again, from CPF FAQ:
"Top-up monies are set aside specifically for retirement needs and can only be used for monthly payouts under the Retirement Sum Scheme, or CPF LIFE1. It cannot be withdrawn in cash or used for any other purposes such as education, investment, insurance premium payments, housing etc."

 

[badsector]

Could not find this option. Tried mobile & on notebook.

 

[henrylbh]

Can still keep $ in CPF after RIP?

The deceased's CPF will go to the public trustee (if no nominee) or remain where it is until the nominee/s make application to withdraw the CPF.

 

[ralliart12]

as far as we understand it, the answer is NO...

In that case, then pledge property for what (benefits)?

 

[henrylbh]

In that case, then pledge property for what (benefits)?

Pledge/charge property is for withdrawing amount above BRS and only non-topup money can be withdrawn.

Whether one withdraw amount above BRS or not, a property is always under charge as long as CPF money has been used and the person has not met FRS (excluding top up) at 55.

 

[SBC]

The deceased's CPF will go to the public trustee (if no nominee) or remain where it is until the nominee/s make application to withdraw the CPF.

If got nominee, what the longest period to keep $ at CPF?

 

[Tiger9119]

If got nominee, what the longest period to keep $ at CPF?

All unclaimed monies will cease earning interest after 7 years.

https://www.asiaone.com/money/what-happens-unclaimed-cpf-savings-after-singaporeans-pass

 

[BBCWatcher]

If got nominee, what the longest period to keep $ at CPF?

All unclaimed monies will cease earning interest after 7 years.
https://www.asiaone.com/money/what-happens-unclaimed-cpf-savings-after-singaporeans-pass

So the answer is “forever,” but you may not the implications particularly from year 8 onward.

 

[a4973]

So the answer is “forever,” but you may not the implications particularly from year 8 onward.

Is this line of discussion only applicable to cash nomination? I have also read that part about the deceased person's CPF funds transferred to the PTO for distribution so how does one choose which way? Keep in deceased person's CPF OA for up to 7 years or transfer to PTO? Thanks

 

[Tiger9119]

How Do CPF Monies End Up Being Unclaimed?
Despite the considerable and sustained efforts of the CPF Board and PTO to locate and disburse CPF savings to the rightful claimants, people do fall through the cracks.

If family members do not update their mailing address and contact details with the government (even though they are required to) then efforts to reach out to them would not be successful. However, since there is no time limit for next-of-kin to claim CPF monies, the monies would remain with the PTO until the legal beneficiaries apply to receive the funds.

Another possibility is that the nominee that is supposed to receive the CPF monies has passed on. In this situation, the CPF monies could be paid to the Executor/Administrator of the nominee’s estate, or if there is no Executor/Administrator appointed, the CPF savings may be paid to a proper claimant if the sum does not exceed $10,000.

https://dollarsandsense.sg/what-happens-to-unclaimed-cpf-savings-after-singaporeans-pass-on/

 

[a4973]

How Do CPF Monies End Up Being Unclaimed?
Despite the considerable and sustained efforts of the CPF Board and PTO to locate and disburse CPF savings to the rightful claimants, people do fall through the cracks.

If family members do not update their mailing address and contact details with the government (even though they are required to) then efforts to reach out to them would not be successful. However, since there is no time limit for next-of-kin to claim CPF monies, the monies would remain with the PTO until the legal beneficiaries apply to receive the funds.

Another possibility is that the nominee that is supposed to receive the CPF monies has passed on. In this situation, the CPF monies could be paid to the Executor/Administrator of the nominee’s estate, or if there is no Executor/Administrator appointed, the CPF savings may be paid to a proper claimant if the sum does not exceed $10,000.

https://dollarsandsense.sg/what-happens-to-unclaimed-cpf-savings-after-singaporeans-pass-on/

Thanks. I have read the article however it doesn't explain under what circumstances the deceased person's CPF funds will remain in OASAMARA earning the interest for up to 6 months then get transferred to the deceased person's OA and earn OA interest for up to 7 years. I am puzzled about this part.

 

[SBC]

Thanks. I have read the article however it doesn't explain under what circumstances the deceased person's CPF funds will remain in OASAMARA earning the interest for up to 6 months then get transferred to the deceased person's OA and earn OA interest for up to 7 years. I am puzzled about this part.

Dun think can reach 6% as bonus interest will cease after 6 months.

 

[a4973]

Dun think can reach 6% as bonus interest will cease after 6 months.

Thanks. Yes I have also read that bonus interest will not be paid but 2.5% and 4% are still pretty good for the foreseeable future.

 

[a4973]

My situation is I have nominated my wife and child who is currently a minor under the Enhanced Nomination Scheme option 1 which fill's their SAs up to FRS, their MAs up to BHS then the rest disbursed to them in cash.
As they are not really the Saver type my concern is how am I able to throttle the cash disbursement part. So the FAQ that BBwatcher posted about the funds remaining in the deceased person's CPF for up to 7 years sounds good. So my question is what do I have to do to achieve that? Thanks

 

[Tiger9119]

My situation is I have nominated my wife and child who is currently a minor under the Enhanced Nomination Scheme option 1 which fill's their SAs up to FRS, their MAs up to BHS then the rest disbursed to them in cash.
As they are not really the Saver type my concern is how am I able to throttle the cash disbursement part. So the FAQ that BBwatcher posted about the funds remaining in the deceased person's CPF for up to 7 years sounds good. So my question is what do I have to do to achieve that? Thanks

Since they are your nominees, can CPF stop them from claiming the money?

Maybe one of the options is to set up a trust?

https://www.straitstimes.com/business/invest/trusts-are-not-just-for-the-well-heeled

 

[henrylbh]

Since they are your nominees, can CPF stop them from claiming the money?

Maybe one of the options is to set up a trust?

https://www.straitstimes.com/business/invest/trusts-are-not-just-for-the-well-heeled

The article never mentioned about whether CPF money can go into a trust, and certainly CPF will not recognise a will. Neither does HDB recognise a trust.

 

[Tiger9119]

The article never mentioned about whether CPF money can go into a trust, and certainly CPF will not recognise a will. Neither does HDB recognise a trust.

Maybe alot of legal works need to be done if nominate a trust to receive the CPF monies:

https://www.cpf.gov.sg/members/FAQ/...ination+Scheme&ajfaqid=2186137&folderid=11583

 

[chiokcc]

I was reading this page on topping-up using cash to family member's RA.

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

Is it correct that cash top-up of parents' RA of $7k, I am able to to get tax relief of $7k? There is no criteria that their income for the year is $4k or less?

 

[SBC]

Thanks. But very strange. I am not seeing this option on my profile.

I am responding to badsector's earlier response.

 

[henrylbh]

Thanks. But very strange. I am not seeing this option on my profile.

I am responding to badsector's earlier response.

Perhaps that 'option' is not applicable to you.

My statement showed something else that is not shown in the statement that badsector has as it may not be applicable to him.