Did anyone know, if you don’t do CPF nomination ....

[xiaosinsinful]

I think more or less everyone knows that if you don’t make a CPF nomination , your CPF money will be distributed account to the intestacy laws of Singapore.
e.g spouse children
spouse parent
...

interestingly I came across an article stating that there is a % fee charged to your CPF amount.
https://www.theonlinecitizen.com/20...T8LjnDYVSHYfA097HIatkirPx4hiGoV6s8l4PY5qEyFDQ
Example:
“If the amount of CPF money is $10,000, the fees would be $159 and if it’s $100,000 it would be $834,” said the MP.

law minister rational:
In response, Law and Home Affairs Minister K Shanmugam responded that the fee is used to cover the cost of administering un-nominated CPF monies.

The Minister said, “This includes resources expended to trace a deceased’s next-of-kin, identify all eligible beneficiaries, and establish the familial relationship between beneficiaries and the deceased.”

meaning to say, if someone has $1M it is harder/takes more resources to find and trace VS someone with only $1000?

 

[Peasantboy]

I think more or less everyone knows that if you don’t make a CPF nomination , your CPF money will be distributed account to the intestacy laws of Singapore.
e.g spouse children
spouse parent
...

interestingly I came across an article stating that there is a % fee charged to your CPF amount.
https://www.theonlinecitizen.com/20...T8LjnDYVSHYfA097HIatkirPx4hiGoV6s8l4PY5qEyFDQ
Example:
“If the amount of CPF money is $10,000, the fees would be $159 and if it’s $100,000 it would be $834,” said the MP.

law minister rational:
In response, Law and Home Affairs Minister K Shanmugam responded that the fee is used to cover the cost of administering un-nominated CPF monies.

The Minister said, “This includes resources expended to trace a deceased’s next-of-kin, identify all eligible beneficiaries, and establish the familial relationship between beneficiaries and the deceased.”

meaning to say, if someone has $1M it is harder/takes more resources to find and trace VS someone with only $10000?

Good point! What a stupid answer by Min Sham.

 

[xiaosinsinful]

Good point! What a stupid answer by Min Sham.

I mean... as a LAW MINISTER
1. he got to be smarter then that right?
2. Law minister leh, you mean he dosent know how people will interpret his words? I thought sentences in law must be precise?

 

[xiaosinsinful]

Good point! What a stupid answer by Min Sham.

dosent take a rocket science degree to comprehend that right?

 

[EDMW-Hates-Me]

It's like progressive tax lor. The rich subsidize the poor a bit.

 

[xiaosinsinful]

It's like progressive tax lor. The rich subsidize the poor a bit.

A tax ? ON THE DEAD? people just died and you are talking about taxing them?

 

[TehOPengSiuDai]

A tax ? ON THE DEAD? people just died and you are talking about taxing them?

this is Pay-and-Pay Singapore, what do you expect... even in the coffin still need to pay!

 

[EDMW-Hates-Me]

A tax ? ON THE DEAD? people just died and you are talking about taxing them?

Didn't say it's a tax, and why are you so against tax. Many countries have inheritance tax. We used to have too. You might want to check when it's removed and hopefully, although I'm not very hopeful, you can infer why it's removed.

The cost of checking might be 1000. The rich helps to pay more.

 

[䏣炆玧示老太]

Live long and well until CPFlife pays out with no more leftover balance. When die it’s all clean. Remember to use up Medisave balance too

 

[coyote]

OK. I have made nomination.

 

[coyote]

I mean, if you have a lot of money in cpf or cash, you will naturally make nomination and will. If you have little or not much money, nominate or not also makes no difference.

If you do not make any nominations and expect the states to find your next of kin, I think it's reasonable to pay administrative fees.

If you do not like it. Just make a nomination. I did, twice. It's literally as easy as walking into any cpf office, take a queue number and do it in 20-30 minutes. Best thing is, nomination is free. You can change your nomination as many times you like

 

[winningeleven]

Admin fee like those car dealer.

 

[Prof. Utonium]

Yes, which is why I made my nominations. Even in my death I will try to reduce my offerings to the government coffers.

 

[kumokumo]

BBFA can nominate who?

 

[mata_hippo]

I mean, if you have a lot of money in cpf or cash, you will naturally make nomination and will. If you have little or not much money, nominate or not also makes no difference.
If you do not make any nominations and expect the states to find your next of kin, I think it's reasonable to pay administrative fees.
If you do not like it. Just make a nomination. I did, twice. It's literally as easy as walking into any cpf office, take a queue number and do it in 20-30 minutes. Best thing is, nomination is free. You can change your nomination as many times you like

can settle online?

 

[coyote]

can settle online?

Cannot. Reason is simple. The officer in charge will need to make assessment when your nominations, you have a clear state of mind and not suffering from any mental illnesses or under the threat of some one.

Same as when people made their will, the lawyer has to do the same and explain to the person, they are making the will on their own free will and not under the pressure from their children, spouse or closest kins...

It's actually for our own good.

 

[TVaddict]

I think the main grouse of people is CPF taking a cut of the deceased money.. A quick search online shows many bloggers have blogged about the pros of doing nomination before... https://justasingaporeanson.blogspot.com/2020/02/finally-made-my-cpf-nomination.html?m=1

 

[MIVEC525]

Can nominate online? No need go down to cpf?

 

[TVaddict]

Can nominate online? No need go down to cpf?

Can nominate online.. Quite easy and fast.

 

[MIVEC525]

Can nominate online.. Quite easy and fast.

can gimme link? no need witness?