Pay your CPF to your nominees’ CPF?
We just discovered that you can now choose to pay your CPF to your nominees’ CPF on your demise, instead of as the normal cash to your nominees.
- Thanks to a posting on facebook.
It is called the Enhanced Nomination Scheme (ENS) that has been available since 1 January 2011.
Media ever report?
Was this ever reported in the media?
Under the ENS, there are 2 options for you to choose.
Pay to Special/Retirement Accounts first?
You can choose to credit your CPF on your death to your nominees’s Special and Retirement Accounts first (up to the prevailing Minimum Sum – currently $148,000), followed by the excess to your nominees’ Medisave Account up to the prevailing Medisave Contribution Ceiling (currently $43,500).
Or pay to Medisave Account first?
The other option is to credit your nominees’ Medisave Account first, followed by the excess to the Special and Retirement Accounts. Full story
Related:
CPF crossing the red line - My Singapore News
