5/06/2014

CPF – Where would the deceased money go to?

In my earlier posts I raised several questions as to how the balance of a deceased member be paid out. It was always in cash to the beneficiary. Then someone said he received a sum of $40k in his Medisave Minimum Sum Account from his deceased wife. He was startled and angry. He spent a fortune on his wife’s medical fee prior to her death. The $40k could come in handy to settle some of his expenditure but now almost untouchable, stuck in his Medisave Minimum Sum Account.
 

How did this come about? I have checked with the CPF and they have confirmed that those who opted under the previous scheme would receive a cash cheque. But for those who have opted for the Enhanced Nomination Scheme, the beneficiary could receive the payment in different ways, into their CPF accounts like Special Account, Retirement Account or Medisave Account. In the ENS case, the money will still be in the CPF but in the beneficiary’s account. This is the enhanced part of the new CPF scheme.
 

So, when you make your nomination, be very careful and sure that you make the right nomination under the old scheme or under the ENS. If you are not sure, please check with the CPF. You can change your nomination anytime you wish. It is your choice to leave the money as cash to your beneficiaries or to their CPF accounts.

15 comments:

Anonymous said...

U mean CPF don't allow u to change your mind meh after u realised your earlier choice was a mistake and had resulted in the money to go into Medisave Minimum Sum Account instead of getting cash?

Anonymous said...

The earlier choice was made by the deceased so how to change, u tell me lah?

Just like in a will, u cannot change the will which was made by the deceased.

Unless like one politician said he could rise from his grave to fix it if something is not right.

Anonymous said...

So those who have made their nominations better check again, while they are still alive.

Thanks to RB for alerting the daft Sinkies, oops I mean those who visit his blog. Not all are daft.

Anonymous said...

Another tick towards the signs of a Ponzi scheme

Anonymous said...

Since the ENS is an enhanced scheme it must be good. Shouldn't everyone opt for it or recommend everyone else to opt for it?

b said...

The gov really needs some good slapping. How can put up something to trick the people?

Anonymous said...

haha ....

NOW U KNOW .... WHY I,

everyday ..

"KAN NI NA CHOU CHEE BY"

lee hsien loong and papigs

KNNCCB ... long live kuan yew
outlive your descendants

patriot said...

Every scheme is a scheme.

And the Schemings are by the Rulers that the 60+% Sinkies chose and voted to have 90+% representation and 100% power to do whatever they like.

patriot

Anonymous said...

Thank you for the information. I have not made the nomination. Will made the right choice. Have also informed my family so they'll make/change to the right one.

Anonymous said...

There you have it. Some people obviously tried to be smart and took up the ENS and got screwed.

As I said earlier, why can't they just stick with the normal nomination and take a check, which they can still decide whether to put it back the money into CPF when they come to their senses? I have little sympathy for people who get screwed trying to be smarter than others. Whose fault is it? The CPF Board? Must be lah!

Anonymous said...

Notice that they purposely tricked people by calling it "Enhanced Nomination Scheme" giving the impression that it's a better alternative than the old scheme.

There is really no valid reason to introduce this second option except with the aim of preventing beneficiary from withdrawing money out of CPF Board.

Such as option with drastic and irreversible consequences and yet no one seems to be aware of it since it was implemented a few years ago.

agongkia said...

My friend named his wife as the beneficiary and enjoy to travel oversea for those holidays alone.

He gave a very good excuse to his wife that he cannot bring her along in case the plane landed in the ocean and his CPF will be gone if they travel together as they do not have any close kin.

So naming the wife as a beneficiary has its benefit if one is still childless.Can travel without worry of where the money would go and can travel every where .

Matilah_Singapura said...

Kani nah. Puki Mak. Madar Chod. Alive cannot get money. When die, only then can get money....but only if you did due diligence before you mati.

Centralised Ponzi Fraud. Even Bernie Madoff cannot match lah.

Sheeple.Deserve.Govt.

Anonymous said...

oh my fucking god ..

you guys believe those CPF balances assigned to the nric number belong to you???

knnccb ... fuck hsien loong n papigs

knnccb ... they put up BIG POSTERS asking how far i go to defend singapore ... my answer OVER MY DEAD BODY

NOW I ASK HSIEN LOONG N PAPIGS

will you and families be around when a crisis happened and not forming a govt in exile???

Anonymous said...

Still not too late for those who just found out. Just change the nomination to the old format. Forget about enhance lah. In Sinkieland, enhancement means trap, so stay away.