A friend of mine went to the CPF Board recently and made a nomination. He told me he had to tick a box that said his beneficiary will received "cash" when he passes away otherwise his money will automatically transferred into his beneficiary Medisave account. This morning, I went to check with the CPF board, the officer told me that my nomination is under type C which means my beneficiary will received cash when I am gone. Therefore when one makes a nomination, it is by default that the beneficiary will received in cash and NOT into one's medisave account.
After visiting the CPF Board, I proceeded to the newly opened (opened 2 years ago but it is my first time there) hawker center nearby. There were many food stalls and all appeared clean and orderly. I ordered the above nasi lemak (S$2.80) which was yummy and cheap. I also ordered a cup of black coffee and had a wonderful time there. The morning was not wasted, thanks to my friend!
4 comments:
What if you don't make nomination? Will it be transferred to Medisave or cpf account?
All your remaining CPF savings will be distributed to your nominees upon your death. You can nominate those you want to receive your CPF savings by making a CPF nomination. Otherwise, your CPF savings will be transferred to the Public Trustee for distribution in accordance with the Intestate Succession Act for non-Muslims and Administration of Muslim Law for Muslims.
Thanks. So if you don't make nomination, will the cpf saving be transferred in cash to the relative based on intestate succession act or to their cpf Medisave account?
I am not sure about the 2nd question but you can check
with the CPF board.
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