Suggest a correction

Transfer of nominee’s portion of amount payable on member’s death out of Fund to member’s nominee accounts

Central Provident Fund (Nominations and Nominee Accounts) Regulations 2012

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Proposed text

—(1) For the purposes of section 20(1D) of the Act, the Board has been notified in the prescribed manner of the death of a member of the Fund, if the Board has received satisfactory proof of, or obtained reliable information on, the member’s death from any person.(2) For the purposes of section 20(1D)(b) of the Act, where a member of the Fund has executed a memorandum under section 25(1) of the Act nominating any person to receive the person’s portion of the amount payable on the member’s death out of the Fund in accordance with section 25(1)(a)(iii) of the Act, and the Board has been notified in accordance with paragraph (1) of the death of the member, the Board must, as soon as practicable, transfer the person’s portion of the amount payable on the member’s death out of the Fund to the nominee accounts maintained for the member in the following manner:(a)any part of that portion that is in the member’s ordinary account must be transferred to the member’s nominee ordinary account;(b)any part of that portion that is in the member’s special account must be transferred to the member’s nominee special account, if any;(c)any part of that portion that is in the member’s medisave account must be transferred to —(i)in a case where the member has nominated the person to receive any part of that portion as the Board may determine by the transfer of that part to the person’s medisave account in periodic instalments — the member’s nominee medisave account; or(ii)in any other case —(A)the member’s nominee special account; or(B)if the member has no nominee special account — the member’s nominee retirement account; and(d)any part of that portion that is in the member’s retirement account (if any) must be transferred to the member’s nominee retirement account.

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