Right form to be used or your money goes to nominees’ CPF

[loneshark]

Can anyone here verify this?
If this is true, we better alert the people around us, especially the old folks.
http://www.theonlinecitizen.com/2014/05/right-form-to-be-used-or-your-money-goes-to-nominees-cpf/

Right form to be used or your money goes to nominees’ CPF
By SY Lee and Leong Sze Hian


Thanks to a recent posting on facebook, we 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.

It is called the Enhanced Nomination Scheme (ENS) that has been available since 1 January 2011.

But was this ever reported in the media?

Under the ENS, there are 2 options for you to choose.

Option 1 – 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).

Option 2 – You can also choose to credit your nominees’ Medisave Account first, followed by the excess to the Special and Retirement Accounts.

Restrictions on the use of CPF?

One should note that the Special Account cannot be used for anything. In other words – your nominees may arguably only get to use it if they have met the prevailing Minimum Sum (currently $148,000) and Medisave Required Amount (currently $40,500) at age 55, or as part of their monthly CPF Life annuity payout from age 65.

As to the Medisave Account – it can only be used to pay for approved medical insurance, Eldershield premiums and approved medical expenses.

So, do you really want to put all these restrictions on how your nominees can use your CPF when you die?

Only retirement and healthcare needs matter?

As I understand that the primary objective of the ENS, is to enable CPF members to provide for their nominees’ retirement and healthcare needs. So why is the Ordinary Account excluded from the scheme?

Are we perhaps saying that nominees’ housing, education, dependents’ protection scheme premiums, home (mortgage) protection scheme premiums, etc, are not important at all?

Why not let the CPF member decide, instead of restricting it to the Special/ Retirement and Medisave Accounts only?

So understand the implications of your choice of option and make sure you don’t use the wrong CPF nomination form!

 

[tanakow]

It will be a matter of time no matter which form one uses, the money goes back to the CPF.

 

[xingguy]

Source: Martyn See Facebook

CPF NOMINATION

"Share this with your parents and grandparents. Remember to pick ONLY CPF Nomination form. DO NOT CHOOSE or entertain ENS (Enhancement Nomination Scheme) options by the CPF customer service officers.

CPF nomination - When you pass away CPF savings & Singtel Shares will be distributed to your nominees as a lumpsum in CASH according to the proportion indicated in his nomination form.

ENS (Enhancement Nomination Scheme) - Introduced in 01 Jan 2011 to trick you into picking this option so that when you pass away, your cpf contributions will going into the ACCOUNTS of your nominee. (go back into CPF again)

If you are a staunch lightning supporter/naive or both, please pick ENS. Such a good scheme why stay so quiet to the public?"

Via Leong Sze Hian

Make sure you use the right CPF Nomination Form, or your CPF goes to nominees’ CPF!
http://leongszehian.com/?p=8740

Enhanced CPF nomination scheme transfers your CPF to your beneficiary’s CPF
http://www.sgpolitics.net/?p=8740

ALL ABOUT CPF NOMINATION :
http://mycpf.cpf.gov.sg/CPF/Templat...EAB64118FD0}&NRCACHEHINT=Guest#ENSGenInfoFAQ1

 

[halsey02]

It will be a matter of time no matter which form one uses, the money goes back to the CPF.

Is there an enhanced nomination form?? really I am learning something...can I nominate Temasek Holdings or GIC as my beneficiary? or Min Of Finance SINGapore?? :p

I better go CPF & check.....

 

[ILovePAP]

smells fishy...how come no MPs from either side bring this up in Parliament?? all sleeping on the job??

 

[halsey02]

smells fishy...how come no MPs from either side bring this up in Parliament?? all sleeping on the job??

I think nobody knows....I check my nomination via my CPF account every now & then....but there was no mention of enhance etc.. really!!

 

[loneshark]

I think nobody knows....I check my nomination via my CPF account every now & then....but there was no mention of enhance etc.. really!!

Precisely! That is why I am raising it here. With our collective knowledge and resourcefulness, we should be able to make light of this.

 

[ILovePAP]

I think nobody knows....I check my nomination via my CPF account every now & then....but there was no mention of enhance etc.. really!!

very serious .... how to check the form i signed more than 15 years ago???

 

[laksaboy]

Life is all about detecting bullshit, then avoiding that detected bullshit.

Here's a handy bullshit detection tip: whenever there's a silly acronym being cooked up (ENS), when lofty-sounding euphemisms are created ('enhanced'), chances are that is bullshit. Detect it, acknowledge it, then avoid it. Simple.

 

[tanakow]

This scheme just started and they want to keep it low profile first until more and more people get used to it even though they may find it sickening. But it will be a matter of time that the rule will change that the CPF nomination must go back to CPF account.

It is the same with the "Withdraw at 55 years old rule". Previously one can withdraw everything at 55 years. But because they did not want to release the money, they came up with this crap, Mnimium Sum and now CPFLife.

Life is all about detecting bullshit, then avoiding that detected bullshit.

Here's a handy bullshit detection tip: whenever there's a silly acronym being cooked up (ENS), when lofty-sounding euphemisms are created ('enhanced'), chances are that is bullshit. Detect it, acknowledge it, then avoid it. Simple.

 

[ILovePAP]

This scheme just started and they want to keep it low profile first until more and more people get used to it even though they may find it sickening. But it will be a matter of time that the rule will change that the CPF nomination must go back to CPF account.

i am sure it will be challenged in court against restrospective application. Sinkies are not stupid anymore.

 

[tanakow]

I did not say they will make it retroactive. And I don't think it will be made retroactive.

i am sure it will be challenged in court against restrospective application. Sinkies are not stupid anymore.

 

[ILovePAP]

I check the CPF website...no mention of such forms????

 

[xingguy]

I check the CPF website...no mention of such forms????

Info. can be found on www.cpf.gov.sg.
Select CPF Nomination Scheme.

For more info. on the Enhanced Nomination Scheme you can email or call. Alternatively, you can visit any of the CPF service centres to check with their customer service executives.

Can imagine some illiterate old folks who went alone to the CPF service centres to nominate and got "convince" to sign up for the Enhanced Nomination Scheme. The money then gets lock up again in the nominee's CPF account

So, beware.

 

[eKiller]

ENS (Enhancement Nomination Scheme)