As your family grows, your main concern becomes that your dependants are financially protected.

 

The Dependants’ Protection Scheme (DPS) is an individual term insurance scheme which covers our members for an insured sum of $46,000 up to age 60. The sum assured will provide you and your family with some money to tide over the initial years should you pass on or become physically/mentally incapacitated from ever continuing in any employment.

Click here for information on your DPS cover.

For more information on DPS, please click here.

If you pass on, your CPF savings will be transferred to the Public Trustee for distribution to your family under the intestacy laws. This manner of distribution will safeguard the welfare of your family members.

For example, if you are married with children, your spouse will receive half of your CPF savings, and all your children will share the remaining half.

For Muslims, your CPF savings will be distributed according to the Inheritance Certificate, which your family members can obtain from the Syariah Court (Muslim inheritance law).

To know more about the distribution of CPF savings under the intestacy laws/Muslim inheritance law and under nomination, click here.

If you wish to distribute your CPF savings differently, you will need to make a CPF nomination.

If you had made a CPF nomination before the birth of your child, you may wish to consider revoking it and let your CPF savings be distributed according to the intestacy laws/Muslim inheritance law. Alternatively, you can make a new nomination to include your newborn which will override the earlier one.

If you make a nomination, please note that:

1) A marriage will automatically revoke an earlier nomination, if any.

2) A divorce does not revoke an earlier nomination, if any.

3) A will does not supersede an earlier nomination, if any.

4) If your nominee is below the age of 18 years at the time your CPF savings are paid out, his/her share will be forwarded to the Public Trustee for administration until he/she reaches 18 years of age.

5) If any of your nominees is an undischarged bankrupt at the time your CPF savings are paid out, the Board will be legally obliged to inform the Official Assignee (OA) of any assets that are due to him as his estate is vested in the OA by virtue of the laws in Singapore relating to bankruptcy.

For more information about the Public Trustee, click here.

You can check your nomination status here.

If you have an existing nomination, click here to revoke it if you wish to distribute your CPF savings according to the intestacy laws/Muslim inheritance law.

If you wish to make a nomination, click here.

With a growing family, you may wish to upgrade to a bigger premise. You may want to consider buying a property that is within your means, so as not to over stretch yourself financially. Ideally, the property repayment loan should be one, which you or/and your spouse are financially comfortable with. After all, you would not want to be over commit your CPF savings on housing, which is meant for other purposes such as your basic retirement, insurance premiums and healthcare needs.

You are advised to take into consideration the change in the CPF contribution rate when taking a housing loan. Contribution rates and the rate apportioned to the Ordinary Account decrease when a member turns 50 and above.

To find out how what kind of housing you can afford, try out the Housing Affordability Calculator.

You can jointly buy a property with your spouse as long as both of you have met the terms and conditions under the prevailing HDB and CPF policies.

Click here to find out more about CPF Housing Schemes.