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If you are an undischarged bankrupt, you will not be able to use your CPF monies for investment. If you had previously used your CPF monies to invest, you can continue to hold your investments but you will not be allowed to make new investments. However, if you had previously used your CPF monies to invest in a regular premium insurance policy prior to your bankruptcy, you will still be able to use your CPF monies to continue to pay your regular insurance premium even if your Ordinary Account balance falls below $20,000. |
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| If you liquidate your investments subsequently, the sale proceeds will be credited into your CPF Investment Account or Special Account. |
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| Upon reaching age 55, if you wish to withdraw your CPFIS investments and cash balance in your CPF Investment Account, you will need to set aside the CPF Minimum Sum, Medisave Required Amount and a specified amount of living expenses before your investments can be withdrawn. |
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| CPFIS investments and cash balance in the CPF Investment Account are protected from claims by creditors and/or the Official Assignee as long as these remain within the CPF Investment Scheme. Once withdrawn, the CPFIS investments and cash balance in the CPF Investment Account will no longer be protected*. |
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When a bankrupt member dies, all CPFIS investments** and cash balance in the CPF Investment Account will form part of the deceased member's estate and be distributed according to applicable laws. This applies to CPFIS investments and cash balance both within and outside the CPF Investment Scheme. These investments cease to be protected from the deceased member's creditors and may be used to satisfy creditors' claim in accordance with the Probate and Administration Act. |
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*Except for CPFIS investments and cash balance in the CPF Investment Account withdrawn between 1 Jan 2004 and 31 Oct 2008. These CPFIS investment and cash balance will be protected as long as they remain in the same form as at point of withdrawal.
** Except if policyholders have nominated specified beneficiaries for their NTUC Income insurance policies. |
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