The CPF Investment Scheme (CPFIS) comprises the CPF Investment Scheme-Ordinary Account (CPFIS-OA) and CPF Investment Scheme-Special Account (CPFIS-SA). The schemes give CPF members more options in investing their CPF savings, while meeting the long-term objective of financial security in old age. IMPORTANT Members are advised to exercise prudence when they invest their CPF savings under the CPF Investment Scheme. No one can guarantee that investments will always be profitable or that investment products included under CPFIS will always earn profit. CPF members have to decide for themselves how to invest their savings and what risks to accept. The Board does not appoint any service provider, nor do we endorse any product that is included under CPFIS. Members have to make their own assessment and decide whether it is in their best interest to use the provider or invest in their products. If members are not confident of investing on their own or do not wish to risk their savings, they can always keep their money with the CPF Board and earn the guaranteed risk-free interest. We recommend that you visit our Business Centre in Retirement Ready @ my cpf. Learn useful tips before you invest your CPF savings!

NEW! - How the CPF Reforms Affect CPFIS 1) What are the new restrictions on the CPF Investment Scheme (CPFIS) arising from the CPF Reforms? From 1 April 2008, you cannot invest the first $20,000 in your Ordinary Account and first $20,000 in your Special Account. To invest under CPFIS-OA, you have to set aside $20,000 in your Ordinary Account before the remaining savings in your Ordinary Account can be used for investments. Similarly, to invest under CPFIS-SA, you will have to set aside $20,000 in your Special Account before the remaining savings in your Special Account can be used for investments. This restriction is in place because of the extra 1% interest that you earn on the first $60,000 of your combined CPF accounts from 1 January 2008. However, you can continue to service your regular premium insurance policies (but NOT recurring single premium insurance policies or regular savings plans for unit trusts) and agent bank fees even if your Ordinary Account balance falls below $20,000. If you have already made investments using your Ordinary Account or Special Account balances, you are not required to sell these investments. 2) If I sell my investments after 1 April 2008, will I be able to re-invest the sale proceeds if my Ordinary Account or Special Account balance is below $20,000? When you sell your investments under CPFIS-OA, the sale proceeds will be credited into your CPF Investment Account. You may re-invest the balance in your Investment Account, even if your Ordinary Account balance falls below $20,000. However, if the sale proceeds is refunded to your Ordinary Account, you may not re-invest the balance if your Ordinary Account balance falls below $20,000. When you sell your investments under CPFIS-SA, the sale proceeds will be credited to your Special Account and you may not re-invest the balance if your Special Account balance falls below $20,000. 3) If there are adjustments under CPFIS in my Ordinary or Special Account, what interest rate will be used? Any adjustments under CPFIS in your Ordinary or Special Account will be based on the CPF interest rates for the respective account. The interest rate will not include the extra 1% interest that is paid on the first $60,000 of your combined balances. 4) Will the CPF Reforms affect my stock and gold limits? There is no change in the computation of your stock and gold limits. However, you cannot invest the first $20,000 in your Ordinary Account even if you have sufficient stock and gold limits. Please see the example in Annex B.

Investing For the First Time
1.	What is the difference between the CPFIS-OA and CPFIS-SA?
2.	Who are eligible to participate under the CPFIS?
3.	How much CPF savings can I invest? What instruments can I invest in?
4.	Can I combine savings from the Ordinary Account and Special Account to buy a product?
5.	How can I check the amount of CPF savings I have available for investment?
6.	How do I apply to use my CPF savings under the scheme?
7.	What is the role of agent banks under CPFIS-OA?
8.	I have opened an Investment Account with one of the Agent Banks but have forgotten my CPF Investment Account Number. How can I go about checking my CPF Investment Account Number?
9.	Do I have to incur any charges for CPFIS investments?
10.	Can I accept gifts and/or rebates from my service providers when investing under CPFIS?
11.	Can I transfer my CPF Investment Account under CPFIS-OA from one agent bank to another? If so, must I sell my investments first?
12.	Whom should I approach to buy or sell my investments?
13.	Can I participate in the scheme while I am overseas?
14.	How can I check the details of my investment transactions?
Using CPF for Shares, Property Fund, Bonds and Exchange Traded Funds traded on Singapore Exchange
15.	How do I use my CPF to apply for shares, property funds or bonds offered during an IPO under CPFIS-OA? Must I transfer my CPF from my Ordinary Account to my CPF Investment Account?
16.	How soon can I sell my investments which are traded on the SGX (e.g. shares and property funds) after I buy them under the CPFIS-OA? Can I use the full sale proceeds to buy another share, property fund, corporate bond or gold ETF counter immediately?
17.	Can I top-up my CPF Investment Account under CPFIS-OA with cash if I do not have sufficient CPF savings for investment?
Using CPF for Insurance Policies
18.	Can I purchase a regular premium insurance policy under CPFIS?
19.	If I have a regular premium insurance policy bought using CPF before 1 January 2001, can I continue to service the future premiums using CPF under the CPFIS-OA?
20.	What happens if I do not have sufficient CPF to pay the instalments on my regular premium insurance policy?
21.	If I have terminated my insurance policy bought using CPF, can I reinstate the policy and pay the outstanding premiums and future premiums using CPF?
Using CPF for Fixed Deposits
22.	Is there a minimum interest rate for CPFIS Fixed Deposits (FDs) that FD Banks must offer?
23.	What happens if my existing CPFIS FD (placed before 1 May 2007) has an interest rate below the CPF interest rate?
Liquidation of Investment
24.	What happens when I sell my investments bought under the scheme?
25.	How do I transfer the cash balance in my CPF Investment Account to my Ordinary Account?
26.	If I am an undischarged bankrupt member, how do I sell my shares, property funds, bonds or ETFs that I have purchased under CPFIS before I became a bankrupt?
27.	How do I close my CPF Investment Account under CPFIS-OA?
Investment Profits and Losses
28.	Can I withdraw my investment profits?
29.	How can I find out whether I have made a profit or loss on my CPFIS investments?
30.	Are my investment profits, interest earned from investments and dividends received taxable?
31.	What happens if I make a loss on my investments? Do I have to make good the loss?
Release of Investment Holdings
32.	Can I withdraw all my investments when I reach 55 years old?
33.	Can I continue to invest under CPFIS beyond age 55?
34.	For insurance policies maturing beyond age 55, how does the Board treat the lump sum payments by the insurer when the policies mature?
35.	What happens to the CPFIS investments if a member becomes bankrupt?
36.	What happens to CPFIS investments if a member passes away?
Offences Relating to Investments
37.	What constitutes "offences" under the CPFIS?
38.	How are manipulative investment transactions detected, and how many members have been caught so far?
39.	I have given my trading password to a friend to trade on my behalf. Will I be charged if my friend conducts manipulative share trading using my CPF and trading accounts without my knowing?
40.	What will CPF Board do with members or third parties who are found to have conducted manipulative transactions?
41.	Will I run the risk of unknowingly breaching CPF laws while trading or investing under CPFIS?
Annex
A	Instruments Included Under the CPF Investment Scheme (CPFIS)
B	Computation of Stock and Gold Limits - An Example
C	Service/Product Providers Included Under the CPF Investment Scheme (CPFIS)
D	Charges Typically Incurred For Various Investments
E	Published Articles: CPF members charged for manipulative share transactions

Investing For the First Time
1.	What is the difference between the CPFIS-OA and CPFIS-SA?
	Under CPFIS-OA, investments may only be made using Ordinary Account savings while under CPFIS-SA, investments may only be made using Special Account savings. The instruments available for investments under CPFIS-OA and CPFIS-SA are different.
2.	Who are eligible to participate under the CPFIS?
	All CPF members who
		are at least 21 years old;
		are not undischarged bankrupts; and
		have more than $20,000 in Ordinary Account (for CPFIS-OA) and/or $20,000 in Special Account (for CPFIS-SA).
3.	How much CPF savings can I invest? What instruments can I invest in?
	CPFIS-OA CPFIS-SA Full Ordinary Account savings can be invested in: Full Special Account savings can be invested in: Fixed Deposits Fixed Deposits Singapore Government Bonds Singapore Government Bonds Singapore Government Treasury Bills Singapore Government Treasury Bills Statutory Board Bonds Statutory Board Bonds (Secondary Market only) Bonds Guaranteed by Singapore Government Bonds Guaranteed by Singapore Government Annuities Annuities Endowment Insurance Policies Endowment Insurance Policies Investment-linked Insurance Products Selected Investment-Linked Insurance Products* Unit Trusts Selected Unit Trusts* Exchange Traded Funds (ETFs) Selected ETFs* Fund Management Accounts       Up to 35% of investible savings** can be invested in:   Shares   Property Funds (or real estate investment trusts)   Corporate Bonds       Up to 10% of investible savings** can be invested in:   Gold Gold ETFs Other Gold products (only UOB    offers these new gold products)   From 1 April 2008, you cannot invest the first $20,000 in your Ordinary Account and first $20,000 in your Special Account. This restriction is in place because of the extra interest that you will earn in your CPF accounts from 1 January 2008. However, you can continue to service your regular premium insurance policies (but NOT recurring single premium insurance policies or regular savings plans for unit trusts) and agent bank fees even if your Ordinary Account balance falls below $20,000. If you have already made investments using your Ordinary Account or Special Account balances, you are not required to sell these investments. Please see Annex A for more details on the instruments included under CPFIS. *Please refer to the risk classification tables for unit trusts, investment-linked insurance products and exchange traded funds which Special Account savings can be invested in. **Investible savings is the sum of your Ordinary Account balance and the amount of CPF which you have withdrawn for investment and education.

4.	Can I combine savings from the Ordinary Account and Special Account to buy a product?
	No. However, you can transfer funds* from your Ordinary Account to your Special Account to invest under CPFIS-SA. Such transfers are irreversible. The total savings in the Special Account including the amount withdrawn under CPFIS-SA cannot exceed the prevailing Minimum Sum after the transfer.
	* Applicable only to members below age 55.
5.	How can I check the amount of CPF savings I have available for investment?
	To check the amount you have available for investment under the CPFIS-OA and/or CPFIS-SA, you can:
	a.		Login to CPF website to access via my cpf Online Services – My Statement using your SingPass; or
	b.		Use your mobile phone to access mPAL - my cpf using your CPF Phone PIN; or
	c.		Come personally to any CPF Service Centres with your identity card.
	Your stock and gold limits are updated on the 11th of every month, based on your balances at the end of the previous month. The limits will be updated on the 12th if 10th is a Sunday/Public Holiday. Please see the example in Annex B. Before you commit to an investment, you should take into account transactions affecting your Ordinary Account and Special Account balances (eg. investment transactions which have yet to be settled, monthly housing instalments, lump-sum housing payments, etc). This is because such transactions could change your amount available for investment. If you invest but your amount available for investment is insufficient, your transaction will fail and you may even need to pay cash to settle the transaction. In addition, you will have to bear the failed transaction fees.
6.	How do I apply to use my CPF savings under the scheme?
		CPFIS-OA CPFIS-SA You should open a CPF Investment Account with one of the following CPFIS agent banks: DBS Bank Ltd (DBS) Oversea-Chinese Banking Corporation Ltd (OCBC) United Overseas Bank Ltd (UOB) Only UOB offers gold products (excluding gold ETFs). If you wish to invest in gold, you will need an investment account with UOB. You need to bring along your identity card and any of your CPF statement for the agent bank to verify your CPF account number. No CPF Investment Account is required. You may approach the product providers* directly.     You need to bring along your identity card and any of your CPF statement for the product provider to verify your CPF account number. Your agent banks will liaise with the Board and the various product providers to settle your purchase and sale of investment, and keep track of your investment holdings and transactions in your CPF Investment Account. CPF Board will liaise with the various product providers to settle your purchase and sale of investment, and keep track of your investment holdings and transactions. You can only maintain one CPF Investment Account at any one time.
			* See Annex C for list of Service/Product Providers included under CPFIS.
7.	What is the role of agent banks under CPFIS-OA?
	The agent banks are appointed to maintain members' CPF Investment Accounts under the CPFIS-OA as they have an extensive network of branches and facilities to support the investment and settlement of shares and bonds listed on the Singapore Exchange. The agent banks' electronic banking services such as ATMs are easily accessible and allow members to conveniently apply for shares or bonds during an IPO. The banks are also able to handle the complex processing of corporate actions such as bonus and rights issues, dividend payments and schemes of arrangement under the CPFIS-OA.
8.	I have opened an Investment Account with one of the Agent Banks but have forgotten my CPF Investment Account Number. How can I go about checking my CPF Investment Account Number?
	To check your CPF Investment Account Number, you can:
	a.		Login to my cpf Online Services to access the information from Section C of 'My Statement' (Investment); or
	b.		Check your CPFIS Statement sent by your Agent Bank; or
	c.		Contact your Agent Bank.
9.	Do I have to incur any charges for CPFIS investments?
	Yes, you will incur charges which are payable from your CPF savings. Please see Annex D for a list of typical charges that may be incurred when you invest your CPF in various instruments.
10.	Can I accept gifts and/or rebates from my service providers when investing under CPFIS?
	All gifts and/or rebates arising from investing under the CPFIS must be converted to cash and refunded back to your CPF Ordinary and Special Accounts respectively. You are not allowed to receive gifts and/or rebates direct from your service provider as this will result in a leakage of CPF funds. Alternatively, you may also receive rebates in the form of additional units of investments under CPFIS.
11.	Can I transfer my CPF Investment Account under CPFIS-OA from one agent bank to another? If so, must I sell my investments first?
	You may transfer your CPF Investment Account from one agent bank to another. You need not sell your investments, except for your investment in gold bought from your agent bank (excluding gold ETFs). All your investments and cash balances will be transferred along with your CPF Investment Account. To transfer your CPF Investment Account, you need to apply at the bank which you intend to transfer your account to.
12.	Whom should I approach to buy or sell my investments?
	Instruments Service/Product Providers* Fixed Deposits Deposit Banks Singapore Government Bonds Bond Dealers Singapore Government Treasury Bills Bond Dealers Statutory Board Bonds Bond Dealers or Brokers Bonds Guaranteed by Singapore Government Brokers Annuities Endowment Insurance Policies Investment-Linked Insurance Products Insurance Companies Unit Trusts Fund Management Companies Investment Administrators Fund Management Accounts Fund Management Companies Shares Property Funds Corporate Bonds Exchange Traded Funds Brokers Gold Gold ETFs Other Gold products For Gold ETFs: Brokers For other Gold products: - Sell through your Agent Bank - Buy through UOB Agent Bank and   you need a UOB investment   account. * See Annex C for list of Service/Product Providers included under CPFIS.
13.	Can I participate in the scheme while I am overseas?
	Yes. However, there are some investments which would require you to be personally present. You may have to authorise someone to act on your behalf by way of a Power of Attorney if you are not able to handle the transactions yourself.
14.	How can I check the details of my investment transactions?
		CPFIS-OA CPFIS-SA To check the details of your investment transactions, please refer to your CPFIS statement sent by your Agent Bank. Alternatively, you can contact your Agent Bank directly. To check the details of your investment transactions, you can: a.  Login to CPF website to access via my cpf Online Services – My Statement using your SingPass; or   b.  Use your mobile phone to access mPAL – my cpf using your CPF Phone PIN   c.  Come personally to any CPF Service Centres with your identity card.
Using CPF for Shares, Property Fund, Bonds and Exchange Traded Funds (ETFs) traded on Singapore Exchange (SGX)
15.	How do I use my CPF to apply for shares, property funds or bonds offered during an IPO under CPFIS-OA? Must I transfer my CPF from my Ordinary Account to my CPF Investment Account?
	You need not transfer your CPF for the IPO. You may apply for the IPO in any of the available ways.     a. Use your agent bank's ATMs for your application. The amount of CPF needed will be transferred automatically from your Ordinary Account to your CPF Investment Account;     b Use your agent bank’s internet banking for your application. The amount of CPF needed will be transferred automatically from your Ordinary Account to your CPF Investment Account; or     c. Obtain a CPF cashier's order from your agent bank's counter and attach it to your IPO application form. The amount of CPF will likewise be transferred automatically.
16.	How soon can I sell my investments which are traded on the SGX (e.g. shares or property funds) after I buy them under the CPFIS-OA? Can I use the full sale proceeds to buy another share, property fund, corporate bond or gold ETF counter immediately?
	You can sell your investments which are listed on the Singapore Exchange one trading day after the purchase date provided:
	a.		Your stock broker has keyed the purchase trade on the day the purchase contract is made; and
	b		You have sufficient investible funds in your CPF Investment and/or Ordinary Account to settle the purchase.
			Your available stock limit or gold limit will be updated on the 3rd trading day (i.e. T+3) based on the cost of the shares, property funds, corporate bonds or gold ETFs sold when the sale transaction is settled. Please see Annex B on how the stock limit and gold limit are computed.
			If you intend to buy another share, property fund, corporate bond or gold ETF during this T+3 period, please check with your agent bank on your available stock limit or gold limit first. You will need to have sufficient investible funds in your CPF Investment and/or Ordinary Account to settle the new purchase before the settlement deadline.
17.	Can I top-up my CPF Investment Account under CPFIS-OA with cash if I do not have sufficient CPF savings for investment?
	No, cash top-ups are not allowed, except in the case of taking up entitlements or conversion of entitlements. You may top-up your CPF Investment Account through your agent bank if you have insufficient CPF savings or stock limit to subscribe for the entitlements or conversion. However, such cash top-ups are not withdrawable or refundable, even if your applications are unsuccessful.
Using CPF for Insurance Policies
18.	Can I purchase a regular premium insurance policy under CPFIS?
	No. With effect from 1 January 2001, CPF savings cannot be used for new regular premium insurance policies. Only Single Premium or Recurring Single Premium insurance policy is allowed under CPFIS-OA and CPFIS-SA.
19.	If I have a regular premium insurance policy bought using CPF before 1 January 2001, can I continue to service the future premiums using CPF under the CPFIS-OA?
	Yes, you can continue to service the future premiums using your Ordinary Account balance. This applies to you even after age 55. From 1 April 2008, you can also continue to service the future premiums of your regular premium insurance policy even if your Ordinary Account balance falls below $20,000.

20.	What happens if I do not have sufficient CPF to pay the instalments on my regular premium insurance policy?
	You may pay cash for certain premium instalments if you do not have sufficient CPF. You need to liaise with your insurance company on the payment.
21.	If I have terminated my insurance policy bought using CPF, can I reinstate the policy and pay the outstanding premiums and future premiums using CPF?
	You need to liaise with your insurance company on the reinstatement of the policy. Upon reinstatement, you may pay the outstanding and future premiums using CPF. However, no CPF can be used to pay any outstanding interest owing to the insurance company.
Using CPF for Fixed Deposits
22.	Is there a minimum interest rate for CPFIS Fixed Deposits (FDs) that FD Banks must offer?
	Yes, with effect from 1 May 2007, FD Banks must offer a minimum effective interest rate that is at least the prevailing CPF interest rate for new placements or roll over of any CPFIS FDs. In this way, members will not be worse off than leaving their monies in the CPF Accounts.
23.	What happens if my existing CPFIS FD (placed before 1 May 2007) has an interest rate below the CPF interest rate?
	Your existing CPFIS FD will not be affected by the minimum interest rate requirement until the FD matures and is due for renewal. If you have previously opted for auto-renewal of the FD, your FD Bank will compare whether the new FD effective interest rate is at least the prevailing CPF interest rate. If the new FD effective interest rate is below the prevailing CPF interest rate, the FD Bank will refund your principal amount and the interest earned to your Investment Account with your agent bank (for CPFIS-OA) or CPF Special Account (for CPFIS-SA). Your FD Bank will also write to you to inform that the principal amount and the interest earned have been refunded to your CPF Investment Account or Special Account accordingly.
Liquidation of Investment
24.	What happens when I sell my investments bought under the scheme?
	CPFIS-OA CPFIS-SA When you sell your investments, the sale proceeds will be credited into your CPF Investment Account. The monies will remain in your CPF Investment Account unless you instruct your agent bank to effect the refund into your CPF Ordinary Account. Please also refer to Q25. When you sell your investments, the sale proceeds will be credited into your CPF Special Account.
25.	How do I transfer the cash balance in my CPF Investment Account to my Ordinary Account?
	You may do so at any time using your agent bank's facilities (e.g. ATMs or phone-banking facilities). You may also make the transfer over the counter at the bank. Your agent bank will also automatically transfer the cash balance held in your CPF Investment Account to your CPF Ordinary Account (at the end of the month) if your Investment Account has been inactive (i.e. if you have not made any investment transactions) for two consecutive months. If you have been unsuccessful in an IPO application, your agent bank will transfer the unused CPF for the IPO application to your Ordinary Account at the end of the month.
26.	If I am an undischarged bankrupt member, how do I sell my shares, property funds, bonds or ETFs that I have purchased under CPFIS before I became a bankrupt?
	If you have a trading account with a stockbroking firm that has been frozen due to your bankruptcy, you will have to reactivate your trading account to sell your investments. If you no longer have a trading account, you will need to open a new trading account with a stockbroking firm before you can sell your investments. However, it is at the stockbroking firm's discretion whether they will allow an undischarged bankrupt to reactivate/open a trading account. To assist the stockbroking firm to consider your request favourably, you may wish to provide them with your latest CPFIS Statement from your agent bank which lists the investment holdings that you intend to sell. You do not need to seek the CPF Board or Official Assignee’s approval to sell the shares held in your CPF Investment Account.
27.	How do I close my CPF Investment Account under CPFIS-OA?
	You need to instruct your agent bank to close your CPF Investment Account. You will have to sell all your investments first.
Investment Profits and Losses
28.	Can I withdraw my investment profits?
	Profits made from investments under the CPFIS-OA and/or CPFIS-SA are not withdrawable as the purpose of investing is to grow your savings for retirement. However, the profits can be used for other CPF schemes, subject to the terms and conditions of these schemes.
29.	How can I find out whether I have made a profit or loss on my CPFIS investments?
	To find out whether you have made a profit or loss on your CPFIS investments, you may refer to the portfolio statement sent to you by your agent bank (for CPFIS-OA) or your product provider. The difference between the cost and market value of the investment you have sold is your profit or loss.
30.	Are my investment profits, interest earned from investments and dividends received taxable?
	Your investment profits and interest earned from investments are not taxable under CPFIS. In addition, income received from CPFIS annuities that are paid directly to you as cash (upon the release of investment to you, please see Q32 & Q34) will not be taxable. However, dividends received from direct investment in stocks are taxable at your individual tax rate if the company is under the Full Imputation Tax System. For companies that have already moved to the One-tier Corporate Tax system (which was implemented on 1 January 2003), dividends are exempted in the hands of shareholders. For more information, you may refer to the IRAS website.
31.	What happens if I make a loss on my investments? Do I have to make good the loss?
	No, you need not make good your loss. However losses will reduce your retirement nest egg.
Release of Investment Holdings
32.	Can I withdraw all my investments when I reach 55 years old?
	Yes, your investments and cash balance (if any) in your Investment Account will be automatically released to you when you withdraw your CPF savings at age 55, after setting aside the Required CPF Minimum Sum and Medisave Required Amount. Your Investment Account will also be closed. If you do not wish to withdraw your CPF savings at age 55, but would like to have the investments released to you after setting aside the Required CPF Minimum Sum and Medisave Required Amount, you can request the release of your investments via my cpf Online Services – My Requests after you have reached age 55. Your Investment Account will also be closed upon your request. The procedure to release the investments is as follows: CPFIS-OA CPFIS-SA The Board will inform the agent bank to close your CPF Investment Account. You may approach the bank for the release# of your investments and cash after the Board has notified you. Your investments will be transferred to your own name and you may thereafter liquidate them as you wish and have the proceeds paid to you directly. The Board will inform your product providers to transfer your investment to your own name and you may thereafter liquidate them as you wish and have the sale proceeds paid to you directly. #Central Depository (Pte) Ltd (“CDP”) imposes a transfer fee of $10.70 (inclusive of GST) for every share counter transferred from your CPF Investment Account to your CDP Account. However, if you are unable to set aside the Required CPF Minimum Sum and Medisave Required Amount, your investments will not be released to you. Upon liquidation of your investments, the sale proceeds will be credited to your CPF Investment Account for CPFIS-OA or Special Account for CPFIS-SA. Up to half of all your new contributions (including your sale proceeds) will be transferred to top-up the shortfall in your Retirement and/or Medisave Accounts when you make an application to withdraw your CPF savings.
33.	Can I continue to invest under CPFIS beyond age 55?
	You may continue to invest your Ordinary Account balance under CPFIS-OA and your Special Account balance under CPFIS-SA if you still have balances in these accounts. If you do not wish to have the investments released to you when you withdraw your CPF, especially if you still require your CPF to pay the insurance premiums, please inform us when you submit your withdrawal application. If your Investment Account had been closed upon your withdrawal of CPF savings at age 55, you can open a new Investment Account with an agent bank, provided that you continue to meet the criteria for participation under CPFIS (as stated in Q2). For computation of the amount you can invest in stocks and gold, please refer to the example in Annex B.
34.	For insurance policies maturing beyond age 55, how does the Board treat the lump sum payments by the insurer when the policies mature?
	For policies that are still under the CPFIS-OA, the proceeds would be refunded to your CPF Investment Account with your agent bank. You can instruct your bank to transfer the monies back to your CPF Account. For CPFIS-SA policies, the proceeds would be refunded to your CPF Account. Withdrawal of the monies would be subject to the prevailing CPF withdrawal rules. For policies that have already been transferred to your name earlier on (please see Q32), it would be considered as cash policies and the insurance companies would pay the proceeds directly to you.
35.	What happens to the CPFIS investments if a member becomes bankrupt?
	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. From 1 April 2008, you can also continue to service the future premiums of your regular premium insurance policy even if your Ordinary Account balance falls below $20,000. When you subsequently liquidate your investments, the sale proceeds will be credited into your CPF Investment Account or Special Account. Upon reaching age 55, you will need to set aside the required CPF Minimum Sum, Medisave Required Amount and a specified amount of living expenses before your investments can be released to you. All investments bought under the CPFIS are protected from claims by creditors as long as the members are alive and are able to establish that the investments were bought by them using CPF monies. Please also refer to Q36 for information on the investments held by a member who dies as an undischarged bankrupt.
36.	What happens to CPFIS investments if a member passes away?
	When members die (irrespective of whether they were undischarged bankrupts or not), all CPFIS investments* and any cash held in their CPF investment account under the CPFIS-OA form part of the deceased members' estate and will be distributed according to applicable laws. These investments cease to be protected from deceased members' creditors under the CPF laws and may be used to satisfy creditors' claim in accordance with the Probate and Administration Act. This applies whether the deceased member is an undischarged bankrupt or not.
	* In the case of NTUC Income insurance policies, policyholders may have the choice to nominate their beneficiaries to receive the insurance money.
	For more information on nomination, click here. You can check your nomination status via my cpf Online Services - My Messages. If you wish to make a nomination, click here to print the nomination form.
Offences Relating to Investments
37.	What constitutes "offences" under the CPFIS?
	Manipulating investment transactions so that a member may siphon his CPF savings in cash thereby withdrawing the savings prematurely, is an offence under CPFIS.
38.	How are manipulative investment transactions detected, and how many members have been caught so far?
	CPF Board continually monitors the trend of various CPFIS transactions. The Singapore Exchange also monitors irregularities in share transactions. Transactions that look suspicious are referred to the Commercial Affairs Department for investigation. As of 1 October 2007, 18 CPF members have been prosecuted and fined a total of $790,700 for manipulating their investment transactions. They have also restored $122,038.27 to their CPF accounts. Annex E shows some published articles on CPF members who were charged for manipulative share transactions.
39.	I have given my trading password to a friend to trade on my behalf. Will I be charged if my friend conducts manipulative share trading using my CPF and trading accounts without my knowing?
	This will depend on the outcome of investigations. However, you should always protect your password and not allow other people to transact in your name without your knowledge or your approval.
40.	What will CPF Board do with members or third parties who are found to have conducted manipulative transactions?
	Under the law, CPF Board is empowered to recover CPF savings that is siphoned or withdrawn prematurely under such circumstances, with interest. The member could also be prohibited from making further withdrawals for a period of one year or more as the Board may determine, from the date of the contravention or from the date of the making of any false representations or furnishing of false information. The Board takes a serious view on any attempts to siphon CPF savings prematurely and will not hesitate to take legal action against CPF members and intermediaries or other parties who collaborate to do this. Third parties will be charged under the Penal Code.
41.	Will I run the risk of unknowingly breaching CPF laws while trading or investing under CPFIS?
	As long as your intention is to invest for the medium to long term, and you did not siphon out any CPF savings by receiving cash for your investment transactions whether through manipulated transaction prices or cash rebates, it is unlikely that you will breach the CPF laws for manipulative transactions.
	“The public must learn to make investment decisions for themselves, and take responsibility for the outcomes, good or bad. Just because a stock is listed on the SES, and CPF savings can be used to buy SES stocks, does not mean that all SES stocks are good investments, much less that the SES or the Government has endorsed the stocks.” Deputy Prime Minister BG (NS) Lee Hsien Loong 4 November 1997 SESDAQ's 10th Anniversary Dinner
CONTACT US FOR ENQUIRIES, PLEASE CALL THE CPF CALL CENTRE AT 1800-227-1188 E-MAIL TO Investment@cpf.gov.sg, OR FAX TO 6229-3375

Annex A
Instruments Included Under the CPF Investment Scheme (CPFIS)
Instruments (except Gold products offered by CPF Agent Banks, Singapore Government Bonds and Singapore Government Treasury Bills) under the CPFIS are only included upon the product providers' applications and the Board’s review. These instruments must meet the inclusion criteria. All investments made under CPFIS must be in Singapore dollars except where otherwise stated. Investments under CPFIS cannot be assigned, pledged or used as collateral.
1.	Fixed Deposits
		Must be placed with a CPF Fixed Deposit Bank.
2.	Singapore Government Bonds Singapore Government Treasury Bills
		Can be bought from the primary and secondary markets.
		Can be traded through bond dealers.
3.	Statutory Board Bonds*
		Can be bought from the primary and secondary markets
		Can be traded through bond dealers or brokers
4.	Bonds Guaranteed by Singapore Government*
		Can be bought from the primary and secondary markets.
		Can be traded through brokers.
5.	Annuities Endowment Policies Investment-Linked Insurance Products**
		Must be offered by Insurance Companies included under CPFIS.
		Life insured must be the member himself.
		Only single premium or recurring single premium policies are allowed (new regular premium policies are not allowed from 1 January 2001).
		For endowment policies, maturity date must not be later than the member's 62nd birthday.
6.	Unit Trusts**
		Must be managed by Fund Management Companies included under CPFIS.
		Fund managers are required to invest according to the Investment Guidelines set by CPF Board.
7.	Exchange Traded Funds**
		Must meet guidelines set by CPF Board and be listed on the Singapore Exchange-Securities Trading (SGX-ST).
8.	Fund Management Accounts** (CPFIS-OA only)
		Fund managers are required to invest according to the Investment Guidelines set by CPF Board.
9.	Shares of Companies, Units of Property Funds or Property Trusts and Corporate Bonds (CPFIS-OA only)
		Must be offered by companies incorporated in Singapore.
		Must be fully paid ordinary or preference shares or corporate bonds listed on the Singapore Exchange-Securities Trading (SGX-ST).
10.	Gold (CPFIS-OA only)
	(a)	Gold ETFs**
		Must meet guidelines set by CPF Board and be listed on the Singapore Exchange-Securities Trading (SGX-ST).
	(b)	Other Gold products
		Only UOB offers these gold products. If you wish to invest in gold, you need an investment account with UOB.
	*Under CPFIS-SA, members can currently invest in Statutory Board Bonds and Bonds Guaranteed by the Singapore Government only in the secondary market.
	**Can be denominated in non-Singapore dollar currencies.

Annex B
Computation of Stock and Gold Limits - An Example
Ordinary Account balance $ 50,000 Net amount withdrawn for investment1 $ 12,000 Net amount withdrawn for education $ 10,000 Cost of stock investment $ 10,000 Cost of gold investment $   1,000   CPF Investment Account balance (with agent bank) $ 10,000                        $   Ordinary Account balance 50,000   Net amount withdrawn for investment     12,000   Net amount withdrawn for education    10,000 _________   Investible savings2   72,000 ¯¯¯¯¯¯¯¯¯       35% of investible savings   25,200   Less: Cost of stock investment   10,000   Available 35% stock3 limit   15,200       10% of investible savings   7,200   Less: Cost of gold investment     1,000   Available 10% gold limit   6,200           Ordinary Account balance 50,000   Less: Shortfalls4 in Retirement/Medisave Account(s)     10,000   Less: Amount reserved as the first $20,000 in OA5     10,000   CPF Investment Account balance    10,000 _________   Available balance5   40,000 ¯¯¯¯¯¯¯¯¯       The amount available for stock will be $15,200 which is the lower of (a) stock limit of $15,200 or (b) available balance of $40,000. The amount available for gold will be $6,200 which is the lower of (a) gold limit of $6,200 or (b) available balance of $40,000. Before investing, please check your CPFIS Statement and take into account any investment transactions that have yet to be settled to determine the amount available for investment. Notes: 1. The net amount withdrawn for investment is the amount withdrawn for all investments less refunds under CPFIS-OA and Special Discounted Shares Scheme. If the amount is negative (i.e. withdrawals less than refunds), it will be set to zero.     2. This is updated on the 11th of every month, based on the balances at the end of the previous month. The update will be on the 12th if 10th is a Sunday/Public Holiday.     3. The stock limit applies to shares, property funds and corporate bonds.     4. Applicable to members age 55 and above only. The shortfalls applicable are Minimum Sum and Medisave Required Amount shortfall.     5. From 1 April 2008, you cannot invest the first $20,000 in your Ordinary Account. The Minimum Sum and Medisave Required Amount shortfalls form part of this $20,000 to be set aside.
Annex C
Service/Product Providers Included Under the CPF Investment Scheme (CPFIS)
Fixed Deposit Banks
1.	DBS Bank Ltd
2.	Malayan Banking Berhad
3.	Oversea-Chinese Banking Corporation Ltd
4.	United Overseas Bank Ltd
Bond Dealers
1.	DBS Bank Ltd
2.	Oversea-Chinese Banking Corporation Ltd
3.	United Overseas Bank Ltd
Insurance Companies
1.	American International Assurance Co Ltd
2.	Aviva Ltd
3.	AXA Life Insurance Singapore Pte Ltd
4.	Great Eastern Life Assurance Co Ltd
5.	HSBC Insurance (Singapore) Pte Ltd
6.	Manulife (Singapore) Pte Ltd
7.	NTUC Income Insurance Co-operative Ltd
8.	Overseas Assurance Corporation Ltd
9.	Prudential Assurance Co Singapore Pte Ltd
10.	TM Asia Life Singapore Ltd
11.	UOB Life Assurance Ltd
Investment Administrators
1.	iFAST Financial Pte Ltd
2.	Navigator Investment Services Ltd
3.	Phillip Securities Pte Ltd
Fund Management Companies
1.	Aberdeen Asset Management Asia Ltd
2.	ABN AMRO Asset Management (Singapore) Ltd
3.	AIG Global Investment Corporation (Singapore) Ltd
4.	AllianceBernstein (Singapore) Ltd
5.	Allianz Global Investors Singapore Limited
6.	APS Asset Management Pte Ltd
7.	AXA Rosenberg Investment Management Asia Pacific Ltd
8.	Capital International Research & Management Inc
9.	Credit Agricole Asset Management Singapore Ltd
10.	DBS Asset Management Ltd2
11.	Deutsche Asset Management (Asia) Ltd
12.	FIL Investment Management (Singapore) Limited
13.	First State Investments (Singapore)2
14.	Goldman Sachs (Singapore) Pte Ltd
15.	Henderson Global Investors (Singapore) Ltd
16.	HSBC Global Asset Management (Singapore) Limited2
17.	ING Investment Management Asia Pacific (Singapore) Pte Ltd
18.	Legg Mason International Equities (Singapore) Pte Ltd
19.	Lion Global Investors Limited
20.	NTUC Income Insurance Co-operative Ltd1
21.	Prudential Asset Management (Singapore) Ltd
22.	Schroder Investment Management (Singapore) Ltd2
23.	SG Asset Management (Singapore) Ltd
24.	State Street Global Advisors Singapore Ltd
25.	Templeton Asset Management Ltd
26.	UBS Global Asset Management (Singapore) Ltd
27.	UOB Asset Management Ltd2
28.	Western Asset Management Company Pte Ltd
1 can only manage investment-linked insurance sub-funds under CPFIS The remaining FMCs can manage unit trusts, ILP funds/ sub-funds, exchange traded funds and fund management accounts under CPFIS.