1.	I did not manage to open a CPFIS Investment Account in time for the transfer. What will happen to my ASPFAIS investments?
2.	Will I receive any notifications after the transfer of my investments from my ASPFAIS to CPFIS?
3.	Will the transfer be reflected in any of my CPFIS statements?
4.	What will happen to my stock & gold investment limits? Will they be merged too?
5.	Do I need to inform my broker or any of the product providers of my new CPF Investment Account number?
6.	After the transfer of my ASPFAIS investments to CPFIS, what will happen to the sale proceeds if I subsequently sell those investments?
Part V Insurance Policy
7.	Previously, I did not need to open any ASPFAIS Investment Account for my Part V insurance policy. Why do I need to open a CPFIS Investment Account now to ‘hold’ this policy?
8.	Will all my Part V Insurance Policies be transferred to CPFIS?
9.	After the transfer of the policy to CPFIS, can I use my CPF monies to service the premiums of the policy?
10.	After the transfer of my Part V insurance policies to CPFIS, if I run out of CPF monies to pay the premiums, what should I do?
11.	How will the proceeds of my Part V insurance policy and / or rider be distributed?
12.	Prior to the transfer of my Part V insurance policy to CPFIS, my Part V insurance policy was already running on Automatic Premium Loan (APL) and/or Extended Term Insurance (ETI). Can these be allowed to continue after the transfer to CPFIS?
13.	How may I repay the Automatic Premium Loan (APL) of my Part V insurance policy?
14.	Can I take a policy loan on my Part V insurance policy?
15.	Can I pledge my Part V insurance policy?
16.	Can I nominate beneficiaries to the proceeds of my Part V insurance policy?
17.	Can I change the life insured under my Part V insurance policy?
18.	Can I change the terms in my Part V insurance policies which will lead to an increase or decrease in premiums to be paid?
1.	I did not manage to open a CPFIS Investment Account in time for the transfer. What will happen to my ASPFAIS investments?
	As indicated in NUS’ letter to you, if you did not open a CPFIS Investment Account by 27 December 2007, NUS is unable to transfer your ASPFAIS-OA investment holdings and Part V insurance policies. As the ASPF scheme has closed down, your ASPFAIS Investment Account has been frozen and you will no longer be able to use your ASPF monies to transact under the ASPFAIS and service the premiums of your insurance policies bought under the ASPF Part V Scheme. You can still open a CPFIS Investment Account at any agent bank i.e. DBS, OCBC and UOB, and instruct NUS to transfer your ASPFAIS investments and Part V insurance policies to your newly-opened CPFIS Investment Account after 1 January 2008. However, this transfer will be effected only on a monthly basis and any payments to be made in the meantime, including insurance premiums, would have to be paid in cash. For your investments bought under ASPFAIS-SA, NUS would have transferred them over to CPFIS-SA as long as you have a CPF Account. No CPFIS Investment Account is needed for the transfer of investment holdings under the Special Account.
2.	Will I receive any notifications after the transfer of my investments from my ASPFAIS to CPFIS?
	Yes, you will receive a letter from your agent bank, informing you of the details of the investments being transferred from your ASPFAIS Investment Account to your CPFIS Investment Account. You will also receive a letter from NUS after the transfer. You can also view your Special Account (SA) investment holdings (combination of ASPFAIS-SA and CPFIS-SA) in your SA portfolio statement anytime using your SingPass via my cpf Online Services at www.cpf.gov.sg.
3.	Will the transfer be reflected in any of my CPFIS statements?
	Yes, the transfer will be reflected through the change to the net amount withdrawn. Your net amount withdrawn under the ASPFAIS-OA will be merged with your net amount withdrawn under the CPFIS-OA. A footnote will be permanently shown in your “CPFIS Stock & Gold Limits Computation” statement, informing you of the amount transferred from your ASPFAIS-OA. For your investments made under ASPFAIS-SA, they will be transferred to your CPFIS-SA. You are able to view your combined investment holdings in your SA portfolio statement.

4.	What will happen to my stock & gold investment limits? Will they be merged too?
	Yes, your ASPFAIS stock & gold investment limits will be merged with your CPFIS stock & gold investment limits.
5.	Do I need to inform my broker or any of the product providers of my new CPF Investment Account number?
	Your agent bank will inform the respective product providers, except stockbrokers, of your new Investment Account number. Agent banks would not be able to inform the stockbrokers on your behalf because agent banks do not know which stockbrokers you have trading accounts with. You will need to inform all your stockbrokers about your new CPFIS Investment Account number. If your stockbrokers use the outdated investment account number, your CPF trades will fail and you will need to settle your trades using cash.
6.	After the transfer of my ASPFAIS investments to CPFIS, what will happen to the sale proceeds if I subsequently sell those investments?
	All the sale proceeds will be refunded to your CPF Accounts. You can subsequently withdraw the monies subject to CPF withdrawal rules.
Part V Insurance Policy
7.	Previously, I did not need to open any ASPFAIS Investment Account for my Part V insurance policy. Why do I need to open a CPFIS Investment Account now to ‘hold’ this policy?
	The ASPF Part V Scheme does not fall under the purview of the ASPF Investment Scheme. Under the ASPF Part V Scheme, the policies were bought under the name of NUS. NUS had been paying the premiums directly to the insurance companies, after deducting the monies from members’ ASPF Ordinary Accounts, without going through the agent banks. As the CPF Board does not have such a scheme, Part V insurance policies have to be transferred to the CPFIS-OA instead. Under the CPFIS-OA, you need to have a CPFIS Investment Account to hold your investments, including the transferred Part V insurance policies.
8.	Will all my Part V Insurance Policies be transferred to CPFIS?
	Yes, all your Part V insurance policies will be transferred to your CPFIS Investment Account with the agent bank.
9.	After the transfer of the policy to CPFIS, can I use my CPF monies to service the premiums of the policy?
	Yes, you can use your CPF monies in your Ordinary Account to service the future premiums of your policies (including endowment, whole life or rider policies, and regular premium policies).
10.	After the transfer of my Part V insurance policies to CPFIS, if I run out of CPF monies to pay the premiums, what should I do?
	You have the following options:
	a)	Use cash to pay the premiums;
	b)	Convert your Part V insurance policies to a paid-up mode1; or
	c)	Activate the Automatic Premium Loan (APL)2 or Extended Term Insurance (ETI)3 feature(s) of your Part V insurance policies, if they have such features and if your insurance company allows you to do so.
	1Converting a policy to paid-up mode means that the policyholder will not need to pay premiums anymore. The sum assured of a paid-up policy is usually lower than that of the original policy. All supplementary riders attached will be terminated.
	2APL means that once the policy has accumulated sufficient cash value, if the policyholder is unable to pay the premium, he can borrow from the cash value. However, he is required to pay back the loan and compound interest. Once the loan plus compound interest exceeds the cash value of the policy, the policy will lapse.
	3ETI means that if the policyholder still wants the insurance protection but doesn't want to pay any more premiums, the existing cash value of his policy is treated as a single premium which is used to buy protection for future years. The number of years of protection he will get varies directly with the quantum of the cash value. The difference between a paid-up policy and ETI is that: a) A paid-up policy has lower sum assured than the original policy but ETI has the same or higher sum assured than the original policy (assuming no indebtedness); b) A paid-up policy will mature on the same date as the original policy, whereas for ETI, the maturity date may or may not be the same date as the original policy as the period of cover depends on how much cash value there is in the original policy and the policyholder’s age on the date of premium default.
11.	How will the proceeds of my Part V insurance policy and / or rider be distributed?
	In general, premiums of Part V insurance policies and riders (if any) paid using ASPF monies or cash prior to the transfer of the policy to CPFIS would be treated as though the premiums were paid using CPF monies. This is because Section 22 of the First Schedule of the NUS (Corporatisation) Act provides that all premiums paid or deemed to have been paid with ASPF moneys in respect of ASPFAIS Investments and Part V Assurances shall, on and after the dissolution date, be deemed to have been paid with CPF monies. Hence, the proportion of the proceeds (except death benefits) corresponding to such premiums would be refunded to your CPFIS Investment Account.
	However, the distribution of the full proceeds would depend on the premium payment mode after the transfer of the Part V policy to CPFIS. If, after the transfer of your policy to CPFIS:
	1.	All the premiums of your Part V insurance policy and rider are paid using your CPF Ordinary Account savings: All proceeds would have to be refunded to your CPFIS Investment Account.
	2.	Your CPF monies are exhausted and you then use cash to pay the premiums of the Part V insurance policy and rider: The proceeds would be pro-rated based on CPF savings vis-à-vis cash used to pay for the premiums after the transfer. The CPF portion and cash portion of the proceeds will be respectively refunded to your CPFIS Investment Account and to you.
	3.	All the premiums of the Part V insurance policy and rider are paid using cash: The proportion of the proceeds corresponding to the premiums paid in cash after the transfer of the policy to CPFIS would be refunded to you in cash. The remaining proceeds would be refunded to your CPFIS Investment Account.
12.	Prior to the transfer of my Part V insurance policy to CPFIS, my Part V insurance policy was already running on Automatic Premium Loan (APL) and/or Extended Term Insurance (ETI). Can these be allowed to continue after the transfer to CPFIS?
	Yes, APL and ETI are allowed to continue.
13.	How may I repay the Automatic Premium Loan (APL) of my Part V insurance policy?
	You may repay the APL by paying cash to the insurance company directly. The cash balance in your CPFIS Investment Account cannot be used to repay the APL.
14.	Can I take a policy loan on my Part V insurance policy?
	No. Policy loans are not allowed for Part V insurance policies.
15.	Can I pledge my Part V insurance policy?
	No. Pledging of Part V insurance policies is not allowed
16.	Can I nominate beneficiaries to the proceeds of my Part V insurance policy?
	You may nominate beneficiaries as long as:
	a)	No legal or equitable trust, including but not limited to statutory trusts under any written law, is created over the Part V insurance policy; and
	b)	Your insurer allows you to do so.
17.	Can I change the life insured under my Part V insurance policy?
	No. The life insured must be the CPF member whose CPF savings are used to pay premiums.
18.	Can I change the terms in my Part V insurance policies which will lead to an increase or decrease in premiums to be paid?
	ASPF members are not allowed to make any changes to their Part V insurance policies that will cause an increase in premiums with effect from 28 December 2006 (i.e. the date that NUS issued the official “Dissolution Notice” to all its members). However, if the increase in premiums is due to attained age at renewal of the policies1, or conversion of the policies2, you can use your CPF monies to pay the higher premium. ASPF members can make any changes to their Part V insurance policies that will result in a decrease in premiums, as long as the insurance companies allow it.
	1When a member exceeds a certain age, he may have to pay a higher premium to renew his insurance policy. In such an instance, he can continue to use his CPF monies to pay the higher premiums.
	2A member’s insurance policy contract may allow him to convert: (1) a rider to a new whole life policy, endowment policy or investment-linked insurance product (ILP); or (2) a whole life policy to an endowment policy or vise versa.