Martin Lee @ Sg
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CPF Nomination Loophole

As a followup to this story about missing CPF money, my colleague Wilfred emailed the CPF board to confirm their policy regarding the confidentiality of nominees. This is what he received:

As the Board is under a duty to CPF members to maintain the confidentiality of the information belonging to our CPF members hence we do not release confidential information of a deceased’s CPF nomination.

The information of the deceased’s beneficiaries is confidential to the next beneficiary(ies). Therefore, the beneficiaries will not be identified with each other as we will contact the deceased’s beneficiary(ies) directly.

This is a very serious loophole. What is there to prevent a rogue agent at CPF board from making a fake nomination and making off with someone else’s money? Dead man tell no tales and without knowing where the money went to, it is even harder for the deceased next of kin to detect such a fraud.

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Leave a Comment:

5 comments
Roger says 13 years ago

The issue here is not whether the CPR member trusts his beneficiaries but how to prevent fraud as the dead member’s immediate family who do not receive the CPR monies are unable to know where it has gone to.

Reply
James says 13 years ago

Why rely on CPF to tell us, when every CPF member should info his/her beneficiary accordingly or better still keep the CPF nomination document together with one’s will & other important documents in a safe place & info the beneficiary accordingly long before one’s death. With this document, one can easily seek legal redress. Don’t you agree?

Reply
    Martin Lee says 13 years ago

    James,

    What happens if CPF tells you that the person made a subsequent nomination and that the one you are holding is not valid?

    Reply
      James says 13 years ago

      The court will force the CPF to reveal the member’s latest nomination, which the said member should have infomation the old & the new beneficiary. Unless the member did not trust any beneficiary; if that were the case, why nominate any beneficiary in the first place.

      Reply
Norman Tsai says 13 years ago

Indeed. Able to take it to parliament?

Reply
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