SINGAPORE - A message circulating online saying that Central Provident Fund savings will be transferred to the Medisave account of one's nominee by default upon death is fake, Singapore Government website gov.sg said in a post on Saturday (June 17).
The message, circulated via WhatsApp, SMS and social media, said: "Everybody please note that when we kick the bucket, all our balance CPF money will not be automatically deposited into our nominated NOK bank account in cash."
It falsely claimed that the CPF board would instead transfer the balance funds to the nominated next-of-kin CPF Medisave account.
Gov.sg clarified that there is "absolutely no basis" for this rumour and said CPF savings will be given to one's nominees in cash via cheque or GIRO by default.
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"This is unless you have opted for a different type of CPF nomination," it said.
Gov.sg said in its post that the rumour is just a variation of a false claim that first surfaced in 2012 and was debunked then.
A CPF nomination gives CPF members the option to specify who will receive their CPF savings, and how much each nominee should receive, upon their death.
If a CPF nomination is not made, the member's CPF savings will be transferred to the Public Trustee's Office (PTO) for distribution to his or her family members under the Intestate Succession Act, or the Inheritance Certificate (for Muslims).