Oral Answer by Senior Minister of State for Law, Mr Edwin Tong, to Parliamentary Question on unclaimed CPF monies

04 NOV 2019

04 Nov 2019 Posted in Parliamentary speeches and responses

Assoc Prof Daniel Goh Pei Siong (Non-constituency Member of Parliament)

Question

To ask the Minister for Law (a) whether all efforts have been taken to return the over $200 million in unclaimed CPF monies with no nomination to family members; and (b) whether the paperwork can be made easier for family members to apply to claim the monies.

Oral Answer

  1. When CPF members do not make a valid CPF nominations and pass away, the un-nominated CPF monies are transferred to the Public Trustee’s Office, or the PTO, for disbursement to the legally entitled beneficiaries. PTO will contact individuals who are known to possibly have an interest in the deceased member’s un-nominated CPF monies, and also invite them to make an application to claim these un-nominated funds. These persons include: (i) persons who approach CPF Board to inform the CPF Board of the deceased’s passing, (ii) the death informant listed in ICA’s records, (iii) the deceased’s family members as reflected in the ICA’s records. PTO managed to distribute about 88% of the un-nominated CPF monies it received from CPF Board over the last 5 years.

  2. As at end 2018, unclaimed un-nominated CPF monies make up $132 million of the $211 million in unclaimed monies held by PTO. PTO continues to make efforts to locate the legally entitled beneficiaries of unclaimed monies, and they do so by making phone calls, writing to them on several occasions, and also in some cases making house visits.

  3. We would like to encourage individuals who may be legally entitled to the monies to submit their application. There is no time limit for the application – individuals may come forward at any time to make their claim.

  4. To ensure that the monies are distributed to the rightful applicants, PTO requires that an applicant produce documentary proof to support his claim and also the eligibility entitlement. Where necessary, PTO will assist the applicant to obtain the necessary documents from the relevant agencies, by making a request on behalf of the applicant, or also supporting the request for information.