CPF Nomination and Insurance Beneficiary Nomination is similar to Wills which are legal ways to distribute one’s estate to the rightful person. A CPF Nomination will be revoke when a marriage take place but an divorce will not change anything. What this means is that if no changes was made, the ex-spouse can still have a share of your CPF Money after a divorce. However, many do the nomination, cast it aside and never review it again. Make it a habit to review these nomination as you set your goals for the new year.
Do note that the CPF monies used to
- purchase stocks, insurance and other CPF-approved investment
- within your CPFIS account
will not be included in your CPF Nomination.
In additional to the above, the following will not be included in your CPF Nomination as well.
- Dependant protection scheme payout
- Properties purchased with your CPF money.
To summarize, only the following can be distributed according to your CPF Nomination.
- Money in your CPF Ordinary, Special and Medisave account
- Money in your Retirement Account & unused CPF Life premium
- Discounted Singtel Shares
Always review your CPF nomination and insurance beneficiary every few years especially when a major event like marriage or newborn arise. I ever did a review for my client who was married for a few years who had her insurance policy beneficiary as her poly friend who is no longer in contact! Please don’t make your loss a ToTo winning for some strangers!
In case you are not sure who are your nominees or beneficiaries, don’t waste time checking…just do a fresh one n it will supercede the previous. If you need any help, speak to a lawyer or your financial advisor representative.
Some concerns when I spoke to clients about CPF Nomination are
1. Do they need to make CPF Nomination when they have a Will?
A Will not not cover the distribution of CPF money so it is still good to have a CPF Nomination else it will be distributed according to the Intestate Succession Act.
2. Can a Muslim make CPF Nomination?
Yes.
(Source: The Straits Time, 27/09/2010)
Please refer to this link for Insurance Beneficiary Nomination.
My IFA@Sg 
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