In Singapore, when a CPF (Central Provident Fund) member passes away, the amount of money their nominee can receive from the member's retirement account depends on several factors. Here is a general explanation of how the computation is done:
Ordinary Account (OA) and Special Account (SA) balances: The nominee will receive the remaining balances in the deceased member's OA and SA. These are the two separate accounts within the CPF.
Retirement Account (RA) balance: The RA is specifically meant for providing monthly payouts during retirement. If the deceased member has turned 55 years old and has set aside funds in the RA, the nominee will receive the remaining balances as well.
CPF LIFE: CPF LIFE is an annuity scheme that provides a monthly payout for life starting from age 65. If the deceased member has already joined CPF LIFE, the nominee may be entitled to receive the remaining balances from the member's CPF LIFE account.
Nomination: It is crucial for the CPF member to have made a valid nomination before their passing. Without a valid nomination, the money in the CPF accounts will be distributed according to the intestacy laws in Singapore.
Proportional division: If there are multiple nominees, the money in the CPF accounts will be divided among them based on the member's instructions in the nomination form.
It's important to note that CPF policies may change over time, and the specific details and calculations may vary. To obtain accurate and up-to-date information, it is advisable to contact the CPF Board or seek professional advice from relevant authorities or financial institutions in Singapore.