Investment proceeds under CPF Investment Scheme (CPFIS) are not covered under the CPF nomination. If you pass away, your investments under the CPFIS and any cash held in his Investment Account with your agent bank will form part of your estate.
The estate administrator/executor may claim these directly from the agent bank for distribution to the beneficiaries of the deceased’s estate.
Upon death, the CPFIS investments and cash in your Investment Account would cease to be protected and might be used to satisfy the deceased member’s creditors’ claim in accordance with the Probate and Administration Act.
What happens to insurance policies under CPF Investment Scheme
You can make an insurance nomination with your insurance companies. Your beneficiaries will receive the proceeds from the CPFIS Insurance policies.