Written Answer by Minister for Law, Mr K Shanmugam, to Parliamentary Question on Factors to Determine Fees Charged for Administration of Un-nominated CPF Monies by Public Trustee
05 Apr 2021 Posted in Parliamentary speeches and responses
Mr Chua Kheng Wee Louis (Member of Parliament for Sengkang GRC)
To ask the Minister for Law in respect of the fees charged by the Public Trustee for the administration of un-nominated CPF monies, how is the minimum fee of $15 and schedule of charges by percentage of amount of CPF money determined.
- There is a cost to administering un-nominated CPF monies. This includes resources expended to trace a deceased’s next-of-kin, identify all eligible beneficiaries, and establish the familial relationship between beneficiaries and the deceased. The fee is used to cover this cost.
- The fee model is designed to keep fees as affordable as possible. A minimum fee of $15, is imposed for cases where the amount of monies administered is small. For all other cases, the schedule of fees applies, so that the fee charged varies according to the sum of monies to be administered. The fees model is reviewed regularly to account for inflation as well as process improvements.
- The Public Trustee has waived the fee in part or full for cases where the amount of monies administered is very small or upon the applicant’s appeal, taking into consideration the applicant’s financial circumstances.
- To allow their CPF monies to be distributed to preferred beneficiaries faster and without incurring fees, we strongly encourage all members to make their CPF nominations and update it as their life circumstances change.
Last updated on 05 Apr 2021