PKWA LAW IS QUOTED IN STRAITS TIMES ARTICLE  ON CPF MONIES WITH NO NOMINATION LEFT UNCLAIMED

PKWA LAW QUOTED IN THE MEDIA

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PKWA LAW IS QUOTED IN STRAITS TIMES ARTICLE  ON CPF MONIES WITH NO NOMINATION LEFT UNCLAIMED

PKWA Law Associate Director of Family Law, Charlene Nah, comments in the Straits Times article titled “Over $200m in CPF monies with no nomination left unclaimed.”  The article was first published in the Straits Times on 21 October 2019.

This article explores the issue of unclaimed CPF monies with no nominations made.  Below is an excerpt of the article which features comments from Charlene Nah:

Ms Charlene Nah, associate director at PKWA Law, said small family units suffering successive deaths within a short period of time may be one reason for the increase in unclaimed CPF monies from the estates of the dead people.

In such cases, said Ms Nah, before the surviving family member can claim his share of the dead person’s CPF monies, he dies as well.

Ms Nah said some benefactors could also be deemed unsuitable to receive the monies as a result of mental health issues. “The Public Trustee does not release monies to beneficiaries who lack mental capacity, unless the mentally incapacitated person has a deputy appointed by the court or donee appointed under a Lasting Power of Attorney (LPA) to make such claims on their behalf,” she said.

In the absence of an LPA, Ms Nah said the benefactor will have to apply for a deputyship court order, which will take some time to be issued. The PTO would not be able to release the unclaimed CPF monies before the court order is issued, she added.

Said Ms Nah: “Having unclaimed CPF funds is an issue which policymakers may wish to look into to make sure that the hard-earned CPF money would go to the deceased person’s loved ones.”

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Full article can be found here.

Article can also be found here.

Source:  The Straits Times

Author:  Janice Tai

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