Dr Tan noted that the Ministry of Law is studying whether to reform the rule in the Wills Act 1838 that provides for the automatic revocation of wills in the event of marriage.
“MOM (Ministry of Manpower) and the CPF Board will likewise study the CPF nomination rules, so that the policy remains relevant to the evolving needs and behaviours of our citizens,” he added.
REVIEW, UPDATE NOMINATIONS
In the meantime, CPF members should review and update nominations “when their life circumstances have changed”, Dr Tan said.
“The CPF Board has enhanced the CPF nomination service to enable members to conveniently review their nominations and make changes securely, including via the CPF website,” he added.
The agency currently includes reminders to all members to review their nominations in their annual statement of their account.
RELOOK KEEPING CPF NOMINATIONS UPON DIVORCE
In response to Dr Tan’s point that CPF Board intends to remind members who have undergone divorce to review their nominations, Ms Lim sought to clarify whether the agency would “keep track of divorce orders” and “make sure that letters are sent to members who undergo divorce proceedings”.
Urging the agency to relook the “phenomenon” where CPF nominations are not revoked upon divorce, she asked that it consider the argument that in a divorce proceeding, CPF funds are liable for distribution as matrimonial assets.
An ex-spouse would hence already have had their share of the CPF funds at the point of divorce, she explained.
“So it is actually not logical that most members would want the ex-spouse to have another legacy at the point of death when that spouse has already had a division of the CPF funds at the point of divorce,” she said.
Dr Tan noted that some of Ms Lim’s points are currently being reviewed, and that relevant agencies are working together for information on the divorced members. He suggested that she file a Parliamentary Question for an update on the review after May, when the CPF Board is set to remind members who have undergone divorce to review their nominations.
