Quote:
Originally Posted by Unregistered
There is a limit for bequest to nominee's CPF under Enhanced Nomination Scheme. It capped at current FRS or ERS.
There is no limitation on the number of jobs that you can take with CPF capped at the maximum contribution of $37,740 annually per job. I do know some businessman has contributed CPF to their children either when they are very young or as their own company "employees" (family business) from age 14years old.
Having more than a Million in all CPF account by/before 55 is possible based on working years and without using any CPF for property investment and top up max VC. |
Can you show us the statement from
CPF or direct us to the
CPF page that states the limit for bequest into the beneficiaries'
CPF accounts?
As far as I know, there is no limit for bequest into a beneficiary
CPF account. For eg., if you have $1.5M in your
CPF account and you bequest this amount into your beneficiary's
CPF account, the money will all go into the beneficiary's OA! No limit! This is because the beneficiary might have already built up his FRS or ERS amount on his own.
The above scenario is very likely to happen for people with high
CPF amounts, because they would only be drawing out their yearly interest (about $28K a year) without drawing down their principal. After they passed on, their
CPF principals will remain intact at $1.5M (for example) and this can be bequeathed to their loved ones'
CPF OA for the loved ones to continue to enjoy the interest, especially if the beneficiaries are above 55 at the time of receiving the bequest!