HSBC is one kind one la. 9.3mil to them is under "mass" lol

Citizens of countries like UK, US, Europe get a pension by the government after they retire (not just civil servant), funded by state social security system. Not a lot, but usually enough to meet basic needs. This pension can supplement whatever savings they have.

In other words, they get tongkat for life.

For Singapore I would imagine that the number exclude CPF savings, which works different than Malaysia epf.

hi, for epf member passed away :

1. can the epf fund continue to grow inside? and pay monthly to the family member ?
2. can we directly transfer to the kids name under epf account, and continue to grow the epf fund?
3. use epf as a tool of living trust fund?
4. EPF wiill close the account once they know the member is passed away? or the fund can continue to grow inside for next 10 years?

thank you

just sharing what i think i know, but best you go to EPF and ask them directly.
this is what i think I remember reading somewhere and some "info" from ex-colleagues (about a colleague who passed away leaving a young kid and wife). I may recall some info wrong also.

1. short answer is no. all will be credited to the bene (if no nomination, then follow some processes. some claim follow will, but i am not sure). if bene is underage, then the funds can be kept in a special account until kid reach 18 years old
2. no, except the abv underage scenario. but i believe must take out upon reaching 18.
3. no.
4. they will try to find the bene, and no idea if the funds will continue to enjoy div.

the story about the colleague who passed away: if not mistaken, the wife takes out her portion, while the kid's remain in epf.

ah ok.

but then won't this mean that one can technically let one's child(ren) inherent everything in EPF and this is no longer fully just for retirement? It can be used in estate planning.
imagine using this method to pass generational wealth...

In my view, an EPF nomination is an express statutory nomination which exists independently and is not a Will or testamentary disposition. It does not come under the ambit of s 6(1) of the Inheritance (Family Provision) Act 1971 and the Distribution Act 1958.

Conclusion

From the above, it is manifest that a Nomination Form falls into its own niche category. It is able to supersede a Will and one must be particularly careful to ensure that the same is updated accordingly, should the need arise.

also, i have the impression that the bene cannot request the funds to be transferred into the bene's own EPF account.
Say for example a young couple, wife has 500K rm and only put husband as sole bene. Wife passed away. I have the impression that the hubby must take all 500K rm out into his own bank account.

ya thats what i mean, so can i use epf as estate planning?
meaning that member pass away, however do not take out the money and let the money to keep roll inside till they grow up , is it possible?

regarding the nomination in EPF superceeding whatever written in the deceased's will, we are in agreement.
I also have the impression that once EPF knows the member is deceased, they will try to distribute the funds. ie cannot just leave it there. (then again, so many 100 years old accounts rite?)

The point I was trying to say is that EPF's function is to help one for retirement, and not really to be used in estate planning. Which i continue below:
Maybe an example would put all of us on the same page:
Say there is a chap (45) who has 3 million in EPF and he put the following nomination:
a) wife (45) : 33.3333...%
b) kid 1 (22) : 33.3333...%
c) kid 2 (12) : 33.3333...%

My understanding is wife and kid 1 must take out their respective 1 million ringgit into their respective bank accounts. no such thing as put into own EPF accounts and continue.
However, i have the impression that for kid 2, EPF will create a special account for kid 2 which will earn div. upon reaching legal age 18, kid 2 will also have the take out the funds. This is like EPF taking the role of trustee.

hence the estate planning part is really limited to minors only.

I would think if ( a ) and ( b ) are allowed, then ( c ) can automatically be allowed.
( c ) case is special because kid 2 is a minor.

nontheless, I do believe if any of the bene went to EPF and inform them of the member's demise, then EPF will try to disburse all the funds. Similar to how banks will freeze all the accounts of the deceased once they know about it.

I went to kwsp site and saw this:
https://www.kwsp.gov.my/member/nomination



scary...

Sked after maint balance became RM0.00?

I'm not a book guy, but i'll give it a try if have chance.

But i still wanted to leave my legacy to my descendant if possible so that they can enjoy what i didnt...call me old fashion but i wished them able value their life and enjoy their life without worrying about money...

If my quantum is big enough i wish to find some trust fund etc to provide my descendant a controlled stream of funds example RM 300k annually so that they get the money steadily, at the same time unable to splurge it..

True, that why i'll educate them to value money along the way, and not giving them whatever they want...They'll still have to work for it, get their own job, studying postgrade using PTPTN lol, repay it back themselves, buy their own car,house etc....Of course their journey will be much easier compared to me where I'll support them for all the kickstart, unlike myself...

All in all the mindset is the most important criteria....If they can understand why i do it this way and appreciates it, instead of giving them large chunk of $$ when i pass away, then at least i think i had done my part...next is for them to passes it down to next generation..

a trust fund can support for many generations...

i guess after watching the below video i gonna masuk even more

is it better to borrow more loans (4.3%) and park the money in EPF (5.5%)?

or i miss out something ? compound interest ?

With the selling of Giant hypermarkets to UEM & Sunway REIT, would it be possible to get more dividend ?

KUALA LUMPUR: Property developer UEM Sunrise Berhad has signed a sale and purchase agreement with Employee Provident Fund unit Kwasa Properties Sdn Bhd to takeover 3.7 hectares of freehold land in Kelana Jaya, which currently houses Giant hypermarket, for RM155 million.

Total RM201 million

When is the final day in December before EPF stop accepting contributions for 2023?

where's the dividend 2023 tikam list ?

6% no issue la this time
20B for Q4 is expected
is a matter of how much they want to payout this time... i scare they want to withhold 15% and continue payout lousy dividend and give buffer for next year
next year will be teruk

He/she love this emoji... I also noticed that
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