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It is up to the Court to decide whether one party is entitled to any part of the other party's CPF-related assets. Parties must note that the division of CPF assets must be for the purpose of a division of matrimonial assets, and not for settling maintenance, personal claims, or debts. There are 2 ways the Courts may order a division of CPF savings: transfer orders and charging orders. The CPF Board will transfer or pay upon a court-order specified triggering event.
As such, their participation in CPF schemes may be impacted and they should make alternative arrangements if necessary. Under a transfer order, we transfer savings directly from one party's CPF accounts to the receiving party's CPF accounts.
The transfer of CPF monies can take place without the party setting aside his retirement sum first. The receiving party can use the CPF monies immediately for approved CPF schemes such as housing, investment and education.
They may also withdraw the monies when they are eligible. For a transfer order to work, the receiving party must be a Singapore Citizen or Permanent Resident as at the date of the court order. Under a charging order, we pay one party's CPF savings to the receiving party in cash upon the party becoming eligible to withdraw their CPF savings.