Monday, November 21, 2011

More cpf protection for children with special needs

Cpf board is stepping in to help provide a measure of financial security to children with special needs when their parents are no longer around to care for them. - via SNSS special needs savings scheme.

Current: parents set up trusts for their children with the special needs trust company but this requires a min $5000 cash.
Now: SNSS has no admin charges and no min amount.

SNSS - parents can arrange to have their cpf savings diabursed in monthly payouts to their disabled offspring after their deaths. A nominee cpf account will be created for a special needs child upon the parent's demise and funds will be disbursed from those accounts. Same interest rates as parents accounts of up to 4% with an extra 1% on the first $60,000.

Who can apply:
Parents of disabled children who are attending a special education school or who need help in at least one activity of daily living such as getting dressed eating or moving around. For people with disabilities and cannot support themselves.

When will it be Implemented:
Early 2012.

For more info: visit

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