||There is no change to the transfer procedures. iFAST Financial Pte Ltd will effect the transfer-in of your CPF fund(s) and convert the holdings into CPF IA status as follows: upon the successful transfer-in from other distributors, iFAST will sell the above funds and buy back the exact units at a later date at no cost. Your holdings will not be affected by this conversion exercise.
For Transfer-in of CPF-SA funds
Transfer-in of CPF SA fund(s) shall be subjected to the new CPFIS restriction. For conversion from non-IA to IA status, the sales proceeds of your CPF-SA fund(s) will be credited back to your CPF-SA with CPF Board. iFAST will then request for the sales proceeds to buy back the exact units. The withdrawal request from your CPF-SA account will be successful if your balance is more than $40,000. The whole transfer process will be completed upon successful withdrawal request and the status of your CPF-SA fund will be changed to “IA” status.
Should your CPF SA balance is below $40,000, the request to buy back may be unsuccessful and the CPF-SA fund transfer will be deemed as a sell order as we will not be able to complete the whole transfer-in process due to unsuccessful withdrawal request. Please note that iFAST will not be able to refund or restore your holdings in such a situation.
For Transfer-in of CPF-OA funds
Transfer request for CPF-OA fund(s) will NOT be affected by the new CPFIS restriction even if your CPF-OA balance is below $20,000. This is because the Agent Bank Charge for both sell and buy transactions will be borne by iFAST. What we do is that we will request for the sales proceeds less agent bank charges incurred to buy back your exact units. The whole transfer process will be completed upon successful withdrawal request and the status of your CPF-OA fund will be changed to “IA” status.
To know more about the New CPFIS $20,000 rules from 1 April 2008, click here