Notification on Navigator Cash Account for Navigator CPF Investment Plans
We would like to inform that CPF Board has recently issued a clarification to all Investment Administrators (IAs), including Navigator, that CPF monies can only be invested in products included under the CPFIS. Any CPF monies not used for investment must be refunded to members' CPF Investment Account or CPF Special Account. IAs are not permitted to retain their CPF clients' CPF monies in Cash Account(s).
As such, investors may wish to switch out the CPF monies presently in their Navigator Cash Account(s) into any of the available CPFIS-included funds on the Navigator platform. Investors are advised to consult their Financial Adviser Representative on the suitable funds to switch into.
Please note that any balance CPF monies in the Navigator Cash Account(s), if not invested by 5 February 2007, will automatically be refunded to investors' CPFOA Investment Account with their Agent Bank and/or CPF Special Account by 26 February 2007. We wish to highlight that no interest will be accrued and payable on CPF monies in the Navigator Cash Account(s) with effect from 1 February 2007. All CPF monies in the Navigator Cash Account will accrue interest up to 31 January 2007 and Navigator will distribute the interest payable on 1 February 2007.
Further to the above, investors will not be able to allocate any new investment monies into the Navigator Cash Account of CPF Investment Plan(s) with effect from 5 January 2007. If the Navigator Cash Account was previously selected as part of the asset allocation under an Easy Save regular investment option, investors will also need to change the fund allocation to direct future investments into any of the available CPFIS-included funds on the Navigator platform. Please also note that any Easy Save instruction with a Cash Account allocation after 15 January 2007 will not be accepted or processed.
The Navigator Terms and Conditions will be reviewed and revised accordingly. Updated versions will be posted on the Navigator website when available.