The Employees’ Provident Fund (EPF) is widely known amongst workers as the largest retirement fund which serves its purpose as a social security organisation for private sectors that provide retirement benefits. For that reason, it is advisable for EPF members to nominate and update the list of beneficiaries to ensure the smooth management of the distribution of their EPF savings upon their death.

Many people may think “It’s okay, I already made a will. There won’t be any issues for my beneficiaries upon my death” and completely ignore the importance of nominating and/or updating the list of beneficiaries for their savings. Unfortunately, they are not aware of the fact that EPF List of Nominees are statutory nominations which have been provided under Regulation 6 of the Employees Provident Fund Regulations 2001. Therefore, a will does not supersede EPF List of Nominees. We further refer to Regulation 7(2) of the Employees Provident Fund Regulations 2001 which clearly states as follows:

“Nominee stated in subregulation (1) shall not be revoked by any will or by any other act, events or means”

Due to a lack of awareness, many disputes arose upon the death of EPF members, where the family members of the deceased became victims as the savings they were counting on had to go to someone else. This resulted from the deceased experiencing events such as divorce, marriage, or the death of the nominated beneficiary in the EPF list of nominees during their lifetime, but they failed to update the list. Additionally, the deceased mistakenly believed that their will would suffice to ensure the distribution of savings to their chosen beneficiaries.

Overall, it is apparent that every person who has made a will must be aware that a will does not supersede the EPF List of Nominees. Therefore, it is advisable to nominate and/or update the list of beneficiaries in the EPF List of Nominees for the sake of your loved ones. Better late than never.