Special Needs Savings Scheme (SNSS)
SNSS was developed by the Ministry of Social and Family Development (MSF) in partnership with the Central Provident Fund (CPF) Board to enable parents to set aside CPF savings for the long-term care of children with special needs. Under SNSS, parents may nominate their loved one with special needs to receive a regular stream of fixed payouts upon the parent’s demise.
This scheme is really useful for parents to leave the CPF funds behind for their children. Instead of a normal nomination where the nominees received the full lump sum from CPF on the parent’s demise, the CPF board will dispatch the funds on a monthly basis where the amount is determined by the CPF owner.
This can become a source of regular income for the children to be able to use for their living expenses upon the parent’s demise.
Find out the SNSS details on the SNTC website.