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Seafarers' Provident Fund (SPF)
Seafarers’ Provident Fund (SPF)
Set up by SMOU in 2001 to improve the welfare of seafaring members onboard ships covered by the SMOU Collective Bargaining Agreements (CBA), the Seafarers’ Provident Fund (SPF) was administered and managed by Wavelink Thrift Pte Ltd, and co-managed by NTUC Thrift & Loan. However, NTUC Thrift & Loan had discontinued with the administration and management of the SPF and has since terminated SPF from 1st October 2012 onwards.
With effect from 1st October 2012, the SPF is now governed by the Scheme of Administrationto provide a clear and transparent mechanism for the dissolution and distribution of the SPF funds.
Salient Points on SPF Balance Withdrawals:-
Seven years with effect from 1st January 2013 to 1st December 2019.
Members are required to submit their request for SPF withdrawal with the relevant documentations:-
i)“Cheque” for personal collection by members who are based in Singapore.
ii)“Telegraphic Transfer ” for members who are based overseas. It is compulsory to provide a copy of the Bank Book/Statement, clearly showing the name of the bank, member’s name and member’s bank account number.
5. Provide the Swift Code of the overseas Bank for payment via Telegraphic Transfer.
6.Provide additional documents like Birth/Death/ Marriage Certificate if payout is to be made in the name of the nominee/beneficiary.
Charges for Telegraphic Transfer will be imposed by the bank and offset from the payout money.
An administrative fee of 2.8% approved by the SPF Advisory Committee shall be deducted from the SPF money due to the member before payout to the member or the member’s proper claimant.
The duly completed Withdrawal Form and all the relevant documentation may be submitted via the available channels:-