Nominations

Seafarers are encouraged to nominate beneficiaries to the scheme and advise AC on any changes of their particulars. In the event of non-nomination, the next of kin or any other relatives may receive the benefit subject to the discretion of the AC.

Withdrawal Criteria

Under the regulations governing the scheme, seafarers may apply to withdraw the provident fund provided they meet the following criteria :

1. age of 50 years old and above, and
2. maintained the thrift account for a minimum of 3 years.

Any other withdrawal application will be reviewed on a case-to-case basis and at the discretion of the Administrative Committee. (e.g. permanent injury or death)

How to Withdraw?

Step 1
Completed withdrawal Application Form and other relevant documents shall be submitted to AC.

Step 2
AC will verify and approve the application. Application is then forwarded to NTUC Thrift & Loan Co-operative Ltd.

Step 3
NTUC Thrift & Loan Co-operative Ltd will then process the application and forward the amount deposited plus interest to AC.

Step 4
Final verification is done by AC before releasing the fund to seafarer or his nominee.

For withdrawal purposes, we require certified true copies of documents such as passport, seaman's book, birth certificate, medical report, death certificate or other relevant identifications, whichever applicable.