FAQs

The SDS scheme is a legacy scheme introduced in 1993 as part of the Government’s efforts to give Singaporeans a stake in Singapore’s economic success through share-ownership. CPF Board is the trustee of the Singtel SDS and SDS holders exercise their voting rights through CPF Board.  

The SDS scheme has benefited SDS holders. The cumulative dividends since purchasing Singtel SDS would have more than covered both the CPF savings used to purchase the Singtel SDS, and the CPF interest they would have otherwise received in their Ordinary Account.

Two tranches of Singtel SDS would be involved – ST “A”​ and ST2. 

You may refer to the details for ST “A”​ and ST2 below:  

Singtel Group has initiated an exercise to transfer Singtel SDS from the CPF Board to The Central Depository (CDP) accounts of SDS holders, so that SDS holders can hold and manage their shares directly.  Unlike other Singtel ordinary shares, Singtel SDS are currently held in the CDP accounts under CPF Board’s name, with CPF Board acting as the trustee.

The SDS scheme is a legacy scheme introduced as part of the Government’s efforts to give Singaporeans a stake in Singapore’s economic success through share-ownership. It has benefited SDS shareholders and Singaporeans are currently more financially savvy and familiar with share ownership. The securities market is also more developed.  Of the almost 615,000 SDS holders, close to three in five have individual CDP accounts and around one in four also own other Singtel ordinary shares.

Given that the SDS scheme has met its intent and the legacy trustee arrangement for CPF Board is no longer necessary, the Government will support the proposed transfer. The Government has assessed that the transfer will benefit SDS holders. It will enable SDS holders who hold shares in their individual CDP accounts to consolidate all their holdings, making them easier to track and trade.  As Singtel shareholders, SDS holders will also benefit, as Singtel will have greater flexibility to carry out corporate actions in a timely and cost-efficient manner. This will give Singtel more options to reward shareholders and fund growth initiatives.  

The transfer will not affect your rights and entitlements as SDS holders.

What happens now

Your Singtel SDS are held in a CDP account under CPF Board’s name. CPF Board acts as the trustee for your shares. When Singtel has corporate actions, they must tell CPF Board first. CPF Board then tells you about these actions.

What happens after the transfer

After the transfer, your Singtel SDS will be held directly under your own name. This means you can manage your shares directly. Also, Singtel can write directly to you as an individual shareholder, and expects this change to support better long-term value due to greater flexibility to carry out corporate actions. 

If you are an SDS holder, a joint notification letter from CPF Board and Singtel indicating your SDS holdings would have been sent to you. You can also:

Singtel will also share information through newspapers, radio, TV and online.

If you are an SDS holder, a joint notification letter from CPF Board and Singtel indicating your SDS holdings would have been sent to you.

If you have not received or have misplaced your notification letter, you may check your available Singtel SDS holdings and options online at sds.singtel.com. Select the ‘Check’ tab and log in with your Singpass to view your details.

You can also call the SDS hotline at 1713 for assistance.

If you encounter any issue with your Singpass, visit singpass.gov.sg to reset your account.

If you have an individual CDP account, your Singtel SDS will be transferred to this account to allow you to consolidate and manage your shareholdings on a single platform.

Designated CDP accounts will only be set up for those without an individual CDP account. This is for the sole purpose of holding Singtel SDS only, and designated CDP accounts will not be able to transact in other share counters.

There are no fees or charges for the transfer of Singtel SDS from CPF Board to the SDS holder’s name.

CPF Board will notify you via hardcopy letters once the transfer of the Singtel SDS to your individual/designated CDP account is successful.

Your Singtel SDS can only be transferred into an individual or designated CDP account that is under your name.

If your Singtel SDS is transferred to an individual CDP account, the shares will form part of your estate. For more information, please refer to CDP website on estate matters. 

If your Singtel SDS is transferred to a designated CDP account, and you have made a valid CPF nomination, the shares will be distributed to your nominee(s) in the proportion indicated in your CPF nomination form. The nominee can either instruct CPF Board to sell the shares or transfer the shares to his own CDP account.

If there is no valid nomination, your Singtel SDS will form part of your estate.

For more details, please refer to the information at CPFB- What happens to a deceased member's discounted Singtel shares or contact the CPF Hotline at 1800 227 1188.

If your late family member held any Singtel SDS, CPF Board would have notified and invited the nominees or next-of-kin to claim the shares.

If the passing occurred some time ago, the Board would have completed the share distribution following the earlier notification. If you are the nominee or appointed executor/estate administrator, you may wish to check the CDP account for the transfer records or bank account for the sale proceeds.

For more details on the distribution of the Singtel SDS held by a deceased member, please refer to the information at CPFB- What happens to a deceased member's discounted Singtel shares or contact the CPF Hotline at 1800 227 1188.

You can check your available Singtel SDS holdings and options available to you online at sds.singtel.com. Select the ‘Check’ tab and log in with your Singpass.

If you encounter any issue with your Singpass, visit singpass.gov.sg to reset your account.

From now till 21 Nov 2026:

Note: You will not be able to sell your Singtel SDS from 19 Nov (Thursday) to 20 Nov 2026 (Friday). These two days have been set aside to facilitate the planned transfer of Singtel SDS from CPF Board to SDS holders on 21 Nov 2026.

After 21 Nov 2026:

* Bankrupt members (at the time of the transfer) with individual CDP accounts would have their Singtel SDS transferred to the designated CDP account created in their own names instead, to maintain the same protection before and after the transfer.

The SDS scheme is a legacy scheme that has met its intent. SDS holders have received cumulative dividends that more than covered the following:

Therefore, the Government has waived the CPF withdrawal conditions. This means SDS holders who want to sell can receive the capital gains from their shareholdings over the years in cash.

Singtel performed capital reductions on 1 September 2004 and 1 September 2006.

In the 2004 capital reduction, Singtel cancelled 1 in every 14 of its shares, with the resultant shareholding rounded up to the nearest 10 shares, where applicable. Singtel then reimbursed you S$2.36 for each cancelled share.

In the 2006 capital reduction, Singtel cancelled 1 in every 20 of its shares, with the resultant shareholding rounded up to the nearest 10 shares, where applicable. Singtel reimbursed you $2.74 for each cancelled share.

Both reimbursements were credited into your CPF Ordinary Account. You were then informed, in writing, of the capital reductions in September 2004 and September 2006.

You can find all relevant information in the joint notification letter from CPF Board and Singtel, as well as on the official SDS website at sds.singtel.com.

You may also call the dedicated hotline at 1713 for assistance. The operating hours are from Monday to Friday (excluding public holidays), 8.30am to 5.30pm; and Saturdays, 8.30am to 2pm.

Alternatively, you may seek assistance in person:

If your late family member held any Singtel SDS, CPF Board will notify and invite the nominees or next-of-kin to claim the shares. ​

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If the deceased member had made a valid nomination, the nominees can either instruct the Board to transfer the Singtel SDS to their Central Depository (CDP) account or sell the Singtel SDS. If no instruction is received by the specified deadline, the Singtel SDS will be sold automatically. The sale proceeds will be disbursed to the nominee, together with the nominated CPF monies in cash. ​

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If the deceased had not made a valid nomination, his Singtel SDS will form part of his estate. ​

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For more details on the distribution of the Singtel SDS held by a deceased member, please refer to the information at CPFB- What happens to a deceased member's discounted Singtel shares or contact the CPF Hotline at 1800 227 1188. ​

The Central Depository (CDP) account is a holding account to deposit all securities you have bought from the Singapore Securities Market using cash.

It is not mandatory to open a CDP account. You should consider opening one only if you plan to invest in other shares and want to consolidate them on one platform.

Details to open an individual CDP account are available at sgx.com/securities/retail-investor/apply-cdp-securities-account.

All account openings are subject to the validity and completeness of the supporting documents provided, and processing timelines may vary. It is recommended to submit applications with ample lead time, as applications received after 15 Oct 2026 might not be processed in time to be included in the transfer planned for 21 Nov 2026

For members without an existing CDP account, a designated CDP account will be created and used to only hold and manage Singtel SDS and its related entitlements, if any, in your name. Future sale proceeds and dividends from Singtel SDS in the designated CDP account will be paid to your CPF Ordinary Account. SDS holders can then choose to withdraw sale proceeds in cash.

A designated CDP account is different from an individual CDP account. An individual CDP account holder can carry out transactions including trading and transfers. Dividends are paid directly to the account holder’s bank account linked to their CDP account and sale proceeds are paid based on account holder’s payment arrangements with their broker.

If you are an individual CDP account holder*, sale proceeds will be paid based on your payment arrangements with your broker. 

If you are a designated CDP account holder, sale proceeds will be paid to your CPF Ordinary Account. You can choose to withdraw the sale proceeds in cash and it will be paid to your bank account registered with CPF Board.

* Bankrupt members (at the time of the transfer) with individual CDP accounts would have their Singtel SDS transferred to the designated CDP account created in their own names instead, to maintain the same protection before and after the transfer.

If you have an individual CDP account that is suspended as at 21 Nov 2026, your Singtel SDS will be transferred on 28 Nov 2026, unless CDP has been instructed by CPF Board otherwise (for example, in the case of bankrupt SDS holders).

Your individual CDP account will remain suspended after the transfer.  

If you do not have an individual CDP account, a designated CDP account will be automatically created for you in your name at no cost.

There will be no fees for shareholders for holding Singtel SDS in an individual CDP account or a designated CDP account.

Once all your Singtel SDS are sold, your designated CDP account will be closed.
You can choose to withdraw the sale proceeds in cash or retain it in your CPF Ordinary Account.

You may apply to transfer the Singtel SDS to your individual CDP account only if you are aged 55 and above, and have set aside the Full Retirement Sum (FRS) in your Retirement Account. Visit cpf.gov.sg/retirement under Retirement Dashboard to find out whether you have set aside your FRS.

If there is no urgent need to transfer your shares immediately, it will be transferred automatically to your individual CDP account on 21 Nov 2026, regardless of whether you have set aside the FRS. No application is required.

Bankrupt members (at the time of the transfer) with individual CDP accounts would have their Singtel SDS transferred to the designated CDP account created in their own names instead, to maintain the same protection before and after the transfer.

No, your Singtel SDS cannot be transferred to your joint CDP account. The shares can only be transferred to your individual CDP account. 

You can check your available Singtel SDS holdings online at sds.singtel.com. Select the ‘Check’ tab and log in with your Singpass.

You can sell your Singtel SDS at the following sales channels:

Note: Partial Sale is not allowed for Phillip Securities and SingPost sales channels.

You can login to Phillip Securities’ website using your Singpass to submit an online instruction to sell all your Singtel SDS. Partial sale is not allowed. Phillip Securities will sell all your shares by batches after you submit your sale instructions.

The sale date will be determined by Phillip Securities and you cannot dictate the date or the selling price. When the sale is successful, Phillip Securities will send you a contract note informing you of the selling price, fees and charges and the amount of net proceeds. Sale proceeds will be credited within 14 working days from the date of your sale instruction.

Note: If you wish to determine the date and selling price of your Singtel SDS, you can do so through select SGX Retail Brokers who are able to accept Singtel SDS trades. The respective brokerage charges apply. 

If you prefer the physical sale option, you may visit SingPost branch to sell all your Singtel SDS. Partial sale is not allowed. SingPost will forward your instruction to the partner broker, Phillip Securities.

The sale date will be determined by Phillip Securities and you cannot dictate the date nor the selling price. Upon successful sale, Phillip Securities will send you a contract note informing you of the selling price, fees and charges and the amount of net proceeds. Sale proceeds will be credited within 14 working days from the date of your sale instruction.

Note: SingPost is unable to process full sale of Singtel SDS of less than 10 shares. If you have less than 10 Singtel SDS shares to sell, please use Phillip Securities' online sale facility instead.

You will need to produce the following documents at the SingPost office:

o Hardcopy letter from Singtel and CPF Board sent in April 2026

o Printed copy of your latest CPF Statement of Account with your Singtel SDS shareholdings

o Printed copy of Singtel SDS shareholdings from sds.singtel.com

o Printed copy of Singtel SDS shareholdings from CPF Investment Dashboard

Here is an example comparing the potential costs when selling through the Phillip Securities’ website and SingPost branches:

Example: If you have 1,360 discounted Singtel shares sold at $5.00 per share, you can expect the following net amount to be refunded to your CPF Ordinary Account

Yes, you can choose to sell your Singtel SDS through select SGX Retail Brokers, where you have the flexibility to dictate the date and selling price. The respective brokerage charges apply.

SDS holders selling through the Phillip Securities website and SingPost can only sell all SDS shares, to streamline the sale process. These two sales channels cater to SDS holders who have decided to fully liquidate their SDS holdings in view of the waiver of CPF withdrawal conditions.

SDS holders who sell their SDS shareholdings through select SGX Retail Brokers may sell partial shareholdings.

Sales through Philip Securities website and SingPost branches are processed in batches to streamline the sale process.

If you wish to determine the date and selling price of your SDS holdings, you can do so through select SGX Retail Brokers that support the sale of SDS.

You can choose to sell your Singtel SDS through the list of select SGX Retail Brokers, with the flexibility to dictate the date and selling price. The respective brokerage charges apply.

You can log in to sds.singtel.com with your Singpass to view your latest transactions from 1 January 2025.

For the past 10 years transactions, you may access your CPF Yearly Statement of Account (YSOA) via Singpass login at my cpf digital services.

If you are selling via Singpost or Phillip Securities prior to the transfer, you can choose to either retain the sale proceeds in your CPF Ordinary Account or receive it in cash.

If you choose to receive in cash, the sale proceeds will be credited based on the following priority:

i. Registered bank account with CPF Board; or

ii. Bank account tagged to your PayNow-NRIC; or

iii. If you do not have i or ii, the sale proceeds will remain in your CPF Ordinary Account.

For Singtel SDS sales submitted via the Phillip Securities’ website, sale proceeds will be auto-credited within 14 working days from the date of your sale instruction.

For Singtel SDS sales submitted via the Select SGX Retail Brokers,  sale proceeds will be credited to your CPF Ordinary Account. If you wish to withdraw the sale proceeds in cash, please submit your request via cpf.gov.sg/sdsproceeds after the sale proceeds have been credited to your CPF Ordinary Account.

After the transfer, if your Singtel SDS has been transferred to an individual CDP account holder, your sale proceeds will be paid based on your payment arrangements with your broker. ​
 

If you have a designated CDP account, you can choose to retain the sale proceeds in your CPF Ordinary Account or receive it in cash.

No, the instruction that you submitted to sell Singtel SDS via Phillip Securities’ website, or SingPost branches or select SGX Retail Brokers, is irrevocable and cannot be changed.

The instruction is irreversible. You are encouraged to choose the mode of crediting carefully before you submit the sale proceeds instruction.

When you give us your instructions to sell the Singtel SDS through Phillip Securities’ website, CPF Board will pay out the sale proceeds based on your preferred mode of crediting. Sale proceeds will be credited within 14 working days from the date of your sale instruction.

Once the sale is completed, Phillip Securities will send you a contract note by mail informing you of the selling price, fees, charges and net proceeds. CPF Board will also notify you by email, SMS or letter within 14 working days once the sale proceeds have been credited.

If you submit your sale physically at SingPost, the process may take up to 14 working days to complete. This allows sufficient time for each step to be completed accurately; including verifying your sale request, carrying out the trade, settling the transaction, and crediting the sale proceeds to your CPF Ordinary Account or registered bank account/PayNow-NRIC. 

You can update your registered bank account details with CPF Board to receive Singtel SDS sale proceeds via my cpf digital services - Account settings with your Singpass.

You may need to verify your identity using enhanced authentication measures to update your registered bank account details.

To guide you on how to update your registered bank account details with CPF Board, watch the instructional video in your preferred language, or follow the steps below:

a) Log in to your CPF account with your Singpass.

b) On the website menu, click on ‘Account services’ > ‘Your account information’ > ‘Update account settings’.

c) Click the ‘Bank account’ tab and click ‘Update’.

Yes, you can continue to sell your Singtel SDS.

If your Singtel SDS is transferred to your individual CDP account, your sale proceeds will be paid to the bank account linked to your trading account.

If your Singtel SDS is transferred to your designated CDP account, you will receive the sale proceeds in your CPF Ordinary Account. You can choose to withdraw the sale proceeds in cash by submitting your request via cpf.gov.sg/sdsproceeds after the sale proceeds have been credited to your CPF Ordinary Account.

You will not be able to sell your Singtel SDS from 19 Nov (Thursday) to 20 Nov 2026 (Friday). These two days have been set aside to faciliate the planned transfer of Singtel SDS from CPF Board to SDS holders on 21 Nov 2026. After the transfer, you may sell your Singtel SDS at any time and receive proceeds in cash if you choose to do so.

You can sell your Singtel SDS using the Phillip Securities’ website with your Singpass.

If you are unable to log in using Singpass, you may engage your own broker (i.e. one of the select SGX Retail Brokers) to sell your Singtel SDS. Alternatively, you may also authorise someone to sell on your behalf at SingPost branches.

If you are unable to sell your Singtel SDS in person, you may authorise a third party to sell the Singtel SDS on your behalf at SingPost branches.

The authorised person is required to:

(i) Obtain the Sales Application Form at any of the SingPost branches

(ii) Obtain SDS holder’s signature or thumbprint on the Sales Application Form

(iii) NRICs belonging to yourself and the authorised person

(iv) Bring along

·  a copy of the hardcopy notification letter; or

·  the latest printed copy of your CPF Statement of Account

which indicates the number of Singtel SDS held in your account. A digital copy will not be accepted

(v) Submit the signed Sales Application Form and countersign in the presence of SingPost staff.

Caregivers who wish to sell Singtel SDS on behalf of your next-of-kin, can visit SingPost branches with the following documents:

(i) Court order appointing the caregiver as the deputy/Lasting Power of Attorney (LPA) appointing the caregiver as the donee;

(ii) NRICs of both the deputy/ donee and SDS holder; and

(iii) Notification letter indicating their shareholdings.

As a concession, SDS holders who have sold their Singtel SDS between 1 January 2025 and 7 April 2026 (dates inclusive) can apply to CPF Board to withdraw their sale proceeds in cash. Please refer to cpf.gov.sg/sdsproceeds for more information.

If you have outstanding tax or premium obligations in arrears, the Singtel SDS sale proceeds would be retained in your CPF Ordinary Account. You may apply to withdraw your sale proceeds in cash via cpf.gov.sg/sdsproceeds after you have made arrangements to settle your tax or premium obligations in arrears.​

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Outstanding tax obligations in arrears include Goods & Services Tax, income tax, property tax, and stamp duties, while outstanding premiums obligations in arrears include CareShield Life and MediShield Life.

You will receive the lower of ​

(i) Your sale proceeds, or ​

(ii)Your available CPF Ordinary Account balances when we process your payment. ​

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Example, if your sale proceeds are $6,000 but your CPF Ordinary Account only has $4,000 when we process payment, you can only withdraw $4,000. ​

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Important: You can only withdraw your sale proceeds once. Even if you receive future CPF contributions, you cannot apply again to withdraw the remaining amount (in this example, the remaining $2,000).​

Your sale proceeds will first go to your CPF Ordinary Account and will be credited to your registered bank account with CPF Board or your bank account linked to PayNow-NRIC within the next 7 working days thereafter.  

To check your Singtel SDS transaction, you may login to sds.singtel.com using your Singpass. If you need further assistance, please contact the Singtel SDS hotline at 1713.

There are several reasons why your cash payment may be rejected or delayed:

1. No bank account registered with CPF Board or valid bank account linked to PayNow-NRIC
   You may register or update your bank account with CPF Board via my cpf digital services - Account settings with your Singpass. You will need to verify your identity using enhanced authentication measures to update your registered bank account details.
   
   

2. Outstanding tax or premium obligations in arrears*
   The sale proceeds would be retained in your CPF Ordinary Account. After you have made arrangements to settle your tax or premium obligations in arrears, you may apply to withdraw your sale proceeds in cash via cpf.gov.sg/sdsproceeds.
   
   *Outstanding tax obligations in arrears include Goods & Services Tax, income tax, property tax, and stamp duties, while outstanding premiums obligations in arrears include CareShield Life and MediShield Life.
   
   

3. Other personal situations that require further assistance. Please call CPF Board’s hotline at 1800- 227-1188 (within Singapore) or +65 6227-1188 (from overseas) for assistance.

Yes, you can.  After the transfer on 21 November 2026, the channels available to sell your odd lot Singtel SDS will depend on the type of CDP account your shares are held in:

Please note that partial sales are not allowed for the Phillip Securities' website and SingPost channels. If you wish to sell only a portion of your holdings, you may do so through select SGX registered brokerages/SGX Retail Brokers.

Please refer to the information at singtel.com/about-us/investor-relations/financial-results.

Please refer to the information at cpf.gov.sg/content/dam/web/member/faq/documents/Dividend%20Rates_SDS.pdf.

Government officials, including CPF Board officers, will NEVER:
 

Stay vigilant. Do not respond to unsolicited calls requesting you to share personal or sensitive information or allegations of criminal activities just because the caller claims to know your name or NRIC number. Do not click on links, scan QR codes, visit websites from unsolicited messages or emails, and perform transactions on website without verifying the official URL i.e. sds.singtel.com.
 

If you receive such requests, do not act on them. STOP and CHECK with 24/7 ScamShield anti-scam helpline via 1799, and inform CPF Board at cpf.gov.sg/contactus.