In August 2001, then-Prime Minister, Mr Goh Chok Tong announced that eligible Singaporeans would be given between $200 and $1,700 worth of New Singapore Shares (NSS). The shares, each worth $1, are non-tradeable and non-transferable. Depending on when the qualifying criteria were met, the shares were issued on 1 November 2001, 1 December 2001 or 15 January 2002.

Dividends on your outstanding balances will be paid in the form of bonus shares every 1 March from Year 2002 to 2006 with the final dividends credited on 1 March 2007. The rate is guaranteed at a minimum of 3% per annum. An extra dividend, where applicable, is declared yearly, equal to the real GDP growth rate (if positive) of the previous calendar year. Dividends will cease if one is no longer a living Singapore citizen.

After the final round of dividends is credited on 1 March 2007, all outstanding NSS will automatically be exchanged for cash at $1 each and paid out to beneficiaries.

The CPFB will send all beneficiaries with un-encashed NSS notification letters on 10 March 2007.

All beneficiaries do not need to take any action. As a beneficiary, you will have your NSS automatically paid into your most recent valid bank account used to receive payment for NSS or the Progress Package, on 15 April 2007.

If you do not have a valid PP or NSS bank account, you also will not need to take any action as cheques will be issued and sent to you on 15 April 2007. However, if you wish to receive the NSS payment in a bank account, you can indicate your bank account at www.nss.gov.sg or return a completed form (available at all Community Centres/Clubs, Community Development Councils and CPF Service Centres) to the CPF Board by 1 April 2007.

If you have a valid PP or NSS bank account, but wish to receive NSS payment in a different bank account, you can provide a different bank account at www.nss.gov.sg or return a completed form (available at Community Centres/Clubs, Community Development Councils and CPF Service Centres) to the CPF Board by 1 April 2007.