Home » Maritime Employers » Value Added Services » SPF

Seafarers' Provident Fund (SPF)

Seafarers’ Provident Fund (SPF)

Set up by SMOU in 2001 to improve the welfare of seafaring members on board 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 1^st October 2012 onwards.

With effect from 1^st October 2012, the SPF is now governed by the Scheme of Administration (available at www.ispf.org.sg) to provide a clear and transparent mechanism for the dissolution and distribution of the SPF funds.

NOTICE OF AMENDMENTS TO THE SEAFARERS’ PROVIDENT FUND - SCHEME OF ADMINISTRATION
(“SPF – SOA”)

In consideration for the benefit and in the interest of the Participants of the SPF – SOA, the Advisory Committee, with the approval of the Executive Committee, decided to extend the expiry of the SPF – SOA for a further 2 years, from 31st December 2019 to 31st December 2021.

As such, pursuant to Regulation 13 of the SOA, the following regulation has been amended:

REGULATION 9 – PERIOD OF SCHEME

(1) This Scheme to effect the distribution of the SPF moneys to the Participants or the proper claimant of the Participants will terminate on 31st December 2021.

In view of the amendment, the Advisory Committee would also like to take this opportunity to inform all Participants that the last day of submission for the SPF Balance withdrawal is 1st December 2021.

For more information, please refer to the full revised Seafarers’ Provident Fund – Scheme of Administration which is available for downloading at www.ispf.org.sg or contact the SPF Administrator at spf@wavelink.com.sg.

Salient Points on SPF Balance Withdrawals:

Submission Period

The last date of submission is now extended to 1^st December 2021.

Submission Requirements

The following supporting documentations are required for SPF withdrawal:

1.	Duly completed Withdrawal Form (can be downloaded from www.ispf.org.sg)
2.	Copy of NRIC/Passport (both old and new ones)
3.	Copy of Seaman Handbook(s) / CDC
4.	Copy of the Bank Book/Statement, indicating the name of the bank, member’s name and member’s bank account number.
5.	Indicate mode of payment as:- "Telegraphic Transfer" for members who are based overseas. (Note: bank charges apply). Please provide the "Swift Code" of the overseas (beneficiary) bank account. or "Direct Funds Transfer" to a Local (Singapore-based) Bank Account. (Note: bank charges may apply)
6.	Provide additional documents like Death, Birth and/or Marriage Certificate if payout is in the name of the nominee/beneficiary.

Additional information

1. Charges for Remittance Transfer will be imposed by the bank and offset from the payout money.

2. 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.

Submission channels

The duly completed Withdrawal Form and all the relevant documentation may be submitted via the available channels:

@Email : spf@wavelink.com.sg

✉Post : Wavelink Thrift Pte Ltd ,75 Jellicoe Road #02-01, Wavelink Building, Singapore 208738

Contact Details

SPF Administrator may be contacted via Email: spf@wavelink.com.sg or Telephone: +65 6390 1661.

Seafarers' Provident Fund (SPF)

NOTICE OF AMENDMENTS TO THE SEAFARERS’ PROVIDENT FUND - SCHEME OF ADMINISTRATION (“SPF – SOA”)

NOTICE OF AMENDMENTS TO THE SEAFARERS’ PROVIDENT FUND - SCHEME OF ADMINISTRATION
(“SPF – SOA”)