cdpath+=~ not working on vim 7.4.5

I've added my home dir in the cdpath option :

set cdpath=

set cdpath+=.
set cdpath+=~

but, the cd command doesn't take it into account when I try to
complete :

cd <c-d> (or <tab>)

shows only the subdirs of the current directory.

Is there some option I forgot to activate ?

--
Regards,

Davido

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