CPF Schemes
Retirement
CPF LIFE
Provides CPF members with a monthly payout for life when they reach their payout eligibility age.
Provides CPF members with a monthly payout for life when they reach their payout eligibility age.
Retirement Sum Scheme
Provides CPF members with a monthly payout when they reach their payout eligibility age.
Provides CPF members with a monthly payout when they reach their payout eligibility age.
Retirement Sum Topping-Up Scheme
Helps CPF Members build up their retirement savings by topping up their own or their loved ones' CPF Accounts.
Helps CPF Members build up their retirement savings by topping up their own or their loved ones' CPF Accounts.
Withdrawals of CPF savings from 55
CPF members can withdraw their CPF savings, after setting aside the Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge in their Retirement Account.
CPF members can withdraw their CPF savings, after setting aside the Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge in their Retirement Account.
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Understand
Why do we need CPF LIFE?
With
increasing advances in technology and healthcare, we are likely to live
longer than our grandparents’ or parents’ generation. While we might
have more time to live our lives to the fullest, it also means that we
need to be prepared for a longer retirement.
Against the backdrop of rising longevity, and the difficulty of predicting exactly how long we will live, we face some uncertainty on planning for our retirement. There is a real possibility that we may not be adequately prepared for a longer retirement, and risk outliving our retirement savings.
Peace of mind is important for retirement, in order to fully enjoy the type of retirement lifestyle we want in our golden years.
CPF LIFE can help you achieve peace of mind during your retirement. It is a life annuity, which means that you will receive a regular stream of income for as long as you live. You can therefore enjoy your retirement without the worry of outliving your savings.
DID YOU KNOW?
The figure below shows the life expectancy rates at age 65
published by the Department of Statistics.
These statistics give us a
snapshot of life expectancy. However, with advances in technology and
healthcare, life expectancy will improve over time as younger cohorts
are healthier and will live longer.
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Against the backdrop of rising longevity, and the difficulty of predicting exactly how long we will live, we face some uncertainty on planning for our retirement. There is a real possibility that we may not be adequately prepared for a longer retirement, and risk outliving our retirement savings.
Peace of mind is important for retirement, in order to fully enjoy the type of retirement lifestyle we want in our golden years.
CPF LIFE can help you achieve peace of mind during your retirement. It is a life annuity, which means that you will receive a regular stream of income for as long as you live. You can therefore enjoy your retirement without the worry of outliving your savings.
How is CPF LIFE attractive?
CPF LIFE is an attractive retirement scheme as it provides:
| PAYOUTS FOR LIFE | CPF LIFE provides you with a lifelong stream of retirement payouts for as long as you live, compared to most private annuities that only do so for a limited period. |
| VALUE FOR MONEY | CPF LIFE provides one of the highest payouts for every dollar committed compared to other private annuities. |
| SAFE PRODUCT | CPF LIFE is the only life annuity backed by the Singapore Government. |
Will I lose all my money if I pass away early?
You
and your loved ones will always get back at least the amount that you
have put into CPF LIFE, in the form of payouts and/or bequest, no matter
what age you live to.
What must I do to be included in CPF LIFE?
It is easy to join CPF LIFE!
CPF members who meet the criteria will
automatically enjoy lifelong retirement income through CPF LIFE
You will automatically be included in CPF LIFE to enjoy lifelong payouts if:
CPF members who meet the criteria will
automatically enjoy lifelong retirement income through CPF LIFE
You will automatically be included in CPF LIFE to enjoy lifelong payouts if:
- you are a Singapore Citizen or Permanent Resident born in 1958 or after ; and
- have at least $60,000 in your Retirement Account six months before you reach your payout eligibility age (PEA) .
Evaluate
What are the CPF LIFE plans available?
There
are three CPF LIFE plans for you to choose from – the LIFE Standard
Plan, the LIFE Basic Plan and the LIFE Escalating Plan.
The plans differ in terms of:
Note:
The plans differ in terms of:
- monthly payout you would receive; and
- the amount you would leave (i.e. bequest ) to your beneficiaries.
- Bequest amount differs across plan type and age of death.
- As with all CPF LIFE plans, payouts may be adjusted to account for long-term changes in interest rates or life expectancy. Such adjustments (if any) are expected to be small and gradual.
How do I go about choosing my plan?
You may wish to consider the following guiding questions to help you choose a CPF LIFE plan that best suits your needs.
How much will my CPF LIFE payout be?
Your
CPF LIFE monthly payouts would depend on factors such as your gender,
age, Retirement Account (RA) savings used to join CPF LIFE, the LIFE
plan type you choose, CPF interest rates and mortality rates. The
premiums and payouts are determined by an independent actuarial
consultant.
The table below provides you with an estimate of the monthly payout you will receive in retirement based on the Retirement Sum set aside at age 55 and the different plan choices:
Note: These monthly payouts are estimates and computed as of 2018. Payouts may also be adjusted to account for long-term changes in interest rates or life expectancy. Such adjustments (if any) are expected to be small and gradual.
The CPF LIFE Payout Estimator can help you to estimate your monthly LIFE payout and the bequest for the different plans depending on your Retirement Account savings.
The table below provides you with an estimate of the monthly payout you will receive in retirement based on the Retirement Sum set aside at age 55 and the different plan choices:
| Retirement Account Savings at 55 | Your monthly payout for life from 65 onwards | ||
|
Standard Plan
(default plan)
|
Basic Plan |
Escalating Plan |
|
Basic Retirement Sum (BRS) $85,500 | $720 - $770 | $680 - $700 | $550 - $610 (initial amount) Payouts increase by 2% every year |
|
Full Retirement Sum
(FRS) $171,000 | $1,320 - $1,410 | $1,240 - $1,290 |
$1,010 - $1,110 (initial amount) Payouts increase by 2% every year |
|
Enhanced Retirement Sum
(ERS) $256,500 | $1,910 - $2,060 | $1,810 - $1,870 |
$1,470 - $1,620 (initial amount) Payouts increase by 2% every year |
Note: These monthly payouts are estimates and computed as of 2018. Payouts may also be adjusted to account for long-term changes in interest rates or life expectancy. Such adjustments (if any) are expected to be small and gradual.
The CPF LIFE Payout Estimator can help you to estimate your monthly LIFE payout and the bequest for the different plans depending on your Retirement Account savings.
When do I need to choose my CPF LIFE plan?
You
will only need to choose your CPF LIFE plan when you wish to start
receiving your CPF LIFE monthly payouts (between payout eligibility age
to 70).
We will write to you six months before your payout eligibility age to further explain the options you have and the choices you have to make.
We will write to you six months before your payout eligibility age to further explain the options you have and the choices you have to make.
How can I increase my CPF LIFE monthly payouts?
- If you would like to receive higher payouts, you or your loved ones can make cash top-ups or CPF transfers (or both) into your Retirement Account. You may top up your Retirement Account to the prevailing Enhanced Retirement Sum .
- You also have the option to start your CPF LIFE payouts later, up to age 70. Doing so helps to accumulate interest within the CPF to boost your future retirement income, especially if you are still working or have other sources of income now. Your CPF LIFE monthly payouts will increase by up to 7% per year when you choose to start your payouts later.
How will I receive my CPF LIFE monthly payout?
The
monthly payouts from CPF LIFE will be paid directly into your bank
account through Inter-Bank GIRO (IBG) by the 4th working day of each
month.
If the IBG is unsuccessful because you have closed your bank account, the CPF LIFE payouts will be paid into your CPF Ordinary Account.
If the IBG is unsuccessful because you have closed your bank account, the CPF LIFE payouts will be paid into your CPF Ordinary Account.
Apply
How do I apply to join CPF LIFE?
Online using
my cpf
- Login with your SingPass.
- Submit an online application via My Requests.
- Download and fill up Form LID-APP(1): Application for CPF LIFE (PDF, 0.5MB).
- Bring your NRIC and go to any CPF Service Centre.
- Download and fill up Form LID-APP(1): Application for CPF LIFE (PDF, 0.5MB).
- Mail it to:
Central Provident Fund Board
Lifelong Income Department (LID)
Robinson Road
P.O. Box 3060
Singapore 905060
As a LIFE member, how do I apply for additional CPF LIFE annuity for my topped up monies?
If
you are already participating in CPF LIFE and would like to increase
your payouts for life, you can top-up to your RA and buy an additional
CPF LIFE annuity.
Online using my cpf
Online using my cpf
- Login with your SingPass.
- Submit an online application for Additional Annuity via My Requests.
- Download and fill up Form LID-APP(1A): Application for Additional Annuity under CPF LIFE (PDF, 0.4MB).
- Bring your NRIC and go to any CPF Service Centre.
- Download and fill up Form LID-APP(1A): Application for Additional Annuity under CPF LIFE (PDF, 0.4MB).
- Mail it to:
Central Provident Fund Board
Lifelong Income Department (LID)
Robinson Road
P.O. Box 3060
Singapore 905060
CPF LIFE | |||||||||||||||||
| What is CPF LIFE? The CPF Lifelong Income For The Elderly (CPF LIFE) Scheme is a life annuity scheme that provides Singapore Citizens and Permanent Residents with a monthly payout for as long as they live. Explore 5 CPF LIFE Quick Facts
Note: CPF LIFE Escalating Plan is available from January 2018
CalculatorsOnline Demos
InfoGraphics CPF LIFE Factsheet(PDF, 0.6MB)Learn more about CPF LIFE and why we need it through this simple factsheet.
Introduction to CPF LIFEStarting on CPF LIFEHow CPF LIFE worksCPF LIFE PayoutsOther Questions You May Have on CPF LIFE
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Retirement Sum Scheme
The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement.
UnderstandWhat is the Retirement Sum Scheme?
The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement.
To better mitigate longevity risks, the CPF LIFE Scheme introduced in 2009 provides a monthly income for as long as you live. You will have to join CPF LIFE if you are a Singapore Citizen or Permanent Resident born in 1958 or after, and have the following Retirement Account balances:
If you are not placed on CPF LIFE, you can apply to join anytime between your payout eligibility age and before you turn 80 years old or remain on the Retirement Sum Scheme. What is a retirement sum?
This
is the amount of retirement savings which you have chosen to set aside
in your Retirement Account to receive monthly payouts from your payout
eligibility age, which is currently at age 65.
How much is the retirement sum?
The following Full Retirement Sum applies to members who turned 55 from 1 July 2003 to 2020:
You can choose from three levels of retirement sum to set aside in your Retirement Account – Basic, Full or Enhanced Retirement Sum. Please click on Retirement Payouts (PDF, 0.3MB) to view the range of payout options and corresponding retirement sum to be set aside for a member turning 55 in 2018. To help you plan early for retirement, the Basic Retirement Sum will be made known to you ahead of time. For each successive cohort of members turning 55, the payouts need to be higher to account for long-term inflation and rising standard of living. Correspondingly, the Basic Retirement Sum to be set aside has to increase.
Why do I need to set aside a retirement sum?
Setting
aside a retirement sum when you reach 55 years old ensures that you
have a regular income from your payout eligibility age, to support a
basic standard of living.
How is the retirement sum set aside?
When
you reach 55 years old, your Special and/or Ordinary Accounts savings
will be transferred to your Retirement Account to form your retirement
sum. Your retirement sum can be used to join CPF LIFE which provides you
with life-long monthly payout or the Retirement Sum Scheme which
provides you with a monthly payout until your Retirement Account balance
is depleted.
After setting aside either the Full Retirement Sum or Basic Retirement Sum with sufficient property charge/pledge, you can choose to withdraw the remaining cash balances in your Ordinary and Special Accounts, or continue to keep your savings in CPF to earn attractive interest. Since January 2016, an additional 1% interest will be paid on the first $30,000 of combined CPF balances for all members aged 55 and above. This is on top of the existing 1% extra interest on the first $60,000 of combined CPF balances. Combined balances refer to the total balances in your Ordinary, Special, Medisave and Retirement Accounts, including the annuity premiums for CPF LIFE less any payouts made. EvaluateWhat can I do with the retirement sum?
Depending on your year of birth, you
DecideWhen can I receive my Retirement Sum Scheme monthly payouts?
You
can apply to receive your Retirement Sum Scheme (RSS) payouts anytime
after your payout eligibility age. To do so, please submit
FORM RSS/30: Apply for Monthly Payouts under CPF Retirement Sum Scheme (PDF, 1.0MB).
For
members turning age 70 from 2018 onwards, the Board will automatically
start their payouts at age 70 if they have deferred receiving their RSS
payouts. This automatic payout start age of 70 is similar to that for
CPF LIFE and it simplifies the activation process for RSS members to
receive payouts for retirement. With this automatic commencement,
elderly members can enjoy a retirement income from their CPF savings
with greater ease.
Can I be exempted from setting aside a retirement sum?
You may apply for an exemption from setting aside a retirement sum if you:
ApplyHow do I apply to start my Retirement Sum Scheme monthly payouts?
Online using
my cpf
Online Demos
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Withdraw Retirement Account Savings with Sufficient CPF Property Charge
FORM RW/PTY-WDL
This form allows you to apply for a withdrawal of your Retirement Account savings above your Basic Retirement Sum with sufficient CPF property charge.
Download (PDF, 1.0MB) -
Withdraw Retirement Account Savings with HDB Property Pledge
FORM RW/HDB-PTY
This form allows you to apply for a withdrawal of your Retirement Account savings above your Basic Retirement Sum with an HDB property pledge. The e-Service may take you 10 minutes to complete.
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Withdraw Retirement Account Savings with Private Property Pledge
FORM RW/PTE-PTY
This form allows you to apply for a withdrawal of your Retirement Account savings above your Basic Retirement Sum with a private property pledge. The e-Service may take you 10 minutes to complete.
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Apply for Monthly Payouts under CPF Retirement Sum Scheme
FORM RSS30
This form allows you to start your monthly payouts under CPF Retirement Sum Scheme. The e-Service may take you 5 minutes to complete.
-
Apply for Exemption from Setting Aside a Retirement Sum
FORM RSS/8
This form allows you to apply for an exemption from setting aside a retirement sum in your Retirement Account.
Download (PDF, 1.5MB)
General Information on Retirement Sum Scheme
D & V Bonuses
Use of Retirement Account for Housing
Withdrawal of Retirement Account Savings (for property owners with sufficient CPF property charge/pledge)
Retirement Sum Topping-Up Scheme |
| The Retirement Sum Topping-Up Scheme (RSTU) helps to build up your retirement savings. You can also help your loved ones grow their retirement savings through RSTU. You can do the following:
|
Understand
What is the Retirement Sum Topping-Up Scheme?
The
Retirement Sum Topping-Up (RSTU) Scheme helps you build up your own or
loved ones’ retirement savings through higher monthly payouts and/or
extended payout duration.
You can top up via CPF transfer or cash to your own and/or your loved ones’ Special Accounts (SA) (for recipients below age 55) up to the current Full Retirement Sum (FRS), or Retirement Accounts (RA) (for recipients aged 55 and above), up to the current Enhanced Retirement Sum (ERS).
CPF Transfers
CPF transfers can only be made to yourself, your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.
CPF Transfers to your Spouse
You can transfer net CPF savings above the Basic Retirement Sum (BRS) to your spouse’s CPF account, if your net CPF balances# and net amounts withdrawn for investments^ exceed the current BRS (if you are below 55 years old) or the BRS applicable to you (if you are 55 years old and above). With this, both you and your spouse can enjoy the benefits of the extra interest paid on the first $60,000 of your respective combined CPF savings.
CPF Transfers to your Parents, Parents-in-law, Grandparents, Grandparents-in-law or Siblings
If you wish to transfer your CPF savings to your parent’s*, parents-in-law’s, grandparent’s*, grandparents-in-law’s or siblings’ CPF Accounts, your net CPF balances# and net amounts withdrawn for investments^ must exceed the current FRS (if you are below 55 years old) or the FRS applicable to you (if you are 55 years old and above).
# Net CPF balances refer to Ordinary and Special Account savings, if you are below age 55. If you are 55 and above, net CPF balances refer to Ordinary, Special and Retirement Account savings.
^ Refers to net amounts withdrawn for (i) an active investment account under the CPF Investment Scheme (CPFIS)-OA, and (ii) investments under the CPFIS-SA and discounted Singtel shares that have not been completely disposed of.
*From Q4 2018, you can transfer your CPF savings above the Basic Retirement Sum (BRS) to your parents and grandparents, if you have enough CPF savings inclusive of property pledge/charge to meet at least the current FRS (if you are below 55 years old), or the FRS applicable to you (if you are 55 years old and above). More details will be provided in in Q3 2018.
Cash top-ups
Cash top-ups can be made to any recipient. You can enjoy tax relief of up to $7,000 per calendar year if you are topping up for yourself and additional tax relief of up to $7,000 per calendar year if you are topping up for your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.
For more information on tax relief, please refer to the section on the benefits of topping up.
You can top up via CPF transfer or cash to your own and/or your loved ones’ Special Accounts (SA) (for recipients below age 55) up to the current Full Retirement Sum (FRS), or Retirement Accounts (RA) (for recipients aged 55 and above), up to the current Enhanced Retirement Sum (ERS).
CPF Transfers
CPF transfers can only be made to yourself, your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.
CPF Transfers to your Spouse
You can transfer net CPF savings above the Basic Retirement Sum (BRS) to your spouse’s CPF account, if your net CPF balances# and net amounts withdrawn for investments^ exceed the current BRS (if you are below 55 years old) or the BRS applicable to you (if you are 55 years old and above). With this, both you and your spouse can enjoy the benefits of the extra interest paid on the first $60,000 of your respective combined CPF savings.
CPF Transfers to your Parents, Parents-in-law, Grandparents, Grandparents-in-law or Siblings
If you wish to transfer your CPF savings to your parent’s*, parents-in-law’s, grandparent’s*, grandparents-in-law’s or siblings’ CPF Accounts, your net CPF balances# and net amounts withdrawn for investments^ must exceed the current FRS (if you are below 55 years old) or the FRS applicable to you (if you are 55 years old and above).
# Net CPF balances refer to Ordinary and Special Account savings, if you are below age 55. If you are 55 and above, net CPF balances refer to Ordinary, Special and Retirement Account savings.
^ Refers to net amounts withdrawn for (i) an active investment account under the CPF Investment Scheme (CPFIS)-OA, and (ii) investments under the CPFIS-SA and discounted Singtel shares that have not been completely disposed of.
*From Q4 2018, you can transfer your CPF savings above the Basic Retirement Sum (BRS) to your parents and grandparents, if you have enough CPF savings inclusive of property pledge/charge to meet at least the current FRS (if you are below 55 years old), or the FRS applicable to you (if you are 55 years old and above). More details will be provided in in Q3 2018.
Cash top-ups
Cash top-ups can be made to any recipient. You can enjoy tax relief of up to $7,000 per calendar year if you are topping up for yourself and additional tax relief of up to $7,000 per calendar year if you are topping up for your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.
For more information on tax relief, please refer to the section on the benefits of topping up.
Evaluate
What are the benefits of topping up?
Topping
up for yourself and/or your loved ones helps build the recipient's SA
(for recipients below age 55) up to the current FRS, or RA (for
recipients aged 55 and above) savings, up to the current ERS.
Interest Earned
Savings in the SA and RA earn an interest rate of up to 6%*.
* Your CPF savings in the Ordinary Account (OA) earn guaranteed interest rates of 2.5% per year, while savings in the SA, Medisave Account and RA currently earn interest rates of 4% per year. The first $60,000 of your combined CPF balances, of which up to $20,000 comes from your OA, earn an additional 1% interest per year. Since 2016, an additional 1% interest is paid on the first $30,000 of combined CPF balances for all members aged 55 and above.
Tax relief/deduction for Cash top-ups
If you are making cash top-ups for yourself, you can enjoy tax relief equivalent to the amount of cash top-ups made, up to $7,000 per calendar year.
If you are also making cash top-ups for your loved ones - parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings, you can enjoy additional tax relief of up to $7,000 per calendar year.
To qualify for tax relief for cash top-ups made to your spouse's/siblings' CPF accounts, your spouse/siblings must meet one of the following conditions:
You may wish to check with your recipient on his SA/RA savings# to find out more about the amount of tax relief you can receive for cash top-ups.
* "Income" of a person would include income from all sources, such as tax exempt income (e.g. bank interest, dividend and pension) and foreign-sourced income remitted into Singapore. Hence investment income/rental income/directorship income etc, are considered to be income of a person.
** A handicapped person is one who has been incapacitated mentally or physically. Some examples are visual-impairment, loss of hearing, loss of limb and dementia.
^ The cap is based on current FRS, rather than the ERS, to keep tax benefits focused on supporting basic retirement needs. Cash top-ups beyond the above caps will not be eligible for tax relief.
# RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.
Please note that there will be a personal income tax relief cap of $80,000, which will apply from Year of Assessment 2018. This cap applies to the total amount of all tax reliefs claimed, including any relief on cash top-ups made under the RSTU Scheme, made on or after 1 January 2017.
As accepted cash top-ups made under the RSTU Scheme cannot be refunded, CPF members who make cash top-ups on or after 1 January 2017 should take note of the overall personal income tax relief cap. You should evaluate whether you would benefit from tax relief on your cash top-ups and make an informed decision accordingly.
If you are an employer, you can also make cash top-ups on your employees’ behalf. You will receive an equivalent amount of tax deductions for the cash top-ups made, while your employee will also receive tax relief of up to $7,000 per calendar year. The tax relief that your employee will receive will also take into consideration any cash top-ups that he may have done for himself. However, your employee can only enjoy tax relief for cash top-ups to his RA if the top-up amount is within the current FRS less his RA savings.
For cash top-ups made in the year, you/your employer can claim the tax relief/deduction in the following year's Tax Assessment.
Interest Earned
Savings in the SA and RA earn an interest rate of up to 6%*.
* Your CPF savings in the Ordinary Account (OA) earn guaranteed interest rates of 2.5% per year, while savings in the SA, Medisave Account and RA currently earn interest rates of 4% per year. The first $60,000 of your combined CPF balances, of which up to $20,000 comes from your OA, earn an additional 1% interest per year. Since 2016, an additional 1% interest is paid on the first $30,000 of combined CPF balances for all members aged 55 and above.
Tax relief/deduction for Cash top-ups
If you are making cash top-ups for yourself, you can enjoy tax relief equivalent to the amount of cash top-ups made, up to $7,000 per calendar year.
If you are also making cash top-ups for your loved ones - parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings, you can enjoy additional tax relief of up to $7,000 per calendar year.
To qualify for tax relief for cash top-ups made to your spouse's/siblings' CPF accounts, your spouse/siblings must meet one of the following conditions:
- Income (e.g. salary or tax exempt income such as bank interest, dividends and pension) not exceeding $4,000 in the year preceding the year of top-up*; or
- Handicapped**
You may wish to check with your recipient on his SA/RA savings# to find out more about the amount of tax relief you can receive for cash top-ups.
* "Income" of a person would include income from all sources, such as tax exempt income (e.g. bank interest, dividend and pension) and foreign-sourced income remitted into Singapore. Hence investment income/rental income/directorship income etc, are considered to be income of a person.
** A handicapped person is one who has been incapacitated mentally or physically. Some examples are visual-impairment, loss of hearing, loss of limb and dementia.
^ The cap is based on current FRS, rather than the ERS, to keep tax benefits focused on supporting basic retirement needs. Cash top-ups beyond the above caps will not be eligible for tax relief.
# RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.
Please note that there will be a personal income tax relief cap of $80,000, which will apply from Year of Assessment 2018. This cap applies to the total amount of all tax reliefs claimed, including any relief on cash top-ups made under the RSTU Scheme, made on or after 1 January 2017.
As accepted cash top-ups made under the RSTU Scheme cannot be refunded, CPF members who make cash top-ups on or after 1 January 2017 should take note of the overall personal income tax relief cap. You should evaluate whether you would benefit from tax relief on your cash top-ups and make an informed decision accordingly.
If you are an employer, you can also make cash top-ups on your employees’ behalf. You will receive an equivalent amount of tax deductions for the cash top-ups made, while your employee will also receive tax relief of up to $7,000 per calendar year. The tax relief that your employee will receive will also take into consideration any cash top-ups that he may have done for himself. However, your employee can only enjoy tax relief for cash top-ups to his RA if the top-up amount is within the current FRS less his RA savings.
For cash top-ups made in the year, you/your employer can claim the tax relief/deduction in the following year's Tax Assessment.
How can top-up monies be used?
Top-up
monies are set aside specifically for retirement needs and will be
streamed out as monthly payouts under the Retirement Sum Scheme, or CPF
LIFE1. It cannot be used for other purposes such as
education, investment, insurance premium payments, housing, be withdrawn
via a property with sufficient CPF property charge or pledge, CPF
transfers and/or exemption.
In general, top-up monies will form part of your retirement sums. However, top-up monies in the RA cannot be used to form part of the Basic Retirement Sum(BRS) in computing how much RA savings2 can be withdrawn through sufficient CPF property charge or pledge, as well as how much RA savings2 can be used for participation in the following CPF schemes:
2 RA savings refers to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received and top-ups received under the Retirement Sum Topping-up scheme), plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.
Please click on Top-up monies in RA (PDF, 0.2MB) for an example.
In general, top-up monies will form part of your retirement sums. However, top-up monies in the RA cannot be used to form part of the Basic Retirement Sum(BRS) in computing how much RA savings2 can be withdrawn through sufficient CPF property charge or pledge, as well as how much RA savings2 can be used for participation in the following CPF schemes:
- Members who wish to withdraw RA savings above their BRS for housing
- Members who wish to transfer RA savings above their BRS to their spouse’s CPF account, under the Retirement Sum Topping-Up scheme
2 RA savings refers to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received and top-ups received under the Retirement Sum Topping-up scheme), plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.
Please click on Top-up monies in RA (PDF, 0.2MB) for an example.
When should I top up?
Be rewarded for topping up early
Top up early in the year to earn more interest on your CPF savings!
Top up in January each year rather than December, and you could earn 20% more interest on your CPF savings in just 10 years.
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* Based on current Special/Retirement Account interest rates of up to 6%# per annum, with $7,000 annual top-up, and $0 starting CPF balances.
# CPF savings in the Special and Retirement Accounts currently earn interest rates of 4% per year. The first $60,000 of your combined CPF balances, of which up to $20,000 comes from your OA, earn an additional 1% interest per year. An additional 1% interest is paid on the first $30,000 of combined CPF balances for all members aged 55 and above.
Top up early to:
✓ Grow your CPF savings faster,
✓ Avoid the year-end rush, and
✓ Avoid missing out on the year-end tax relief deadline^.
^ If you are topping up by cheque, your application must reach the Board by 31 December, 10 am, to enjoy tax relief for the following year's Tax Assessment. If 31 December falls on a weekend, your application should reach us on the last working Friday of the year, 10 am. This is to allow sufficient time for the cheque to be cleared.
Top up early in the year to earn more interest on your CPF savings!
Top up in January each year rather than December, and you could earn 20% more interest on your CPF savings in just 10 years.
* Based on current Special/Retirement Account interest rates of up to 6%# per annum, with $7,000 annual top-up, and $0 starting CPF balances.
# CPF savings in the Special and Retirement Accounts currently earn interest rates of 4% per year. The first $60,000 of your combined CPF balances, of which up to $20,000 comes from your OA, earn an additional 1% interest per year. An additional 1% interest is paid on the first $30,000 of combined CPF balances for all members aged 55 and above.
Top up early to:
✓ Grow your CPF savings faster,
✓ Avoid the year-end rush, and
✓ Avoid missing out on the year-end tax relief deadline^.
^ If you are topping up by cheque, your application must reach the Board by 31 December, 10 am, to enjoy tax relief for the following year's Tax Assessment. If 31 December falls on a weekend, your application should reach us on the last working Friday of the year, 10 am. This is to allow sufficient time for the cheque to be cleared.
Decide
How much CPF savings can I transfer to my loved ones?
You
can transfer your CPF savings to your loved ones to build up their
retirement savings. You can check how much CPF savings you can transfer
to your loved ones through
my cpf Online Services > My Messages.
- The maximum amount of CPF savings that you can transfer to your sibling's, parent's*, parents-in-law's, grandparent's* or grandparents-in-law's CPF Accounts is:
- The maximum amount of CPF savings that you can transfer to your spouse's CPF account is:
| If you are below age 55 | Your balance OA savings after setting aside the current FRS. The FRS can be set aside using your OA and SA savings, including net amounts withdrawn for investments^. |
| If you are age 55 and above | Your balance OA savings after setting aside the applicable FRS. The FRS can be set aside using your OA and SA savings, including net amounts withdrawn for investments^, and RA savings#. |
# RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.
*From Q4 2018, you can transfer your CPF savings above the Basic Retirement Sum (BRS) to your parents and grandparents, if you have enough CPF savings inclusive of property pledge/charge to meet at least the current FRS (if you are below 55 years old), or the FRS applicable to you (if you are 55 years old and above). More details will be provided in in Q3 2018.
| If you are below age 55 | Your balance OA savings after setting aside the current BRS. The BRS can be set aside using your OA and SA savings, including net amounts withdrawn for investments^. |
| If you are age 55 and above | Your balance CPF savings* after setting aside the applicable BRS. The BRS can be set aside using your OA and SA savings, including net amounts withdrawn for investments^, and RA savings#. |
^ Refers to net amounts withdrawn for (i) an active investment account under the CPF Investment Scheme (CPFIS)-OA, and (ii) investments under the CPFIS-SA and discounted Singtel shares that have not been completely disposed of.
# RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.
How much cash top-up or CPF transfer can a recipient receive?
A
recipient can receive top-ups from more than one giver so long as the
total top-ups do not exceed the maximum top-up amount he/she can
receive.
The recipient can check how much he/she can receive through my cpf Online Services > My Messages.
Please click on Computation of amounts for recipients (PDF, 84KB) for an example.
The recipient can check how much he/she can receive through my cpf Online Services > My Messages.
Please click on Computation of amounts for recipients (PDF, 84KB) for an example.
Apply
How do I make a CPF or cash top-up to build up my retirement savings?
Online using my cpf (CPF transfers or cash top-ups via OCBC's Internet Banking)
- Login with your SingPass.
- Submit an online application via My Requests > Building Up My / My Recipient's CPF Savings.
- For cash top-up, please make your payment immediately via OCBC’s Internet Banking/Mobile Banking/ATM.
Online using e-Cashier (cash top-ups only)
- Go to e-Cashier and select payment for top up my own/recipient's RA/SA under the Retirement Sum Topping-Up Scheme (RSTU).
- Make your payment immediately via E-cashier’s mode of payment (eNETS Debit only).
Online using AXS (cash top-ups only)
- Go to any AXS station and select payment for top up my own/recipient's RA/SA under the Retirement Sum Topping-Up Scheme (RSTU).
- Make your payment immediately via the AXS machine.
Cheque
- Download and fill up
FORM RSS-TP_Cash - Top Up Retirement Sum Using Cash (For Members) (PDF, 1.0MB).
Mail it to:
CPF Board Robinson Road P.O. Box 3060 Singapore 905060
Your top-up will be processed within our service standards after we receive your application.
- Alternatively, you can make use of our GIRO facility to make monthly and/or yearly cash top-ups to your own or loved ones’ CPF accounts.
Download and fill up Top Up Retirement Sum Using GIRO (PDF, 1.4MB).
CPF Board
Robinson Road P.O. Box 3060 Singapore 905060
Upon approval of your GIRO application, your GIRO deduction will commence in the following month. The deduction will take place on the 15th of each month. If the 15th falls on a Saturday, Sunday or public holiday, the deduction will be made on the next working day.
Your top-up will be processed within our service standards after we receive your payment.
What supporting documents do I need to apply for the Retirement Sum Topping-Up Scheme?
For CPF transfers
Please login to make CPF transfer to your/your recipient's CPF account. Login > My Requests > Building Up My / My Recipient’s CPF savings.
For first time transfer using your CPF savings, you will need to submit the following documents to prove your relationship with your loved ones.
If you had previously made a transfer to your recipient using your CPF, you are not required to submit the supporting documents again to make another CPF transfer to the same recipient.
You can submit the documents to us via the following modes:
No supporting documents are required for making top-ups using cash.
Please login to make CPF transfer to your/your recipient's CPF account. Login > My Requests > Building Up My / My Recipient’s CPF savings.
For first time transfer using your CPF savings, you will need to submit the following documents to prove your relationship with your loved ones.
- your marriage certificate* for spouse’s transfer;
- your birth certificate for parent’s transfer;
- you and your parent’s birth certificates for grandparent’s transfer
- you and your sibling’s birth certificates for sibling’s transfer;
- your marriage certificate* and your spouse’s birth certificate for parent-in-law’s transfer; and/or
- your marriage certificate*, your spouse’s and your spouse’s parent’s birth certificate for grandparent-in-law’s transfer
If you had previously made a transfer to your recipient using your CPF, you are not required to submit the supporting documents again to make another CPF transfer to the same recipient.
You can submit the documents to us via the following modes:
- E-concierge using your SingPass and follow below steps: Step 1: Go to www.cpf.gov.sg and log in using your SingPass by clicking “Login Here”.
- Mail to us at:
CPF Board
Retirement Schemes Department (RSTU)
Robinson Road P.O. Box 3060 Singapore 905060
Step 2: After logging in, select “My Request” and scroll to the bottom of the page.
Step 3: Click on ‘My e-Concierge’ that is within the blue box.
Step 4: Please read and accept the condition before clicking “Start”.
Step 5: Select “Retirement Schemes --> Retirement Sum Topping-Up Scheme” for the e-Concierge Category.
Step 6: Attach your documents and key in your request.
Step 7: Click on "Next".
Step 8: Click on "Submit" to confirm your request.
No supporting documents are required for making top-ups using cash.
How do I know the status of my application?
You can view the transaction online once your application is processed. Log on to
my cpf Online Services > My Statement to view your transactions. No acknowledgement on your application will be sent.
| Manual Transaction | E-Transaction |
| 7 working days. | 5 working days. |
Can I reverse my top-up?
Retirement Sum Topping-Up Scheme |
| The Retirement Sum Topping-Up Scheme (RSTU) helps to build up your retirement savings. You can also help your loved ones grow their retirement savings through RSTU. You can do the following:
|
Resources
Online Demos
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- Top up my own / recipient's Retirement Account (AXS) (MP4, 1.3MB)
- Top up my own / recipient's Special Account (AXS) (MP4, 1.3MB)
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Top Up Retirement Sum Using Cash (For Members)
FORM RSS-TP_Cash
Please refer to the options below to make Cash top-up. If you wish to top up via OCBC internet banking, please follow these steps, Login > My Requests > Building Up My / My Recipient's CPF Savings
This form allows you to make cash top-ups under the Retirement Sum Topping-up Scheme. The e-Service may take you 10 minutes to complete.
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Top Up Retirement Sum Using CPF (For Members) - CPF transfer to loved ones' RA/SA
Please login to make CPF transfer to your/your recipient's CPF account. Login > My Requests > Building Up My / My Recipient’s CPF savings
This form allows you to transfer your CPF savings to your loved ones’ Special or Retirement Account under the Retirement Sum Topping-up Scheme. The e-Service may take you 10 minutes to complete.
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Top Up Retirement Sum Using CPF (For Members age 55 and above) - CPF transfer to my RA
Please login to make CPF transfer to your/your recipient's CPF account. Login > My Requests > Building Up My / My Recipient’s CPF savings
This form allows you to transfer your Special and/or Ordinary Account savings to your Retirement Account under the Retirement Sum Topping-up Scheme. The e-Service may take you 10 minutes to complete.
-
Top Up Retirement Sum Using CPF (For Members below age 55) - CPF transfer to my SA
Please login to make CPF transfer to your/your recipient's CPF account. Login > My Requests > Building Up My / My Recipient’s CPF savings
This form allows you to transfer your Ordinary Account savings to your Special Account under the Retirement Sum Topping-up Scheme. The e-Service may take you 5 minutes to complete.
-
Top Up Retirement Sum (For Employers)
FORM RSS-TP/C
This form allows employers to make cash top-ups for their employees under the Retirement Sum Topping-up Scheme.
Download (PDF, 0.9MB) -
Top Up Retirement Sum Using GIRO
RSTU/SI and RSTU/GIRO
This form allows you to make cash top-ups using GIRO under the Retirement Sum Topping-up Scheme.
Download (PDF, 1.4MB) -
Terminate GIRO Arrangement Under Retirement Sum Topping-up Scheme
FORM RSTU/T
This form allows you to terminate your GIRO arrangement under the Retirement Sum Topping-up Scheme.
Download (PDF, 0.2MB)
Retirement Sum Topping-Up Scheme
Transfer from Ordinary Account to Special Account
Withdrawals of CPF savings from 55When can I withdraw my CPF savings? Upon turning 55 years old, members can withdraw their CPF savings, after setting aside their Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge in their Retirement Account. Members who turned 55 from 2013 (i.e. born in 1958 or after) also have the option to withdraw a lump sum of up to 20% of the savings in their Retirement Account from their payout eligibility age (includes the first $5,000 that can be withdrawn at 55).
UnderstandWhat is Retirement Sum?
This
is the amount of retirement savings which you have chosen to set aside
in your Retirement Account to provide you with monthly payouts from your
payout eligibility age, which is currently at age 65. The retirement
sum applicable to different cohorts turning 55 can be found
here.
How much can I withdraw from my CPF Account?
After setting aside your Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge, you can choose to withdraw the remaining CPF balances (excluding top-up monies, government grants, and interest earned in your Retirement Account), or continue to keep your savings in CPF to earn attractive interest. You can withdraw up to $5,000 of your Ordinary and Special Account savings even if you are unable to set aside your Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge. Here are some examples on the computation of CPF withdrawal from 55. From payout eligibility age: For members who turned 55 from 2013 (i.e. born in 1958 or after), you also have the option to withdraw a lump sum of up to 20% of the savings in your Retirement Account at your payout eligibility age (includes the first $5,000 you can withdraw at 55). For members who turned 55 in 2012 (i.e. born in 1957), you can already withdraw up to 10% of your Ordinary and Special Accounts when you turned 55. Hence, you will have the option to withdraw a lump sum of up to 10% of the savings in your Retirement Account at your payout eligibility age. Here is an example on the computation of CPF withdrawal from payout eligibility age. EvaluateI’m turning 55 years old soon. How can I find out more about my withdrawal?
You may attend our
talks and read our
CPF Retirement booklet (PDF, 1.8MB) to find out more. You will also receive a Reaching 55 package a few months before your 55th birthday, providing you with more information.
Members will also receive an invitation to make an appointment and attend the CPF Retirement Planning Service (CRPS) when they reach 54. The CRPS is a one-to-one session that uses personalised information to explain the CPF rules which will affect members when they turn 55. How can I receive my CPF savings when I withdraw at 55 years old?
You can choose to receive the money in any of the following ways:
When can I receive my CPF savings when I withdraw at 55 years old?
If you submit your withdrawal application at least seven working days before your 55th
birthday, you will receive your CPF savings in your Singapore bank
account via Interbank GIRO within two working days after your birthday.
For members aged 55 and above, if you submit your withdrawal application online, you can choose to receive your CPF savings in your PayNow registered (NRIC-linked) bank account within a day of your application, or within five working days to your Singapore bank account via Interbank GIRO. You can refer to our service standards for more information. DecideDo I need to withdraw my CPF savings at 55 years old?
The withdrawal of your CPF savings is optional. If you do not withdraw at 55 years old, you can do so anytime later.
In addition, you need not take out the full amount at one go. For example, if you are eligible to withdraw $5,000, you can choose to make a partial withdrawal of $2,000. You can withdraw the remaining $3,000 (if available), when you need the monies. What are the benefits if I do not withdraw my CPF savings at 55 years old?
a) Earn attractive interest!
Your CPF savings can continue to grow with the attractive interest earned in your accounts, if you choose not to withdraw at 55 years old. Your CPF accounts currently earn up to 5% interest per year1. Members with lower CPF balances can earn up to 6% interest per year2. 1 Currently, your CPF savings in the Ordinary Account earn a guaranteed interest rate of 2.5% per year, while savings in the Special, Medisave, and Retirement Accounts earn interest rates of 4% per year. The first $60,000 of your combined CPF balances, of which up to $20,000 from your Ordinary Account, earns an extra 1% interest per year. Combined balances refer to the total balances in your Ordinary, Special, Medisave and Retirement Accounts, including the annuity premiums for CPF LIFE less any payouts made. 2To grow your retirement savings faster, an additional extra interest of 1% per year will be given on the first $30,000 of your CPF balances (for members aged 55 and above) to enhance the retirement savings of CPF members. This is on top of the existing 1% extra interest on the first $60,000 of combined CPF balances. b) Use the OA savings to pay your housing loan If you need to continue using your Ordinary Account for your housing payments after age 55, you may apply to reserve some Ordinary Account savings for this purpose before they are transferred to your Retirement Account. However, this means the retirement sum set aside in your Retirement Account will also be lower. How about the CPF used for investments and education?
If
you have set aside your Full Retirement Sum or Basic Retirement Sum
with sufficient CPF property charge/pledge, you can withdraw your
investments under the CPF Investment Schemes (CPFIS) and Special
Discounted Shares (SDS) Scheme, and waive the repayment of CPF savings
used for education.
Otherwise, you will need to top up your Retirement Account to meet the requirement before you can do so. ApplyHow do I apply for withdrawal?
CalculatorsOnline Demos
Booklets CPF Retirement Booklet(PDF, 1.8MB)Read the CPF Retirement Booklet for more CPF information when you reach 55 years old. InfoGraphics Turning 55 in 2018(PDF, 0.2MB)View the Turning 55 in 2018 Infographic to learn more about what happens to your CPF accounts when you reach age 55 in 2018  Turning 55 in 2019(PDF, 0.2MB)View the Turning 55 in 2019 Infographic to learn more about what happens to your CPF accounts when you reach age 55 in 2019
Withdrawals of CPF Savings from 55Reserving Ordinary Account savings for housingWithdrawals of Retirement Account savings from payout eligibility age
Ref;https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-scheme | |||||||||||||||||||
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