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Thursday, May 10, 2018

Singapore Retirement!

 

 

CPF Schemes



Retirement

CPF LIFE
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.
Retirement Sum Topping-Up Scheme
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.

 

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.
DID YOU KNOW?
The figure below shows the life expectancy rates at age 65 published by the Department of Statistics.
Life Expectancy 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.

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!
Who Is CPF LIFE For
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) .
If you are a Singaporean Citizen or Permanent Resident who does not meet the above requirements, you can still apply to join CPF LIFE and start receiving lifelong income, at any time between your payout eligibility age and one month before you turn 80 years old.

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:
  • monthly payout you would receive; and
  • the amount you would leave (i.e. bequest ) to your beneficiaries.
Note:
  1. Bequest amount differs across plan type and age of death.
  2. 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 to Choose CPF LIFE Plan

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.

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.
CPF LIFE Plan Selection Period

How can I increase my CPF LIFE monthly payouts?

  1. 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 .
  2. 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.
Option to defer and receive higher payouts

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.

Apply

How do I apply to join CPF LIFE?

Online using my cpf
  1. Login with your SingPass.
  2. Submit an online application via My Requests.
In-Person at CPF Service Centres
  1. Download and fill up Form LID-APP(1): Application for CPF LIFE (PDF, 0.5MB).
  2. Bring your NRIC and go to any CPF Service Centre.
Mail
  1. Download and fill up Form LID-APP(1): Application for CPF LIFE (PDF, 0.5MB).
  2. 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
  1. Login with your SingPass.
  2. Submit an online application for Additional Annuity via My Requests.
In-Person at CPF Service Centres
  1. Download and fill up Form LID-APP(1A): Application for Additional Annuity under CPF LIFE (PDF, 0.4MB).
  2. Bring your NRIC and go to any CPF Service Centre.
Mail
  1. Download and fill up Form LID-APP(1A): Application for Additional Annuity under CPF LIFE (PDF, 0.4MB).
  2. Mail it to:
    Central Provident Fund Board
    Lifelong Income Department (LID)
    Robinson Road
    P.O. Box 3060
    Singapore 905060
You can refer to our service standards for more information.

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
 
 
 

InfoGraphics

CPF LIFE Factsheet

(PDF, 0.6MB)
Learn more about CPF LIFE and why we need it through this simple factsheet.


  • Application for CPF LIFE Plan

    FORM LID-APP(1)
    This form allows you to select your CPF LIFE Plan and join CPF LIFE. The e-Service may take you 5 minutes to complete.
  • Application for Additional Annuity under CPF LIFE

    Application for Additional Annuity under CPF LIFE

    ​FORM LID-APP(1A)
    This form allows you to apply for an additional annuity under CPF LIFE. The e-Service may take you 5 minutes to complete.
  • Apply to Start CPF LIFE Payout

    Apply to Start CPF LIFE Payout

    ​​FORM LID-DE2
    This form allows you to start receiving your CPF LIFE monthly payout if you have previously deferred your payout. The e-Service may take you 3 minutes to complete.
  • Apply to Defer CPF LIFE Payout

    Apply to Defer CPF LIFE Payout

    ​FORM LID-DE1
    This form allows you to defer your CPF LIFE monthly payout. The e-Service may take you 3 minutes to complete.
  • Apply to Switch to CPF LIFE Escalating Plan

    Apply to Switch to CPF LIFE Escalating Plan

    ​​​FORM LID_SW
    This form allows you to apply to switch your existing CPF LIFE plan to the CPF LIFE Escalating Plan. The e-Service may take you 10 minutes to complete.
 
 
 
 
  
  • Understand

    ​What is the CPF LIFE Escalating Plan?
    ​The CPF LIFE Escalating Plan is a new plan in addition to the current two CPF LIFE plans – Basic and Standard Plans.
    The CPF LIFE Escalating Plan gives members the option of starting with lower initial payouts which will increase by 2% per year. The 2% increase will take place every year in the month that the first payout was made.
    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.
    The CPF LIFE Escalating Plan is suitable for members who do not have an immediate need for higher payouts.

    ​How much premium do I need to pay under the new CPF LIFE Escalating Plan?
    ​Under the CPF LIFE Escalating Plan, all your Retirement Account savings will be deducted as annuity premium and paid into the Lifelong Income Fund which will provide you with a monthly payout from your payout start age for as long as you live.

    Evaluate

    ​I am not an existing CPF LIFE member. Can I join the new CPF LIFE Escalating Plan?
    Yes, you can join the CPF LIFE Escalating Plan if you are a Singapore Citizen or Permanent Resident. Please visit our CPF LIFE webpage to understand more about CPF LIFE before you apply for your CPF LIFE plan.

    I am an existing CPF LIFE member. Will I be allowed to switch to the new CPF LIFE Escalating Plan?
    ​Yes. All existing CPF LIFE members, including members who had switched to CPF LIFE Standard Plan previously, can choose to switch to the CPF LIFE Escalating Plan between January to December 2018.
    If you choose to switch to the new CPF LIFE Escalating Plan, your new payout may be reduced by 20% or more from your current payout. This is because, for the same annuity premium and other factors being equal, a CPF LIFE plan with payouts that increase over time, will have starting payouts that are lower, compared to a CPF LIFE plan with level payouts that do not increase over time. This is based on independent and objective actuarial calculations.
    Please note that you are only allowed to switch your CPF LIFE plan to the CPF LIFE Escalating Plan once.

    Will I be allowed to switch to plans other than the CPF LIFE Escalating Plan?
    ​No. Existing CPF LIFE members will not be able to switch to other plans other than the CPF LIFE Escalating Plan. An exception is made to allow members to switch to the CPF LIFE Escalating Plan as it is a new plan that was previously not available to members.

    Will I receive any incentive for switching to the CPF LIFE Escalating Plan?
    No. Members should decide whether or not to switch based on whether the new plan suits their retirement needs.

    How will I be affected if I remain under the existing plans?
    ​Your CPF LIFE policy which was issued to you will continue to apply, and the introduction of the new CPF LIFE Escalating Plan from January 2018 will not affect you.

    Apply

    How do I apply to switch to CPF LIFE Escalating Plan?
    You can switch to CPF LIFE Escalating Plan via the following channels:
    Online using my cpf
    1. Login with your SingPass.
    2. Submit an online application via My Requests.

    In-Person at CPF Service Centres
    1. Download and fill up Form LID_SW: Application to Switch to CPF LIFE Escalating Plan (PDF, 0.7MB).
    2. Bring your NRIC and go to any CPF Service Centre.

    Mail
    1. Download and fill up Form LID_SW: Application to Switch to CPF LIFE Escalating Plan (PDF, 0.7MB).
    2. Mail it to:
      Central Provident Fund Board
      Lifelong Income Department (LID)
      Robinson Road
      P.O. Box 3060
      Singapore 905060

    You can refer to our service standards for more information.

 

Retirement Sum Scheme


The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement.
  
  • Withdraw Retirement Account Savings with Sufficient CPF Property Charge

    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.
  • Withdraw Retirement Account Savings with HDB Property Pledge

    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.
  • Withdraw Retirement Account Savings with Private Property Pledge

    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.
  • Apply for Monthly Payouts under CPF Retirement Sum Scheme

    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

    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.
 
 
 
 

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:
  • Top up with cash or transfer of your CPF savings
  • Top up your own or your loved ones’ Special Accounts (below age 55) or Retirement Accounts (age 55 and above)
 

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.
Benefits of Spousal Transfer
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:
  1. 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
  2. Handicapped**
In addition, only cash top-ups within the following caps will be eligible for tax relief:
FRS tax relief cap
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.
Benefits of topping-up in your 30s-40s.

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:
  1. Members who wish to withdraw RA savings above their BRS for housing
  2. Members who wish to transfer RA savings above their BRS to their spouse’s CPF account, under the Retirement Sum Topping-Up scheme
1 Note that non top-up monies will be used first before top-up monies.
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.
Earn more interest by topping-up in January each year rather than December
* 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:
  • ​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 aboveYour 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#.
    ^ 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.
    *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.
  • 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 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#.
    * Your balance CPF savings can be transferred from your OA first, followed by your SA and then your RA. You can write to the Board to specify the CPF accounts from which to transfer to your spouse.
    ^ 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.
Please click on Computation of amounts for givers (PDF, 80KB) for an example.

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.
Maximum amount of top-up the recipient can receive

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?

Modes of topping-up
Online using my cpf (CPF transfers or cash top-ups via OCBC's Internet Banking)
  1. Login with your SingPass.
  2. Submit an online application via My Requests > Building Up My / My Recipient's CPF Savings.
  3. For cash top-up, please make your payment immediately via OCBC’s Internet Banking/Mobile Banking/ATM.
Your top-up will be processed within our service standards after we receive your application.
Online using e-Cashier (cash top-ups only)
  1. Go to e-Cashier and select payment for top up my own/recipient's RA/SA under the Retirement Sum Topping-Up Scheme (RSTU).
  2. Make your payment immediately via E-cashier’s mode of payment (eNETS Debit only).
Your top-up will be processed within our service standards after we receive your application.
Online using AXS (cash top-ups only)
  1. 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).
  2. Make your payment immediately via the AXS machine.
Your top-up will be processed within our service standards after we receive your application.
Cheque
  1. 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.
GIRO
  1. 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. 

  2. Download and fill up Top Up Retirement Sum Using GIRO (PDF, 1.4MB).

    Mail it to:
    CPF Board
    Robinson Road P.O. Box 3060 Singapore 905060
Your GIRO application will be processed within 21 working days after we receive your application.
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.
  1. your marriage certificate* for spouse’s transfer;
  2. your birth certificate for parent’s transfer;
  3. you and your parent’s birth certificates for grandparent’s transfer
  4. you and your sibling’s birth certificates for sibling’s transfer;
  5. your marriage certificate* and your spouse’s birth certificate for parent-in-law’s transfer; and/or
  6. your marriage certificate*, your spouse’s and your spouse’s parent’s birth certificate for grandparent-in-law’s transfer
* Only required if your marriage is registered overseas
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:
  1. E-concierge using your SingPass and follow below steps:
  2. Step 1: Go to www.cpf.gov.sg and log in using your SingPass by clicking “Login Here”.
    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.
     
  3. Mail to us at:
    CPF Board
    Retirement Schemes Department (RSTU)
    Robinson Road P.O. Box 3060 Singapore 905060
For Cash Top-ups
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?

Top-ups under the RSTU Scheme are irreversible and irrevocable.

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:
  • Top up with cash or transfer of your CPF savings
  • Top up your own or your loved ones’ Special Accounts (below age 55) or Retirement Accounts (age 55 and above)
 
 
 Resources
 
 
 
 
  • 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.
  • Top Up Retirement Sum Using CPF (For Members) - CPF transfer to loved ones' RA/SA

    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.
  • Top Up Retirement Sum Using CPF (For Members age 55 and above) - CPF transfer to my RA

    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

    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)

    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.
  • Top Up Retirement Sum Using GIRO

    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.
  • Terminate GIRO Arrangement Under Retirement Sum Topping-up Scheme

    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.
 
 FAQ
 

Retirement Sum Topping-Up Scheme

QWhat is the Retirement Sum Topping Up Scheme?
QWhat kinds of top-ups are possible under the Retirement Sum Topping-Up Scheme?
QWhat are the benefits of topping up my Retirement Sum?
QHow much CPF savings can I transfer to my loved ones?
QCan I still top up my Retirement Account after receiving payouts?
QCan I transfer my Ordinary Account to my own Retirement Account without affecting my Special Account?
QHow much cash top-up or CPF transfer can a recipient receive?
QHow can the top-up monies be used?
QI received top-ups before age 55. What happens to the top-ups when I turn 55?
QHow will my recipient's payout be affected by the top-up?
QWhen should I top-up?
QHow can I make regular monthly or yearly top-ups?
QWhat supporting documents do I need to apply for the Retirement Sum Topping-Up Scheme?
QHow do I know the status of my Retirement Sum Topping-Up Scheme application?
QCan I reverse my top-up?
QHow do I apply to top up my/my recipient's Special/ Retirement Account under the Retirement Sum Topping-Up Scheme?
QHow do I apply to terminate my GIRO arrangement under the Retirement Sum Topping-Up Scheme?
QIf my recipient passes away, will my top-ups be refunded to me?
QWhat does the cap on personal income tax relief apply to?
QWhen does the cap on personal income tax relief take effect?
QWhy does the cap on personal income tax relief apply to tax relief on cash top-ups made under Retirement Sum Topping Up Scheme?
QCan I obtain a refund of the cash top-ups I made under Retirement Sum Topping-Up Scheme in Year 2017, if for Year of Assessment 2018, the total amount of personal relief which I can claim is more than $80,000?
QHow can I find out if I've reached the cap on personal income tax relief?
QCan I transfer Medisave savings to my own or my loved ones' Special Account/Retirement Account?
QIf I have the Full Retirement Sum and do not wish to top up to the Enhanced Retirement Sum now, can I just top up as and when I have the money?
QParliament has passed the CPF Act (Amendment) Bill 2017, which provided for changes to CPF transfers to parents and grandparents. What is the change?

 

Withdrawals of CPF savings from 55


When 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).

Understand

What 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?


Birth Year Amount you can withdraw
Before ​1954​
  • Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or
  • 50% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.
1954
  • Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or
  • 40% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.
1955
  • ​Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or
  • 30% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.
1956
  • Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or
  • 20% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.
​1957
  • Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or
  • 10% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.
After 1957
  • ​Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge.
  • If you are unable to set aside the FRS or BRS, you can still withdraw up to $5,000 of your Ordinary and Special Account savings when you reach 55.
From 55:
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.

Evaluate

I’m turning 55 years old soon. How can I find out more about my withdrawal?

You may attend our talks and read our CPF Retire​​ment 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:
  • Interbank GIRO to your Singapore bank account;
  • Telegraphic transfer to your overseas bank account; or
  • PayNow registered (NRIC-linked) bank account.
Note: Application to receive monies in your PayNow registered (NRIC-linked) bank account can only be submitted on or after you turned 55.

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.

Decide

Do 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.

Apply

How do I apply for withdrawal?

Interbank GIRO to your Singapore bank account
  1. Submit an online application with your SingPass via My Requests. If you make an online application to receive the payment via Interbank GIRO, you can only request payment to be made to your POSB, DBS, OCBC or UOB account, or your existing bank account in our records.
  2. If you are based overseas, your supporting documents must be witnessed/certified true by an official from a Singapore Overseas Mission with his official seal/stamp duly affixed. You may wish to visit the Singapore Ministry of Foreign Affairs website (www.mfa.gov.sg) to locate the Singapore Overseas Mission nearest to you.
PayNow (NRIC-linked) bank account - Available from 26 March 2018
  1. Submit an online application with your SingPass via My Requests. No bank account information or supporting documents are required.
  2. This is only applicable if you have linked your bank account to your Singapore NRIC under PayNow.
Mail
  1. Download and fill up FORM RW​D-55: Application for CPF Withdrawal for Members 55 and Above (PDF, 1.2MB).
  2. Mail it to:
    Central Provident Fund Board
    Retirement Withdrawals Department (55-WDL)
    Robinson Road P.O. Box 3060
    Singapore 905060
  3. If you are overseas, please enclose photocopies of your bank passbook/statement (if applicable) certified true by an official from a Singapore Overseas Mission with his official seal/stamp duly affixed. You may wish to visit the Singapore Ministry of Foreign Affairs website (www.mfa.gov.sg) to locate the Singapore Overseas Mission nearest to you.
You can refer to our service standards for the processing of your withdrawal application


 

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

 

 

  • Application for CPF Withdrawal for Members 55 And Above

    FORM RWD-55
    This form allows you to apply for a withdrawal of your Ordinary and Special Account savings that you are eligible to withdraw. The e-Service may take you 5 minutes to complete.
  • Change Bank Details (For members 55 and above)

    Change Bank Details (For members 55 and above)

    ​FORM RWD78A
    This form allows you to apply for a change of your bank account details for CPF Withdrawal (for members 55 and above), CPF Retirement Sum Scheme, CPF Withdrawal on Medical Grounds, CPF LIFE, Silver Housing Bonus Scheme and Lease Buyback Scheme. The e-Service may take you 3 minutes to complete.

 

Withdrawals of CPF Savings from 55

QHow can I find more information to help me better understand the CPF rules which will affect me when I reach 55?
QI am 55 years old but have not decided what to do with my CPF savings. Can I choose to withdraw my CPF savings only when I need it?
QHow can I withdraw my CPF savings?
QI will be turning 55 years old soon. When will I receive the package to advise me on my withdrawal?
QWhen can I withdraw my CPF savings?
QHow much can I withdraw from my CPF Account when I reach 55?
QWhat is my Full Retirement Sum and my Basic Retirement Sum?
QHow would I receive my CPF money when I withdraw at 55?
QWhen can I receive my CPF savings when I withdraw at 55 years old?
QDo I earn interest for the balances in my CPF Account up to the date of my withdrawal?
QWhat is the amount that I can withdraw from my CPF account at my next withdrawal if I have made a withdrawal at 55?
QCan I make a partial withdrawal from my CPF account when I reach 55?
QHow often can I withdraw my CPF savings?
QIs my withdrawable CPF savings subject to tax?
QWhat should I do if I did not receive my CPF Withdrawal Cheque?
QCan I encash my CPF withdrawal cheque at the bank?
QI cannot meet my Basic Retirement Sum when I reach 55. Do I need to top up the shortfall immediately?
QI am eligible for CPF withdrawal but am using my CPF savings to service my housing loan. Can I reserve part of my CPF to service the loan and withdraw the remaining balance?
QHow can I withdraw the monies from the sale of my Discounted Singtel Shares?
QI have applied to withdraw my CPF Investment Scheme (CPFIS) Investments and transfer my Discounted Singtel Shares to my Central Depository (Pte) Ltd account. When will my request be processed?
QI have outstanding tax liabilities. Will the CPF savings I withdraw be used to pay my tax liabilities?
QI have requested to change my bank details via RWD78A form. When will my bank details be updated?
QWhat is PayNow?
QWhat is “PayNow – For members aged 55 and above”?
QI am above 55 and eligible to withdraw my CPF savings. When can I apply to receive payments via PayNow?
QHow do I register for PayNow and receive my CPF savings?
QCan I receive my CPF savings via PayNow in my overseas bank account?
QCan I make a partial withdrawal under PayNow?
QWhen can I expect to receive my CPF savings in my PayNow registered bank account (that is linked to my Singapore NRIC)?
QHow can I receive my CPF savings if I have not registered for PayNow?
QWhat is the benefit of receiving my CPF savings via PayNow?
QWill I receive a notification (within the app/via SMS) once my CPF savings are received in my bank account (that is linked to my Singapore NRIC for PayNow)?
QFor unsuccessful PayNow transactions, how long will it take for the withdrawal amount to be returned to my CPF account?
QWhat is the maximum amount that can be transferred via PayNow?
QWhy do I need to link my NRIC/FIN no. to my PayNow registered bank account to receive disbursements from Government agencies?

Withdrawals of Retirement Account savings from payout eligibility age

QWho is eligible to withdraw 20% of their Retirement Account at their payout eligibility age?
QWhen can I make a payout eligibility age lump sum withdrawal?
QWhat happens to the payout eligibility age (PEA) lump sum from my PEA?
QCan I choose to withdraw only a partial amount at payout eligibility age and withdraw the remaining in the future?
QHow is payout eligibility age lump sum withdrawal amount computed?
QMy Retirement Account savings is insufficient to pay the payout eligibility age lump sum. Can I withdraw from my CPF LIFE annuity premium?
QWhy does the 20% withdrawal of Retirement Account savings include the $5,000 that can be withdrawn at 55?
QWhy are top-ups to my CPF accounts, CPF LIFE Bonus and Deferment Bonus not included in the lump sum withdrawal amount?

QCan I withdraw the payout eligibility age (PEA) lump sum earlier than my PEA?

 Ref;https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-scheme


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