Home| About Us | News | Join Us | Useful Links
  Members > Life Events > Reaching 55 > What If I Am A Pensioner? Read this page to me Printer Friendly Version
Bookmark and Share
::: Members :::
Employers
Business Partners
my cpf Online Services
Login here with Singpass
  Get Started
View Online Demo
 
  I want to:


my cpf - Main Page

my cpf - Life Events
  Starting Work
  Getting Married
  Having Children
  Buying A House
  Making An Investment
  Providing for your Healthcare Needs
  Living Overseas
  Starting A Business
  Hiring Employees
  Reaching 55
  Managing Your Retirement
  Losing A Loved One

  Do you find this Life Event informative?
  Do you find this Life Event well-presented?
   
- Reaching 55
...Planning Your Golden Years


What if I am a pensioner?

CPF Minimum Sum Scheme

You may apply to be exempted from the Minimum Sum Scheme if you are a pensioner receiving a monthly pension. If the monthly pension you receive is equal or above the Minimum Sum payment, you can be fully exempted from the scheme. If it is lesser than the Minimum Sum monthly payment, you need to set aside a reduced Minimum Sum that will provide a monthly payment equal to the shortfall.

Click here to apply for exemption or obtain the hardcopy form from any CPF office.

You are encouraged to retain the Minimum Sum even if you receive a monthly pension. The Minimum Sum currently earns an interest of 4% per annum and will help you build a larger nest egg for your retirement.

Please visit the Pensioner’s Portal for more information regarding your pension.

Medisave

It is important to make provision for your healthcare needs in your retirement. The Medisave Contribution Ceiling, the Medisave Required Amount and the Medisave Minimum Sum help you set aside savings for your healthcare needs.

Click here for details.

Different Medisave rules apply depending on the medical scheme you are covered as a pensioner.

  • Government Pensioner Under The Fixed Amount On Ward Scheme (FAW)

If you are a government pensioner under the FAW scheme, you are not required to set aside any Medisave as you enjoy life-long retirement medical benefits which are fully covered under your medical scheme.

  • Government Pensioner Under The Co-Payment On Ward Scheme (CPW) Or Comprehensive Co-Payment Scheme (CCS)

If you are a government pensioner under either the CPW or CCS scheme, you will have to co-pay the hospital ward charges incurred by you and their dependants respectively. The following Medisave rules will apply:

 

How much can I withdraw?
How much is the Minimum Sum?
What can I do with the Minimum Sum?
CPF LIFE
Minimum Sum Scheme
Medisave Minimum Sum
What if I continue working after 55?
What about my housing loan?
What about my investments?

What happens if I divorce?

What happens if I am a bankrupt?
When I am no longer around
Moving forward
Type of Medical Scheme
Co-Payment on Ward Scheme (CPW)
Comprehensive Co-Payment Scheme (CCS)
Medisave Rules Applicable
Your Medisave balance at 55
Medisave Required Amount (MRA)

Please click to see the prevailing MRA.

The MRA refers to the amount you need to set aside in your Medisave Account after meeting the CPF Minimum Sum requirement.

The MRA applicable to you is 30% of the prevailing MRA.

The MRA refers to the amount you need to set aside in your Medisave Account after meeting the CPF Minimum Sum requirement.
Medisave Minimum Sum (MMS)

From 1 July 2012, it is $38,500.

Once you set aside 30% of the MMS at age 55, you are allowed to withdraw any Medisave in excess. Once you set aside the full MMS at age 55, you are allowed to withdraw any Medisave in excess.

Your Medisave contribution from 55
Medisave Contribution Ceiling (MCC)

From 1 July 2012, it is $43,500.

If you are working and contributing to CPF, 30% of the MCC applies.

Once you reach this ceiling, any further Medisave contribution will overflow to the Retirement Account if you have a CPF Minimum Sum shortfall. Otherwise, the amount will overflow to the Ordinary Account.
If you are working and contributing to CPF, the full MCC applies.

Once you reach this ceiling, any further Medisave contribution will overflow to the Retirement Account if you have a CPF Minimum Sum shortfall. Otherwise, the amount will overflow to the Ordinary Account.


 Last Updated on: Thursday, May 09, 2013 at 5:33 PM
Footer Privacy statement Terms of use