People are living longer. While this is a good thing, it means that you need to save for a longer retirement or you may end up outliving your savings. Having an income for as long as you live has therefore become even more important.
With CPF LIFE, you’ll get a monthly payout starting from your DDA for as long as you live.
If you turn 55 years old from 1 January 2013 and are a Singapore Citizen or Permanent Resident, you will be placed on CPF LIFE if you have at least
- $40,000 in your Retirement Account (RA) when you reach 55 years old; or
- $60,000 in your RA when you reach your DDA.
However, if you have already turned 55 years old and are not placed on CPF LIFE, you can apply to join CPF LIFE before your 80th birthday.
There are two CPF LIFE Plans for you to choose from – the LIFE Standard Plan and the LIFE Basic Plan. The plans differ on the
- monthly payout you would receive; and
- the amount you would bequest to your beneficiaries.
|Bequest is the money that the beneficiaries of the CPF LIFE|
participant will receive upon the participant’s death.
At 55 years old, we will create your Retirement Account (RA) using the savings in your Ordinary Account (OA) and Special Account (SA). You will join CPF LIFE using the savings in your RA. One month after you turn 55, we will write to invite you to choose between the two CPF LIFE plans. If you do not choose a plan within six months from your 55th birthday, we will automatically place you on the LIFE Standard Plan.
Each LIFE plan provides a different combination of trade-offs between the amount of monthly payout that you would receive and the bequest that you would leave for your beneficiaries.
To determine which plan best meets your retirement needs, you can use the CPF LIFE Payout Estimator. This calculator helps you to estimate the amount of monthly payout you would get and the bequest that will be left for your beneficiaries under each plan.
While stable, the monthly payouts are not fixed. The payout amount will be reviewed annually and we may adjust your payout due to changes in life expectancy rates, investment income and transactions which affect your RA balance. This will ensure that the CPF LIFE annuity fund is sustainable in the long run.
We will notify you two to three months before we make any adjustments to your monthly payout.
If you would like to receive higher payouts, you can make cash or CPF top-ups (or both) into your RA if you have not reached your topping-up limit. The topping-up limit is the difference between the current Minimum Sum (MS) and the RA balance. The RA balance refers to the cash set aside in your RA, not including interest earned, any government grants received and amounts withdrawn. You can read more about topping-up to your MS.
With the additional top-up to your RA, you can buy an extra CPF LIFE annuity to get a higher CPF LIFE payout.
The monthly payouts from CPF LIFE will be paid straight into your bank account by Inter-Bank GIRO (IBG) by the 4th working day of each month.
If the IBG is unsuccessful because you have closed your bank account, we will pay the payouts into your CPF Ordinary Account.
A bequest is money that you leave to your beneficiaries after your death.
Under the CPF LIFE plans, we will refund all your unused annuity premium and RA savings, if any, after your death.
We will pay any refund into your CPF account. This will then be paid to your beneficiaries along with your remaining CPF savings.
Once you have joined CPF LIFE, you can only leave the scheme for the following reasons:
- You have a medical condition which causes you:
- to be permanently unfit for any employment;
- to have a severely reduced life expectancy; or
- to be terminally ill.
- You are about to leave, or have left Singapore and West Malaysia permanently with no intention of returning for work or to live.
- You are a Malaysian citizen and have left Singapore permanently to live in West Malaysia.
Upon exiting the scheme, you will receive a refund of the savings used to join CPF LIFE.
The refund is your unused annuity premium.
Like other annuity products, there may not be any refund if we have already paid out all your savings used to join CPF LIFE in the monthly payouts.
In addition, if you are receiving a monthly pension or payout under a personal annuity, you may apply to the CPF Board to be exempted from the MS Scheme. If the MS Scheme does not apply to you, you may choose to leave CPF LIFE.
For information on the refund and the exemption from the MS Scheme, please email us at email@example.com.
The CPF LIFE Bonus is a bonus provided by the Government to encourage and help you join CPF LIFE.
To be eligible for the CPF LIFE Bonus, you need to
- Be a Singapore Citizen;
- Be born between 1958 and 1962; and
- Join CPF LIFE before reaching 56 years old.
The amount of LIFE Bonus that you can receive depends on your Annual Assessable Income (AI) and the Annual Value (AV) of your home. It will be credited into your RA if you are placed on CPF LIFE with at least $20,000 in your RA. If you are placed on CPF LIFE with less than $20,000 in your RA, your LIFE Bonus will be reduced in proportion to the amount you joined CPF LIFE with.
Your AI is based on the assessment year before the year that we issue your CPF LIFE plan. For example, if we issue your CPF LIFE plan in 2014, we will use your AI for assessment year 2013 (that is, your income for 2012).
The AV we use to decide whether you are eligible for a LIFE Bonus is based on the AV of the property stated as your NRIC address as at 31 December before the year we issue your CPF LIFE plan. (For example, if we issue your CPF LIFE plan in 2014, we will use the 2013 AV of the property stated in your NRIC as of 31 December 2013.)
You can use the CPF LIFE Payout Estimator to estimate how much LIFE Bonus you would receive.
Online using my cpf
- Login with your SingPass.
- Submit an online application via My Requests.
In-Person at CPF Service Centres
- Download and fill up Form LID-APP(1): Application for CPF LIFE.
- Bring your NRIC and go to any CPF Service Centre.
- Download and fill up FORM LID-APP(1): Application for CPF LIFE.
- Mail it to:
Lifelong Income Department (LID)
79 Robinson Road
If you are already participating in CPF LIFE and would like to buy an extra CPF LIFE annuity with the additional top-up to your RA, you can download and fill up Form LID-APP(1A): Application for Additional Annuity under CPF LIFE and mail it to:
You can refer to our service standards for more information.
For More Info
Frequently Asked Questions
Read the Frequently Asked Questions (FAQs) on CPF LIFE
Try the CPF LIFE Payout Estimator to estimate how much LIFE Bonus you would receive.
Read the CPF LIFE Booklet (also available in Chinese, Malay and Tamil) for more information on CPF LIFE.
View the infographic on CPF LIFE.
CPF LIFE Press Release