Quick Link To: Your Retirement Savings And Withdrawals | Meeting Your Healthcare Needs | Owning A Property | CPF Insurance To Protect You And Your Family | Investing Your CPF | Other Schemes & Services
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Your Retirement Savings And Withdrawals Your CPF is for your retirement. You can withdraw your CPF savings when you turn 55, after setting aside your CPF Minimum Sum. Your CPF Minimum Sum can be used to buy life annuity from a participating insurance company, placed with a participating bank or left in your Retirement Account with the CPF Board. From 62 (current draw-down age), you will receive monthly payments from your CPF Minimum Sum to help meet your basic needs in retirement. If you had bought a life annuity, you will receive the monthly income for life. If you leave your CPF Minimum Sum with a participating bank or with CPF Board, you will receive the monthly income until your CPF Minimum Sum is exhausted. You may wish to start your monthly payouts later. It benefits you as your payouts will last longer. Alternatively, you may consider a new option – CPF LIFE. This new scheme will be introduced from September 2009. CPF members who participate in this new scheme can enjoy a monthly income for life. If you are 55 years or older in 2009, you can join CPF LIFE from September 2009. Members who are between 52 and 54 years old can join CPF LIFE from 55. CPF members turning age 55 from 2013, with at least $40,000 in their Retirement Account, will be automatically enrolled into CPF LIFE. Members who have less than $40,000 can opt-in, if they wish to do so. The CPF Minimum Sum is set at $117,000 from 1 July 2009 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. If you meet the CPF Minimum Sum, you will need to set aside a Medisave Required Amount when you withdraw your CPF. If you have less than the Medisave Required Amount, you can use your Special and/or Ordinary Accounts, in excess of the CPF Minimum Sum to set aside the Medisave Required Amount. This includes the first withdrawal upon reaching 55 and all subsequent withdrawals. The Medisave Required Amount is set at $18,000 from 1 January 2009 and will increase by $2,500 (to be adjusted for inflation) each year until it reaches $25,000 (in 2003 dollars) on 1 January 2013. You can also withdraw your CPF savings if you leave Singapore and West Malaysia permanently or become permanently incapacitated. For those reaching 55, you may apply online to withdraw your CPF using my cpf Online Services - My Request service. It’s convenient and your application can be submitted anytime, anywhere. All you need is your CPF Account Number and SingPass. Click here to apply online. Related Links CPF LIFE Minimum Sum Scheme Reaching 55: e-Withdrawal Printable Forms

Meeting Your Healthcare Needs Your monthly contributions to your Medisave Account help you build up savings for your healthcare needs. Medisave can be used to pay for your own or your dependant(s)' hospitalisation expenses. It can also be used for certain outpatient treatments like chemotherapy and radiotherapy treatments. You can also use your Medisave savings to pay the premiums for MediShield or private medical insurance plans under the Private Medical Insurance Scheme (PMIS). These are catastrophic medical insurance schemes for you and your dependants. They help to defray the high medical costs of prolonged or serious illnesses. For older CPF members, there is ElderShield, an affordable severe disability insurance scheme that provides insurance coverage to those who require long-term care. To ensure that all Singaporeans have access to medical care, Medifund is available to help the poor and needy with their medical bills. Related Links A Guide to Medisave MediShield ElderShield Medifund Private Medical Insurance Scheme (PMIS) Submit your application(s) online Printable Forms

Owning A Property Your Ordinary Account savings can be used to buy a home under the CPF housing schemes. You can buy an HDB flat under the Public Housing Scheme, or a private property under the Residential Properties Scheme. Your CPF savings can be used for full or part payment of the property, and to service the monthly housing payments. If you buy a flat under the Public Housing Scheme, you will need to be insured under the Home Protection Scheme. If you already own a property (HDB flat or private property) bought with your CPF savings and wish to buy another property with CPF savings from 1 July 2006, you will be able to do so after setting aside in your Ordinary and Special Accounts the prevailing Minimum Sum cash component if you are below 55 years, or the Minimum Sum cash component shortfall if you are aged 55 and above. From 1 July 2006, the Board no longer approves application under the Non-Residential Properties Scheme (NRPS). If you are currently using CPF to service your non-residential properties, you will not be affected by the policy change. Related Links Public Housing Scheme Home Protection Scheme Residential Properties Scheme Non-Residential Properties Scheme CPF Conveyancing Panel for CPF Housing Schemes Submit your application(s) online Printable Forms

CPF Insurance To Protect You And Your Family The Dependants' Protection Scheme helps you and your family to tide over the first few years in the event of an insured member's permanent incapacity or death. For more details, please contact the appointed insurers. The Great Eastern Life Assurance Company Limited or NTUC Income Insurance Cooperative Limited. The Home Protection Scheme protects you and your family from losing your home. This scheme is applicable to all CPF members who use their CPF savings to buy an HDB flat. Should the insured member become permanently incapacitated or die, the CPF Board will pay the outstanding housing loan based on the amount insured. MediShield is a catastrophic medical insurance scheme to help you and your dependants to meet the high medical costs of prolonged or serious illnesses. For older CPF members, there is ElderShield, an affordable severe disability insurance scheme that provides insurance coverage to those who require long-term care. Related Links Dependants' Protection Scheme Home Protection Scheme MediShield Submit your application(s) online Printable Forms

Investing Your CPF To enhance your retirement savings, you can invest your Ordinary and Special Accounts savings under the CPF Investment Schemes. Related Links Asset Enhancement Non-Residential Properties Scheme Discounted SingTel (ST) Shares Submit your application(s) online Printable Forms

Other Schemes & Services Education Scheme The Education Scheme is a loan scheme that allows you to use your CPF savings for full-time tertiary education in Singapore. Related Links Education Scheme Apply Online to use CPF Education Scheme Other online Education Scheme transactions

Transfer Of CPF Savings From Ordinary Account To Special Account If you are below 55 years old, you can transfer your Ordinary Account savings to your Special Account. However, the amount in your Special Account must not exceed the prevailing CPF Minimum Sum after the transfer. This will allow you to build up your retirement savings, and enjoy the higher interest rate of the Special Account at the same time. Related Links Transfer of CPF savings from Ordinary Account to Special Account Online funds transfer (available in my cpf Online Services - My Requests) Application form for funds transfer (0.03MB)   Nomination Your CPF nomination allows you to specify who to receive your CPF savings, and how much each nominee should receive, when you are no longer around. You do not need to make a CPF nomination if you wish to distribute your CPF savings under the intestacy laws. Distribution under the intestacy laws ensures that your family members will receive your CPF savings. For example: 1) If you are single, your CPF savings will be divided equally between your parents. 2) If you are married with children, half of your CPF savings will be given to your spouse, and the remaining half divided equally among your children. For Muslims, your CPF savings will be distributed by the Public Trustee according to the Inheritance Certificate, which your family members can obtain from the Syariah Court (Muslim inheritance law). If you wish to distribute your CPF savings differently from the intestacy laws/Muslim inheritance law, you will need to make a CPF nomination. If you do wish to nominate, please note that: 1) A marriage will automatically revoke an earlier nomination, if any. 2) A divorce does not revoke an earlier nomination, if any. 3) A will does not supersede an earlier nomination, if any. 4) If your nominee is below the age of 18 years old at the time your CPF savings are paid out, his/her share will be forwarded to the Public Trustee for administration until he/she reaches 18 years of age. 5) If any of your nominees is an undischarged bankrupt at the time your CPF savings are paid out, the Board will be legally obliged to inform the Official Assignee (OA) of any assets that are due to him as his estate is vested in the OA by virtue of the laws in Singapore relating to bankruptcy. Related Links Nomination Request for Nomination Details Print a Nomination Form (3.14MB)   CPF Statement of Account You can check your CPF Statement any time by logging in to the CPF website with your SingPass. With My Statement, you can get an overview of your CPF account balances as well as view your transaction and contribution histories. We will also post you your CPF Statement every February. These are for transactions made in the 12-month period from January to December. The Statement will be sent in the beginning of the following year, e.g. the statement for 2005 will be sent out in early 2006. If you do not want to receive the hard copy statement, please opt not to do so using My Requests under my cpf Online Services. You can login to check your online CPF statement instead, and you won't have to worry about losing your statement in the mail. If you find any of the particulars or figures in your CPF statement to be incorrect, please inform the Board immediately. Related Links View your CPF statement online with your SingPass Opt not to receive your hard copy statement of account   Feedback On Non Or Under-payment Of CPF Is your employer not paying your CPF, or under-paying you? If the answer is yes, tell us. The CPF Board will help you to recover the CPF that is due to you. You can inform us through our online service, and our officers will follow-up with you. Related Links Feedback on non or under- payment of CPF   Distribution Of CPF Savings Upon Death Find out how your loved one's CPF savings will be paid out when he or she is no longer around. Related Links When a CPF Member Passes Away   Medisave Top-Up 2008 The Medisave Top-Up 2008, announced in Budget 2008, is part of the Government's move to ensure that Singaporeans are adequately covered by medical insurance. The Government is giving out Medisave Top-Up 2008 to help older Singaporeans pay for their medical bills and their increased MediShield premiums. Related Links Medisave Top-Up 2008 (Frequently Asked Questions)   Supplementary Retirement Scheme The Supplementary Retirement Scheme (SRS) is part of the Government's multi-pronged strategy to address the financial needs of a greying population. It is a voluntary scheme that complements the CPF. Participants can contribute a varying amount to SRS (subject to a cap) at their own discretion. The contributions may be used to purchase various investment instruments. The SRS offers attractive tax benefits. Contributions to SRS are eligible for tax relief, investment returns are accumulated tax-free (with the exception of Singapore dividends), and only 50% of the withdrawals from SRS are taxable at retirement. Related Links Supplementary Retirement Scheme Electronic Services Use CPF e-services for greater convenience and accessibility to CPF information and services. CPF Website The CPF website gives you quick access to information on CPF schemes and services, and the latest CPF news. my cpf Online Services is a series of personalised online services available at the CPF website to help you manage your CPF savings better. With these online services, you can check your CPF balances, transact with us, check the status of your online applications and receive personalised messages. You only need your CPF account number and Singapore Personal Access (SingPass) to enjoy the convenience of all these online services. AXS Stations CPF members can now access their CPF account information and transact with the Board at more than 300 AXS Stations located island-wide. All you need is your CPF Account Number and CPF Phone PIN. Click here to find out more. Mobile Services For the convenience of CPF members on the go, the Board has introduced some mobile services that enable CPF members to transact with the Board using their mobile phones. mPAL – my cpf mPAL – my cpf allows you to check your personal CPF information using a mobile phone. To access mPAL – my cpf, you will need to do a one-time download of the application onto your mobile phone. You will also need the following to use this service: CPF Account Number and Phone PIN GPRS Java-enabled mobile phone "WAP over GPRS settings" installed in your mobile phone Click here to find out more. SMS You can receive SMS alerts from the Board if you sign up for the service via My eCitizen. Click here to sign up today! CPF Phone PIN If you need your CPF Phone PIN to access our services at the AXS stations or through mPAL - my cpf, you can submit your request through our website. To get your CPF Phone PIN immediately, login here with your CPF account number and SingPass. You can also reset your CPF Phone PIN personally at any CPF Service Centres via our Biometric e-Counters. Our Biometric e-Counters will verify your identity using your NRIC and fingerprint. Please bring along your original NRIC for this service. Voluntary CPF Contributions You can make voluntary contributions to build up your retirement savings. These contributions can also be used for your housing and healthcare needs. You can make a voluntary contribution either to (i) all your 3 CPF Accounts (non-tax deductible); or (ii) to your Medisave Account only (tax deductible). Voluntary contributions to all 3 CPF Accounts are subject to the CPF Annual Limit. Any voluntary contributions above the CPF Annual Limit will be refunded without interest. Voluntary contributions to the Medisave Account are subject to the Medisave Contribution Ceiling (MCC) or the CPF Annual Limit, whichever is lower. Any voluntary contribution to Medisave Account above the MCC will be refunded without interest. Related Links Make a voluntary contribution to my CPF account(s)