Currently, there are no participating banks.
You may apply for exemption from the Minimum Sum Scheme
if you have bought your own life annuity using cash. The monthly payment you receive from the life annuity should be equal or above the Minimum Sum monthly payment. The same applies to pensioners receiving a monthly pension equal or above the Minimum Sum monthly payment.
To apply for exemption, just submit a copy of the annuity policy or recent letter issued by the Pension Office of the Accountant-General’s Department certifying the monthly pension amount. You may wish to visit the Pensioner’s Portal
for more information.
, if you are 55 and above from 1 January 2001, you can buy life annuities beyond your Minimum Sum with your withdrawable CPF savings. The monthly income from these annuities is accorded tax exemption.