While you can withdraw your CPF savings if you intend on leaving Singapore and West Malaysia for good, with no intention of returning, you can also ask for a withdrawal if you leave Singapore but continue to stay in West Malaysia. There are certain eligibility conditions that you will have to fulfil along with providing relevant documentation, and follow a set process. If you are someone who wants to withdraw their CPF under these conditions and want to know if you are eligible for such a withdrawal then here is what you will need to know.
Who is eligible to withdraw CPF savings?
The very first thing you need to know are the conditions that this withdrawal is predicated upon. The conditions that you need to fulfil and they are:
- The first condition is that you have to be a citizen of Malaysia and you have to have left Singapore for good and reside in West Malaysia.
- You have to renounce permanent residency in Singapore and also have to renounce any work permits you have for the country.
- If you are 50 to 55 years old then you can apply for a withdrawal if you have not worked in Singapore in the last two years. You can also apply if you are 55 years or older. Even if you are in a situation where, as a result of physical or mental shortcomings, you are unable to earn a living, you can apply for a withdrawal. For this condition, it would suffice to meet any one of the 3 criterion.
Another thing you need to know about these conditions is that you will need to fulfil all of them to be eligible to withdraw your CPF savings.
How Malaysians living in West Malaysia can withdraw CPF
The process to withdraw the CPF savings if you are a Malaysian, staying in West Malaysia, is very simple. Here is what you will need to do:
- Download the application form for such withdrawals. The form you will need will be FORM CPF-MC. This form will collect information such as your personal details, your bank details and details of discounted Singtel shares.
- Collect all supporting documents that have been attested using the official seal of a member of the Singapore High Commission or a Notary Public.
- Mail all the documents and the application form to
Central Provident Fund Board
Withdrawal Schemes Department (WSD)
238B Thomson Road
#08-00 Tower B Novena Square
This is pretty much all you have to do to have the process started. You could, if you chose to, have the process started by taking the documents and the application form to the CPF Service Centre in person. In case you are taking the documents in person, you can carry the original supporting documents instead of certified copies.
The documents that you need to submit will be:
- Your Malaysian ID card
- Your passport showing
- The details of the passport
- The cancellation of the long term pass or the dependent pass
- If applicable then letters from the Immigration & Checkpoints Authority (ICA) certifying that
- You have renounced your citizenship of Singapore
- Your entry/re-entry permit to Singapore has been cancelled along with the cancellation of your permanent residency permit.
- A medical certificate issued, within the last 6 months, by your doctor certifying your inability to work as a result of prevailing medical conditions. This is needed only if you want to apply for the withdrawal on the basis of ill health.
- Passbook that provides all the details of the bank account where you wish the money to be transferred. If it happens to be an overseas bank then you will have to provide its details along with the SWIFT code.
Should the name on some of your documents like the bank documents, the passport or the citizenship certificate, be different than what CPF has on record, you will need to verify your name as well. For this verification you will have to submit any one of the following documents:
- Marriage certificate
- Name change certificate
- Deed poll
What you get
Once you have applied for your CPF savings withdrawals, here is what you can expect to get back
- CPF accounts: The amount that you hold in Ordinary, Special or retirement accounts will be returned to you.
- CPF LIFE Scheme: If you are covered by the CPF LIFE scheme then all unused premiums will be refunded. However, you will still be presented with the choice to continue the policy and start getting pay-outs when you reach the appropriate age. The only requirement for this option is that you need to have a bank account in Singapore, personal or joint, in which your monthly pay-outs will be credited.
- CPF investments: If you have a CPFIS-Ordinary Account or CPFIS-Special Account, then the CPF board will either close the account (CPFIS-OA) or inform your product provider (CPFIS-SA) to close your account have the holdings released to you. Once that is done, the amount will be released to you to dispose at your convenience.
The payments can be made by the CPF via Interbank GIRO or a Telegraphic Transfer depending on whether your account is held in a Singapore bank or an overseas bank. The transfer will only be done to the account that you mention in your application form. In case the transfer cannot be done, for example in instances where the bank details are incorrect, the COF Board may just issue a cheque for the amount that is due to you.
Whatever the case may be, you must remember that the acceptance of your application will deepened on you meeting the eligibility criteria. There are other situations too where such withdrawals may be permitted. To know more about them you can read our section on CPF withdrawals.