• CPF Retirement Sum Scheme – Payouts up to 20 years after Retirement

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    What is the CPF Retirement Sum Scheme?

    This scheme with payouts was launched in 2009 to provide members with monthly income during retirement for approximately 20 years.

    Entry Age: 55 years. Payouts start from the age of 65 years.

    Table 1: Payout Eligibility Age

    Year of Birth Payout Eligibility Age
    1943 and earlier 60 years
    1944 - 1949 62 years
    1950 - 1951 63 years
    1952 - 1953 64 years
    1954 and after 65 years

    How does it work?

    • Under this scheme, members will receive payouts for approximately 20 years as a way of supporting their basic standard of living during retirement.
    • Members who are Singapore Citizens or Singapore Permanent Residents will be placed on the CPF LIFE Scheme if they were born in 1958 or after and have a minimum of:
      • SS$40,000 in their Retirement Account at 55 years old OR
      • SS$60,000 in their Retirement Account at 60 years old

    What happens if you have not been placed on CPF LIFE?

    You can apply to join CPF LIFE at any point in time from your payout eligibility age and up to 80 years of age OR choose to stay on the Retirement Sum Scheme.

    Retirement Sum – What is it?

    The sum chosen to be placed in the Retirement Account to start receiving payouts from payout eligibility age.

    Retirement Sum– How much is it?

    Table 2: Payouts for members who turned 55 between July 1 2003 and 2015

    Turned 55 on or after Full Retirement Sum
    July 1, 2003 S$80,000
    July 1, 2004 S$84,500
    July 1, 2005 S$90,000
    July 1, 2006 S$94,600
    July 1, 2007 S$99,600
    July 1, 2008 S$106,000
    July 1, 2009 S$117,000
    July 1, 2010 S$123,000
    July 1, 2011 S$131,000
    July 1, 2012 S$139,000
    July 1, 2013 S$148,000
    July 1, 2014 S$155,000
    July 1, 2015 S$161,000

    Retirement Sum – What to do with it?

    3 options depending on year of birth:

    • Sum placed on CPF LIFE
    • Sum continues to remain in the Retirement Sum Scheme
    • Choose to apply for CPF LIFE

    Table 3: What to do with the Retirement Sum based on Year of Birth

    Year of Birth What To Do With Retirement Sum
    1957 and earlier
    • Join CPF LIFE at any point in time before 80 years of age OR
    • Continue to remain on Retirement Sum Scheme
    1958 and above
    • Min. $40,000 Retirement Account at 55 or Min. $60,000 in Retirement Account at 65, be placed on CPF LIFE.
    • If not placed on CPF LIFE, apply to join before 80 years of age OR continue to remain on Retirement Sum Scheme.

    Payouts are made under 3 Plans (starting from January 2016)

    Table 4: Payouts for members under different plans

    Lifelong Monthly Payout: 65 years and above Retirement Account savings requirement at 55 years
    If a property is owned and Retirement Account savings have been withdrawn above Basic Retirement Sum (subject to availability of sufficient CPF property pledge/charge) S$660 to S$720 BRS or Basic Retirement Sum: S$80,500
    If no property is owned and Retirement Account savings have not been withdrawn above Basic Retirement Sum S$1,220 to S$1,320 FRS or Full Retirement Sum: S$161,000 FRS = BRS x 2.
    If more savings are put into CPF LIFE S$1,770 to S$1,920 ERS or Enhanced Retirement Sum: S$241,500 ERS = BRS x 3.

    Note: The payouts have been estimated according to 2016 CPF LIFE Standard Plan parameters.

    Basic Retirement Sum

    • Payouts will depend on Basic Retirement Sum set aside.
    • Basic Retirement Sum that needs to be set aside will be informed to members ahead of time.
    • Payouts each year have to be higher as a way to take into account rising standards of living and long term inflation.

    Table 3: Basic Retirement Sum at 55 years

    Age/Years Basic Retirement Sum
    55 years in 2016 S$80,500
    55 years in 2017 S$83,000
    55 years in 2018 S$85,500
    55 years in 2019 S$88,000
    55 years in 2020 S$90,500

    Setting aside of the retirement sum –

    • At 55, savings from Ordinary and/or Special Accounts will be transferred into a Retirement Account (RA).
    • The retirement sum in this account can be used for one of the two:
      • CPF LIFE to receive lifelong monthly payouts OR
      • Retirement Sum Scheme to receive monthly payouts for approximately 20 years.
    • The remaining cash in the Ordinary and/or Special Accounts can either be withdrawn or left in the account to earn further interest.
    • January 2016 – All members at 55 will receive 1% additional interest on accumulation of the 1st S$30,000 worth of combined balances in their CPF accounts. This is in addition to the 1% extra interest that members receive on accumulation of S$60,000 worth CPF balances combined.

    Topping-up of retirement sum to member’s account/spouse’s account –

    • Cash top-ups can be made to one’s own Special/Retirement Account savings.
    • January 2016 onwards: Top-ups available for ERS or Enhanced Retirement Sum.
      • Tax relief can be obtained on cash top-ups to ERS up to current Full Retirement Sum amount.
      • Taxes applicable on cash-tops made to ERS that exceed the current Full Retirement Sum amount.
    • January 2016 onwards: Basic Retirement Sum excess savings can be transferred to spouse’s account to avail extra interest to be received on combined S$60,000 worth CPF balances.

    Exemption from setting aside Retirement Sum

    Applicable in case of one of the following:

    • Member has bought his/her own life annuity using cash and the payout received from the life annuity is equal to or greater than that of the full monthly payout.
    • Member is a pensioner and receives pension that is equal to or greater than the full monthly payout.

    Application Process

    Applying for Exemption:

    Submit annuity policy copy/latest letter from the Pension Office of Accountant-General’s Department with monthly pension amount mentioned to the CPF Board.

    Applying to start monthly payouts:

    Online – my cpf

    • Login to CPF with SingPass
    • Go to “My Requests” and submit online application

    If application is received by the CPF Board within 3 business days before the end of the month, the payouts will start from the next month.


    • Download “FORM RSS/30: Application for Monthly Payout Under the Retirement Sum Scheme”.
    • Fill up the form
    • Mail it to the CPF Board.

    Making CPF/Cash Top-Ups:

    Online – my cpf

    • Login to CPF with SingPass
    • Go to “My Requests” and submit online application
    • Cash top-ups: Make immediate payment through OCBC Mobile banking/Internet Banking/ATM.

    Online Cash Top-Ups using E-Cashier

    • Visit E-Cashier web page of CPF website.
    • Choose payment for topping-up of own/recipient’s Retirement Account/Savings Account under the RSTU or Retirement Sum Topping-Up Scheme.
    • Make immediate payment through E-Cashier’s payment mode (Note: Only eNETS Debit will be accepted).

    Online Cash Top-Ups using AXS

    • Visit any AXS station.
    • Choose payment for topping-up of own/recipient’s Retirement Account/Savings Account under the RSTU or Retirement Sum Topping-Up Scheme.
    • Make immediate payment using AXS machine.

    Top-ups will take 5 business days to be processed upon receiving the application.

    Top-Ups using Mail

    • Download “FORM RSS-TP: Application to Make Top-Ups Under the Retirement Sum Topping-Up Scheme (For Members).
    • Fill up the form.
    • Mail it to the CPF Board.
    • Alternative: GIRO Facility – make cash top-ups monthly and/or yearly to own/spouse’s CPF accounts.
      • Download form “Top Up Retirement Sum Using GIRO.
      • Fill up the form.
      • Mail it to the CPF Board.
      • GIRO facility will take 21 business days to be processed upon receiving the application.
      • Upon application approval, deductions will start the following month.
      • Deductions will occur on the 15th day of every month. If this day falls on a weekend or public holiday, the deduction will occur the following business day.

    Being a part of the Retirement Sum Scheme can secure your financial future to a great length for a forcible amount of time. It can cover your basic standard and cost of living for approximately 20 years. You have the choice of staying on this scheme or applying for CPF LIFE which will provide you with lifelong payouts upon reaching the PEA.

    News About CPF Retirement Sum Scheme

    • Government to Review Relevance of Retirement Age and CPF Contribution Rates for Older Workers

      Josephine Teo, Manpower Minister of Singapore, at the annual work-plan seminar organised by the Ministry of Manpower, said that the government will formulate a tripartite group to take a look at the contribution of older workers towards the Central Provident Fund (CPF). The group will also review the impact of re-employment and retirement ages.  

      The statement came days after Josephine Teo took over the portfolio of manpower. She said that the group will take steps to ensure that organisations treat their older employees in a fair manner.

      Aubeck Kam, Permanent Secretary (Manpower), will be the Chairperson of the workgroup. Mrs Teo, Singapore National Employers Federation President Robert Yap, and Labour Chief Ng Chee Meng will advise the group on relevant matters. Personnel from tripartite partners form the rest of the group.

      Employees between 55 and 60 years old currently contribute 13% of their monthly wages towards CPF, with their employers contributing a similar rate. For a working individual between the ages of 60 to 65 years, the rate contributed by employers is 9%, while the employee’s contribution is 7.5%.

      With 1 out of 3 working Singaporeans currently above 50 years of age, their worry is about job security, especially since technology is unsettling jobs and businesses. Ms. Teo said that instead of looking at older workers as a “drag”, the country should look at making them a competitive resource for the economy.

      Ms. Teo also announced the government will implement the Skillsfuture For Enterprises (SFE) initiative through intermediary networks like human resource consultants, and trade chambers and associations.

      She said that the goal of this initiative is to teach companies how to train and develop their employees better through improved human resource structures, processes, and systems. This is primarily to help those who are struggling to keep up with industry transformation and to be more valuable to their companies.

      29 May 2018

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