With the Retirement Sum Topping-Up Scheme (RSTU), you can build either your own or your family members’ retirement savings through extended payout duration or through monthly payouts. You can top up via cash or by transferring your CPF savings to your own or your family members’ relevant account.
In case the recipients are below 55 years of age, you can top up their Special Accounts (SA) by an amount that’s not more than the current Full Retirement Sum (FRS). If the recipients are 55 years old or above, you can top up their Retirement Accounts (RA) by an amount that’s not more than the current Enhanced Retirement Sum (ERS).
In case you are topping up by transferring your CPF savings, you can do it only for yourself, your parents-in-law, parents, grandparents-in-law, grandparents, siblings and spouse. On the other hand, you can use cash to top up the retirement sum of any beneficiary.
Benefits of the RSTU Scheme
Here is a list of benefits of topping up your retirement sum:
Earn More in the Form of Interest
Get Tax Relief When You Make Cash Top-Ups
The money that you put in your Special Account or Retirement Account will help you earn an interest rate of up to 6% p.a. This includes 4% p.a. interest that is guaranteed on your SA/RA savings, 1% p.a. additional interest that you can earn on the first S$60,000 in your CPF accounts, and another 1% p.a. interest (for members of 55 years of age and above) on the first S$30,000 of your overall CPF balances.
This is a comparatively decent rate of return especially when you consider that these are virtually without any risks.
By using cash to top up your retirement sum, you can get tax relief of up to S$7,000 in a year if you are doing it for yourself. You will get extra relief of up to S$7,000 in a year if you are adding to the retirement sum of your siblings, spouse, grandparents-in-law, grandparents, parents-in-law or parents.
However, you will get the relief only if you are making the top ups using cash. If you want to claim any tax benefit for top-ups made for your siblings or spouse, their annual income should not exceed S$4,000 in the year preceding the year of your top-up. This income threshold applies only to your spouse and siblings.
Employers can also benefit by making cash top-ups on their employees’ behalf. You can claim tax relief that you are entitled to, for carrying out cash top-ups made in a year in the following year's tax assessment.
Whose CPF Accounts Can You Top Up?
In addition to topping up your own retirement sum, you can top up the CPF savings of your family members, including your:
- Grandparents and Grandparents-in-law
- Parents and Parents-in-law
CPF Transfers to Family Members Other Than Your Spouse:
|If your age is 55 years or above||Savings in your Ordinary Account once you set aside an appropriate amount in your Full Retirement Sum. The Full Retirement Sum can be set aside using Special Account and Ordinary Account savings, that include the amount withdrawn for investments, and Retirement Account savings.|
|For people below 55||Savings in your Ordinary Account once you have set aside Full Retirement Sum. The Full Retirement Sum can be set aside with the money in your Special Account and Ordinary Account savings, that include the amount withdrawn for investments.|
CPF Transfers to Your Spouse
|For people over 55||The funds in your CPF account once you have set aside an appropriate amount in your Basic Retirement Sum. It can be set aside with funds in your Special Account and Ordinary Account savings, that include the sum withdrawn for investments, and Retirement Account savings.|
|For people below 55||The funds in your Ordinary Account once you have set aside the current Basic Retirement Sum. It can be set aside with your savings in the Special Account and Ordinary Account that include the sum withdrawn for investments.|
How to Make a CPF Top-Up
If you choose to top up by transferring your CPF savings, you can do so from the CPF Board’s website. For cash top-ups, you can choose any of the following ways:
To make use of the GIRO facility to make monthly/yearly cash top-ups to your CPF account or to the account of your family members, you will have to download and fill in the Top-up Retirement Sum form and mail it to the CPF Board.
If you choose to use a cheque to make the top up, download and fill up the retirement sum form and send it to the CPF Board. The top-up will be processed as per the service standards of the CPF Board.
OCBC Internet Banking
If you choose this option, you will have to login using your SingPass and submit the application through My Requests > Building Up My/My Recipient's CPF Savings. If you are opting for cash top-up, you must make the payment instantly by logging in to OCBC Internet Banking/Mobile Banking/ATM. Your request for top-up will be processed as per the service standards of CPF once your application is received.
Take the following steps if you opt for e-Cashier for making a cash top up:
- Go to e-Cashier and choose payment for top up my own/loved one's Retirement Account/Special Account under RSTU.
- Make your payment instantly through eNETS.
AXS Stations (only cash top-ups)
Take the following steps if you opt to top-up via an AXS station:
- Go to an AXS station and opt for top up my recipient/own Retirement Account/Special Account under RSTU.
- Make the payment instantly through the AXS machine.
There is no need for you to submit any document if you are making cash top-ups. However, if you are making a CPF transfer to a family member’s account for the first time, you will have to submit the following documents to affirm your relationship with your family members:
- Marriage certificate, if you want to transfer the money to your spouse.
- Birth certificate, if you want to transfer the money to your parents.
- Marriage certificate (if registered overseas) along with your spouse’s and your spouse’s parents’ birth certificates, if you want to transfer money to your grandparent-in-laws.
- Yours and your parent’s birth certificates, if you want to transfer money to your grandparents.
- Yours and your siblings’ birth certificates, if you want to transfer money to your siblings.
- Your marriage certificate (if registered overseas) and the birth certificate of your spouse to transfer money to your parents-in-law.
If you have already made a transfer to any of the beneficiaries mentioned above, you do not have to submit the supporting documents. You can submit the supporting documents for carrying out the top-ups in the following ways:
- E-concierge with the help of your SingPass:
- Go to CPF website and sign in using your SingPass.
- Once you are signed in, you can select “My Request”.
- Go to “My e-Concierge” inside the blue box.
- Once you have read and accepted the conditions mentioned, click “Start”.
- Select “Retirement Schemes --> Retirement Sum Topping-Up Scheme” if you want to opt for the e-Concierge category.
- Attach all the necessary documents and enter your request.
- Click "Next" and then “Submit”.
- Mail it directly to the CPF office at their Robinsons Road office address.
These top-ups will be processed within a few working days if you have carried out all the steps in the appropriate manner and you have submitted all the necessary documents required. If you want to know the status of your transactions, you can log in to ‘my CPF Online Services’.
How to Check Status of Top-Up
You can see your transactions online once your application is processed. You will have to log in to ‘my cpf Online Service’ and go to ‘My Statement’.
|5 working days.||7 working days.|
How to Undo a Top-Up
Top-ups under the Retirement Sum Topping-Up Scheme are irreversible as well as irrevocable.
When to Make a Top-Up
If you want to earn more in interest on your CPF savings, you must top-up in the early part of the year, preferably in January. For instance, if you top-up in January every year, instead of December, you could earn an additional interest of 20% on your CPF savings over a period of 10 years.
How to Use the Top Up Amount
You can make use of the top-up amount only for your retirement needs and it will be credited to you as monthly payouts. It can’t be used for any other purpose.
Frequently Asked Questions
Q. How much top-up can I receive and from how many people?
A. You can get top-ups from more than one person as long as the overall top-ups do not surpass the maximum top-up amount that you are entitled to.
Q. Can I reverse the top-up made to the RSTU scheme?
A. No, once you have carried out the top-up, there is no way of reversing it as top-ups under the RSTU Scheme are irrevocable.
Q. Can I continue to top-up my Retirement Account after receiving monthly payouts?
A. In case you have crossed your Payout Eligibility Age, you can continue to top up your Retirement Account after receiving your payouts. However, you can do so only if you have failed to set aside Enhanced Retirement Sum.
Q. Can I move funds from my Ordinary Account to my Retirement Account without impacting my Special Account?
A. If you are over 55 and you are carrying out a CPF transfer to your own Retirement Account, your savings in the Special Account will be moved before the savings from your Ordinary Account.
Q. Can I terminate my GIRO arrangement as part of the Retirement Sum Topping-Up Scheme?
A. To terminate your GIRO arrangement, you will have to download the termination form and fill it up and mail it to the CPF Board.