CPF Transfers

Now, you can get your retirement savings to grow even faster! If you aren’t using your Ordinary Account savings for home financing, you can transfer them to the Special or Retirement Account where they enjoy a higher interest rate. Your savings earn up to 5% p.a. in the Special Account and up to 6% p.a. in the Retirement Account, while earning up to 3.5% p.a. in the Ordinary Account.

You can also transfer your Ordinary Account savings to your loved ones’ Special and Retirement Accounts so that they too can enjoy higher lifelong monthly payouts in retirement.

Benefits


Attractive interest rates
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Lifelong payouts with CPF LIFE
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Higher payouts in retirement
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Attractive interest rates of up to 5% p.a. on savings in the Special Account,
and up to 6% p.a. on savings in the Retirement Account


Additional
1%
Extra
Interest
From 55 years old
On the first $30k of combined CPF balances
(up to $20k from OA)
1%
Extra
Interest
On the first $60k of combined CPF balances
(up to $20k from OA)

Ordinary
Account
(OA)

Special and
Medisave
Accounts
(SA & MA)

Retirement
Account (RA)
(From 55)

Build up your savings and receive lifelong monthly payouts with CPF LIFE

As people enjoy higher life expectancies, ensuring you have a stream of lifelong income to meet your retirement needs becomes increasingly important. This is where CPF LIFE, an annuity scheme, comes into play. It provides you with a monthly payout for life, so you won’t have to worry about outliving your savings.

If you were born in 1958 or after, and have at least $60,000 in your Retirement Account six months before reaching your payout eligibility age, you will be automatically placed on CPF LIFE. If you have lower savings or are born before 1958, you can also opt in to join the scheme any time before age 80.

By building up your own or your loved ones’ retirement savings with CPF transfers and cash top-ups, you can secure higher payouts for life!


3 Facts to help you understand annuities better

1

An annuity is a type
of life insurance
policy, usually
purchased to provide
for retirement needs.

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2

It works by providing
a stream of regular
monthly income,
payable to you upon
retirement.

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3

This regular income
is payable until death
so the longer you live,
the more you will receive.

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Get higher payouts in retirement by building up your CPF savings early

It's always the right time to take action. With interest rates starting from 4% p.a. on savings in the Special and Retirement Accounts, every dollar you save in there will be growing year after year. And the earlier you make CPF transfers, the more you stand to gain from the compound interest over time!

What's more, the first $60,000 in your combined CPF savings also earns a 1% p.a. extra interest, helping your savings grow even faster. And if you're 55 and above, you'll also earn another 1% p.a. additional extra interest on the first $30,000 of your combined savings. How's that for a good deal?





2 Ways to Transfer Your Savings

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Online

  • Visit my cpf and log in with your SingPass
  • Go to the ‘My Requests’ section to make a CPF transfer
  • Choose whether to transfer to yourself, or to a loved one’s Special or Retirement Account

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Mail



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For first time transfers to a loved one, you will need to attach proof of your relationship together with your request. For subsequent transfers to the same loved one, no further proof is needed.



Terms & Conditions

Visit my cpf Online Services > My Messages to find out your personal topping-up limit, which determines the amount of CPF savings that can be transferred to you. You can also see the exact amount you are entitled to transfer from your own CPF savings.

Transferring CPF savings to…

For the giver
(how much can be transferred)

For the recipient
(how much can be received)

Before 55 After 55 Before 55 After 55
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Yourself

All of the Ordinary Account savings

All of the Special Account savings, followed by all of the Ordinary Account savings

Up to the current Full Retirement Sum of $171,000 in the Special Account

Up to the current Enhanced Retirement Sum of $256,500 in the Retirement Account

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Your Spouse

Ordinary Account savings remaining after setting aside the current Basic Retirement Sum of $85,500

Ordinary, Special and Retirement Account savings remaining after setting aside the applicable
Basic Retirement Sum

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Other loved ones
(parents, parents-in-law, grandparents, grandparents-in-law, siblings)

Ordinary Account savings remaining after setting aside the current Full Retirement Sum of $171,000

Ordinary Account savings remaining after setting aside the applicable
Full Retirement Sum

Transferring CPF savings to…

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Yourself

For the giver
(how much can be transferred)

Before 55 After 55

All of the Ordinary Account savings

All of the Special Account savings, followed by all of the Ordinary Account savings

For the recipient
(how much can be received)

Before 55 After 55

Up to the current Full Retirement Sum of $171,000 in the Special Account

Up to the current Enhanced Retirement Sum of $256,500 in the Retirement Account

Transferring CPF savings to…

cpftransfer_tnc_icon2

Your Spouse

For the giver
(how much can be transferred)

Before 55 After 55

Ordinary Account savings remaining after setting aside the current Basic Retirement Sum of $85,500

Ordinary, Special and Retirement Account savings remaining after setting aside the applicable Basic Retirement Sum

For the recipient
(how much can be received)

Before 55 After 55

Up to the current Full Retirement Sum of $171,000 in the Special Account

Up to the current Enhanced Retirement Sum of $256,500 in the Retirement Account

Transferring CPF savings to…

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Other loved ones
(parents, parents-in-law, grandparents, grandparents-in-law, siblings)

For the giver
(how much can be transferred)

Before 55 After 55

Ordinary Account savings remaining after setting aside the current Full Retirement Sum of $171,000

Ordinary Account savings remaining after setting aside the applicable Full Retirement Sum

For the recipient
(how much can be received)

Before 55 After 55

Up to the current Full Retirement Sum of $171,000 in the Special Account

Up to the current Enhanced Retirement Sum of $256,500 in the Retirement Account

From Q4 2018, you can transfer your CPF savings above the Basic Retirement Sum (BRS) to your parents and grandparents, if you have enough CPF savings inclusive of property pledge/charge to meet at least the current FRS (if you are below 55 years old), or the FRS applicable to you (if you are 55 years old and above). More details will be provided in in Q3 2018.

Monies received from CPF transfers and cash top-ups are meant for retirement needs and will be streamed out as monthly retirement payouts. It cannot be used for other purposes such as education, investment, insurance premium payments, housing, be withdrawn via a property with sufficient CPF property charge or pledge or used to make CPF transfers to other recipients. For more information, please see the Retirement Sum Topping-Up page.

Recipient can receive top-ups from more than one giver so long as the total top-ups do not exceed the maximum top-up amount he/she can receive. The recipient can check the top-up amount through my cpf Online Services > My Messages.

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