Skip Ribbon Commands
Skip to main content

 

 

Retirement Sum SchemeRetirement Sum Scheme<p>The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement. </p>TrueTrueTrueOthers;#

 

 

UnderstandWhat is the Retirement Sum Scheme?<p>The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement.<br></p><p>To better mitigate longevity risks, the <a href="/Members/Schemes/schemes/retirement/cpf-life#Item1596">CPF LIFE Scheme</a> introduced in 2009 provides a monthly income for as long as you live. You will have to join CPF LIFE if you are a Singapore Citizen or Permanent Resident born in 1958 or after, and have the following Retirement Account balances:</p><table width="100%" class="ms-rteTable-default" cellspacing="0" style="text-align:left;"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" style="width:50%;">​<strong>You turned 55 between 1 January 2013 and 30 April 2016</strong></td><td class="ms-rteTableOddCol-default" style="width:50%;"> <strong>​You turned 55 on 1 May 2016 and after</strong></td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="width:50%;"><ul><li> <span style="color:#444444;">​At least $40,000 in your Retirement Account when you reach 55 years old; or<br><br></span></li><li> <span style="color:#444444;">At least $60,000 in your Retirement Account six months before you reach your payout eligibility age.</span></li></ul></td><td class="ms-rteTableFooterOddCol-default" rowspan="1" style="width:50%;"><ul><li> <span style="color:#444444;">​At least $60,000 in your Retirement Account six months before you reach your payout eligibility age.</span><br></li></ul></td></tr></tbody></table><p> </p><p>If you are not placed on CPF LIFE, you can apply to join anytime between your payout eligibility age and before you turn 80 years old or remain on the Retirement Sum Scheme.</p>Retirement Sum Scheme17081708
UnderstandWhat is a retirement sum?<p>This is the amount of retirement savings which you have chosen to set aside in your Retirement Account to receive monthly payouts from your payout eligibility age, which is currently at age 65. </p>Retirement Sum Scheme17021702
UnderstandHow much is the retirement sum? <p>The following Full Retirement Sum applies to members who turned 55 from 1 July 2003 to 2020:<br></p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default" bgcolor="#d2d2d2"><td width="50%" align="center" class="ms-rteTableEvenCol-default"> <b class="fontbold">55th birthday on or after</b></td><td width="50%" align="center" class="ms-rteTableOddCol-default"> <b class="fontbold">Full Retirement Sum</b></td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2003</td><td class="ms-rteTableOddCol-default">$80,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2004</td><td class="ms-rteTableOddCol-default">$84,500</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2005</td><td class="ms-rteTableOddCol-default">$90,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2006</td><td class="ms-rteTableOddCol-default">$94,600</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2007</td><td class="ms-rteTableOddCol-default">$99,600</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2008</td><td class="ms-rteTableOddCol-default">$106,000</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2009</td><td class="ms-rteTableOddCol-default">$117,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2010<br></td><td class="ms-rteTableOddCol-default">$123,000</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2011</td><td class="ms-rteTableOddCol-default">$131,​000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2012</td><td class="ms-rteTableOddCol-default">$139,000</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2013</td><td class="ms-rteTableOddCol-default">$148,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"> 1 July 2014</td><td class="ms-rteTableOddCol-default"> $155,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"> 1 July 2015</td><td class="ms-rteTableOddCol-default"> $161,000</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 January 2017</td><td class="ms-rteTableOddCol-default">$166,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"> 1 January 2018</td><td class="ms-rteTableOddCol-default"> $171,000<br></td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"> 1 January 2019</td><td class="ms-rteTableOddCol-default"> $176,000<br></td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"> 1 January 2020</td><td class="ms-rteTableOddCol-default"> $181,000<br></td></tr></tbody></table> <br> <p>At 55 and after, you can choose your desired future monthly payout to meet your retirement needs. The more you set aside in your Retirement Account (RA), the higher your future monthly payout. The maximum amount that you can set aside in the RA is the current Enhanced Retirement Sum. Please click on <a href="/Assets/members/Documents/RetirementPayouts.pdf" target="_blank">Retirement Payouts</a> (PDF, 0.3MB) to see how the RA savings you set aside when turning 55 in 2018 affects your future monthly payout.</p> <br> <p>To help you plan early for retirement, the Basic Retirement Sum will be made known to you ahead of time. For each successive cohort of members turning 55, the payouts need to be higher to account for long-term inflation and rising standard of living. Correspondingly, the Basic Retirement Sum to be set aside has to increase.</p><table class="cpf-table cpf-form-table" style="width:100%;"><thead><tr><th style="width:50%;"></th><th style="width:50%;"> <strong>Basic Retirement Sum</strong>​ </th></tr></thead><tbody><tr><td style="width:50%;">Age 55 in 2016</td><td style="width:50%;">$80,500​</td></tr><tr><td style="width:50%;">Age 55 in 2017​</td><td style="width:50%;">$83,000<br></td></tr><tr><td style="width:50%;">Age 55 in 2018</td><td style="width:50%;">$85,500​</td></tr><tr><td style="width:50%;">Age 55 in 2019</td><td style="width:50%;">$88,000</td></tr><tr><td rowspan="1" style="width:50%;">​Age 55 in 2020</td><td rowspan="1" style="width:50%;">​$90,500<br></td></tr></tbody></table>Retirement Sum Scheme15911591
UnderstandWhy do I need to set aside a retirement sum?<p>Setting aside a retirement sum when you reach 55 years old ensures that you have a regular income from your payout eligibility age, to support a basic standard of living.​</p><table class="ms-rteTable-default" cellspacing="0" width="100%"><tbody><tr bgcolor="#d2d2d2"><td width="50%" align="center"> <b class="fontbold">Year of Birth</b></td><td width="50%" align="center"> <b class="fontbold">Payout Eligibility Age</b></td></tr><tr align="center"><td>1943 and before</td><td>60</td></tr><tr align="center"><td>1944 to 1949</td><td>62</td></tr><tr align="center"><td>1950 and 1951</td><td>63</td></tr><tr align="center"><td>1952 and 1953</td><td>64</td></tr><tr align="center"><td>1954 and after</td><td>65</td></tr></tbody></table>Retirement Sum Scheme15921592
UnderstandHow is the retirement sum set aside?<p>When you reach 55 years old, your Special and/or Ordinary Accounts savings will be transferred to your Retirement Account to form your retirement sum. Your retirement sum can be used to join CPF LIFE which provides you with life-long monthly payout or the Retirement Sum Scheme which provides you with a monthly payout until your Retirement Account balance is depleted.</p><p>After setting aside either the Full Retirement Sum or Basic Retirement Sum with sufficient property charge/pledge, you can choose to <a href="/Members/Schemes/schemes/retirement/withdrawals-of-cpf-savings-from-55#Item1556">withdraw</a> the remaining cash balances in your Ordinary and Special Accounts, or continue to keep your savings in CPF to earn attractive interest.</p><p>Since January 2016, an additional 1% interest will be paid on the first $30,000 of combined CPF balances for all members aged 55 and above. This is on top of the existing 1% extra interest on the first $60,000 of combined CPF balances. Combined balances refer to the total balances in your Ordinary, Special, MediSave and Retirement Accounts, including the annuity premiums for CPF LIFE less any payouts made.</p>Retirement Sum Scheme15931593
EvaluateWhat can I do with the retirement sum?<p>Depending on your year of birth, you</p><ul><li>will be placed on CPF LIFE; or </li><li>may remain on the Retirement Sum Scheme; or</li><li>can apply to join CPF LIFE.</li></ul><table class="ms-rteTable-default" cellspacing="0" width="100%"><tbody><tr class="ms-rteTableEvenRow-default" bgcolor="#d2d2d2"><td width="25%" align="left" class="ms-rteTableEvenCol-default"> <b class="fontbold">Birth Year</b></td><td width="75%" align="left" class="ms-rteTableOddCol-default"> <b class="fontbold">What You Can Do</b></td></tr><tr align="left" class="ms-rteTableOddRow-default" valign="top"><td class="ms-rteTableEvenCol-default">1957 and earlier</td><td class="ms-rteTableOddCol-default" style="text-align:left;"><ul style="margin:0px;padding:0px;"><li style="padding:0px;margin-bottom:5pt;margin-left:20px;">You can apply to join CPF LIFE any time before you turn 80, or you can remain on the Retirement Sum Scheme.</li></ul></td></tr><tr align="left" class="ms-rteTableEvenRow-default" valign="top"><td class="ms-rteTableEvenCol-default">1958 onwards</td><td class="ms-rteTableOddCol-default" style="text-align:left;"><ul style="margin:0px;padding:0px;"><li style="padding:0px;margin-bottom:5pt;margin-left:20px;"> <strong>Between 1 January 1958 and 30 April 1961</strong><br><br>If you ​have at least $40,000 in your Retirement Account (RA) at 55 or at least $60,000 in your Retirement Account at 65, you will be placed on CPF LIFE. </li><li style="padding:0px;margin-bottom:5pt;margin-left:20px;"> <strong>1 May 1961 onwards</strong><br><br>If you have at least $60,000 in your Retirement Account at 65 you will be placed on CPF LIFE<br></li></ul><p>If you are not placed on CPF LIFE, you can apply to join CPF LIFE before you turn 80 or remain on the Retirement Sum Scheme. </p></td></tr></tbody></table>Retirement Sum Scheme15961596
DecideWhen can I receive my Retirement Sum Scheme monthly payouts?<div><p>You can apply to receive your Retirement Sum Scheme (RSS) payouts anytime after your payout eligibility age. To do so, please submit <a href="/Assets/members/Documents/FORM_RSS30.pdf" target="_blank">FORM RSS/30: Apply for Monthly Payouts under CPF Retirement Sum Scheme</a> (PDF, 1.0MB).</p></div><div><p>For members turning age 70 from 2018 onwards, the Board will automatically start their payouts at age 70 if they have deferred receiving their RSS payouts. This automatic payout start age of 70 is similar to that for CPF LIFE and it simplifies the activation process for RSS members to receive payouts for retirement. With this automatic commencement, elderly members can enjoy a retirement income from their CPF savings with greater ease.<br></p></div>Retirement Sum Scheme15981598
DecideCan I be exempted from setting aside a retirement sum?<p>You may apply for an exemption from setting aside a retirement sum if you:​</p><ul><li>have your own life annuity bought using cash. The monthly payout you receive from the life annuity should be equal to or above the full monthly payout; or </li><li>are a pensioner receiving a monthly pension equal to or above the full monthly payout.</li></ul><p>To apply for an exemption, you can submit a copy of the annuity policy or a recent letter issued by the Pension Office of the Accountant-General’s Department, certifying the monthly pension amount. You may wish to visit the <a href="http://www.pac.gov.sg/" target="_blank"> Pensioner’s Portal</a> for more information.</p>Retirement Sum Scheme16001600
ApplyHow do I apply to start my Retirement Sum Scheme monthly payouts?<p> <strong>Online using <em><strong>my cpf</strong></em></strong></p><ol><li style="margin-bottom:5pt;">Login with your <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MemberPortalServices">SingPass</a>. </li><li style="margin-bottom:5pt;">Submit an online application via My Requests.</li></ol><p>Your RSS payouts will start the following month if we receive your application three working days before the end of the month.</p><p> <strong>Mail</strong></p><ol><li style="margin-bottom:5pt;">Download and fill up <a href="/Assets/members/Documents/FORM_RSS30.pdf" target="_blank">FORM RSS/30: Apply for Monthly Payouts under CPF Retirement Sum Scheme</a> (PDF, 1.0MB). </li><li style="margin-bottom:5pt;">Mail it to:<br>CPF Board<br>Retirement Schemes Department (RSD)<br>Robinson Road P.O. Box 3060<br>Singapore 905060</li></ol><p>Your RSS payouts will start the following month if we receive your application five working days before the end of the month.<br></p>Retirement Sum Scheme15991599

 

 

 

 

Retirement Sum Scheme (RSS) Payout CalculatorRetirement Sum Scheme (RSS) Payout Calculator<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/RetirementSumSchemePayoutCalculator/RetirementSumSchemePayoutCalculator " target="_blank"><img alt="" src="/_layouts/15/IMAGES/icgen.gif">RetirementSumSchemePayoutCalculator </a>The RSS Payout Calculator is only available for RSS members who are born before 1957. SingPass login is required.<br>
D-Bonus and V-Bonus Calculator D-Bonus and V-Bonus Calculator <a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/MinimumSumDAndVBonusCalculator/MinimumSumDAndVBonusCalculate" target="_blank"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">deferment_bonus_cal.asp</a>

 

 

 

 

 

 

Pledge my HDB Property Pledge my HDB Property /Tools/online-demos/online-demos/my-cpf-online-services/my-requests574MP4, 1.4MB
Apply for Monthly Payouts and Change Bank Details under CPF Retirement Sum Scheme Apply for Monthly Payouts and Change Bank Details under CPF Retirement Sum Scheme/Tools/online-demos/online-demos/my-cpf-online-services/my-requests575MP4, 1.9MB
Pledge my Private Property Pledge my Private Property /Tools/online-demos/online-demos/my-cpf-online-services/my-requests576MP4, 1.5MB

 

 

 

 

 

 

 

 

Withdraw Retirement Account Savings with Sufficient CPF Property Charge<a href="/Assets/members/Documents/FORM_RW_PTYWDL.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Application to Withdraw Savings Above Basic Retirement Sum from Retirement Account [for Property Owner with Sufficient CPF Property Charge]</a><p>FORM RW/PTY-WDL </p><p>This form allows you to apply for a withdrawal of your Retirement Account savings above your Basic Retirement Sum with sufficient CPF property charge.<br></p>00PDF, 1.0MB
Withdraw Retirement Account Savings with HDB Property Pledge<a href="/Assets/members/Documents/Form_RW_HDBPTY.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Form_RW_HDBPTY.pdf</a><a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/PledgeMyHdbProperty/Index" title="Application to Pledge HDB Property Under the Minimum Sum Scheme"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">Application to Pledge HDB Property Under the Minimum Sum Scheme</a><p>FORM RW/HDB-PTY </p><p> This form allows you to apply for a withdrawal of your Retirement Account savings above your Basic Retirement Sum with an HDB property pledge. The e-Service may take you 10 minutes to complete. <br></p>00PDF, 1.4MB
Withdraw Retirement Account Savings with Private Property Pledge<a href="/Assets/members/Documents/Form_RW_PTE_PTY.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Form_RW_PTE_PTY.pdf</a><a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/PledgeMyPrivateProperty/PledgeMyPrivatePropertyIndex" title="Application to Pledge Private Property Under the Minimum Sum Scheme"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">Application to Pledge Private Property Under the Minimum Sum Scheme</a><p>FORM RW/PTE-PTY </p><p> This form allows you to apply for a withdrawal of your Retirement Account savings above your Basic Retirement Sum with a private property pledge. The e-Service may take you 10 minutes to complete.<br></p>00PDF, 1.8MB
Apply for Monthly Payouts and Change Bank Details under CPF Retirement Sum Scheme<a href="/Assets/members/Documents/FORM_RSS30.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Apply for Monthly Payouts and Change Bank Details under CPF Retirement Sum Scheme</a><a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/MonthlyPayoutsFromMyRetirementAccount/BeginRequest" title="Apply for Monthly Payouts and Change Bank Details under CPF Retirement Sum Scheme"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">Application for Monthly Payouts Under CPF Minimum Sum Scheme</a><p>​FORM RSS30 </p><p>This form allows you to start your monthly payouts under CPF Retirement Sum Scheme. The e-Service may take you 5 minutes to complete.<br></p>00PDF, 1.0MB
Apply for Exemption from Setting Aside a Retirement Sum<a href="/Assets/members/Documents/FORM_RSS8.pdf" target="_blank" title="Apply for Exemption from Setting Aside a Retirement Sum"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Apply for Exemption from Setting Aside a Retirement Sum</a><p>​FORM RSS/8 </p><p>This form allows you to apply for an exemption from setting aside a retirement sum in your Retirement Account.<br></p>00PDF, 1.5MB

 

 

Retirement Sum SchemeRetirement

 

 

<table><tbody><tr><td> <font color="#4f8208"> <h2></h2></font></td></tr></tbody></table><br>

Your session will be terminated soon. Click 'OK' to continue or 'Cancel' to Logout.

 

Your screen width is too small to display

Please adjust the width of your browser or use a desktop machine for a better web experience.

Thank you.