Apart from Special Needs Savings Scheme (SNSS), how else can parents set aside money for their child under the CPF system?
Parents can also set aside money for their child by topping up to the Special Needs Savings Scheme (SNSS) nominee's CPF accounts based on current CPF rules. These top-up monies will enjoy CPF interest rates and will be set aside specifically for the child's retirement needs instead of being disbursed under the SNSS.
For parents who are under the CPF LIFE scheme, and have made a Special Needs Savings Scheme (SNSS) nomination, they can opt not to receive their monthly CPF LIFE payouts, and retain the monies in their Retirement Account (RA).
To do so, members can inform the Board of their intention in writing at least 2 months before their Payout Eligibility Age (PEA) or anytime after they have reached their PEA. In the request, members should indicate their name, NRIC number, signature and their intention to retain their CPF LIFE payouts in their CPF Retirement Accounts (RA) for the benefit of their SNSS nominee(s).