Can I change from a legacy plan (Basic, Balanced, Plus or Income Plan) to the Standard or Escalating Plan?
The Basic, Balanced, Plus and Income plans were introduced when CPF LIFE was first launched in 2009. Under these plans, extra interest earned on the first $60,000 of your CPF balances is credited to your Retirement Account (RA) and factored into your monthly payouts. As your balances are withdrawn over time to provide you with monthly payouts, the amount of monthly payouts and extra interest will decrease when your balances fall below $60,000.
If you are currently on any of the above legacy plans, you have the option to change to either the Escalating Plan or Standard Plan. Changing to the Escalating Plan will provide you with increasing payouts over time, while changing to the Standard Plan will provide you with level payouts. You can make the change anytime.
It is important to note that:
- Once you have changed to the Standard or Escalating Plan, you cannot change back to a legacy plan.
- All your RA savings, including the premium refunded from your legacy plan, will be deducted as CPF LIFE premium when the Standard or Escalating Plan is issued to you.
