If I have a pension or annuity, can I withdraw my retirement savings?
You can withdraw your retirement savings if you have a pension or annuity that provides you with monthly payouts for life. The amount of retirement savings you can withdraw will depend on the monthly payout you receive from your pension/annuity.
Generally, only pensions under the Singapore Government will be considered. As for annuities, only those bought using cash or under the CPF Investment Scheme will be considered. The annuities must also be administered by Monetary Authority of Singapore (MAS)-registered insurance companies and satisfy the requirements under the Insurance Act. Additionally, you must be the policyholder and sole insured person of the annuity policy.
Investment instruments such as endowments and bonds are not allowed as they generally do not provide the policyholder with a lifelong income.
