What is the main change from this Retirement Sum monthly payout review?
Retirement Sum Scheme (RSS) payouts will last up to age 90* at most, instead of age 95. Hence older members who are already receiving payouts with duration exceeding age 90 will have their payout amount adjusted upwards. Members who chose to make top-ups and/or defer the start of their payout will also generally receive a higher payout.
RSS members who turn age 65 from 1 July 2020 onwards will be on the new payout rules.
For older members, who have started receiving their payouts, the new payout rules will only apply to them if their payout amount is higher under the new rules. Hence, this group of members will receive either the same or higher payout.
There is no change to when members can start their monthly payout or CPF withdrawal rules.
*If your payout duration is shorter than 5 years, your payout duration may extend beyond age 90.