CPFB | Top up to enjoy higher retirement payouts

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Benefits of topping up

Receive higher monthly payouts
Earn risk-free interest rates* of up to 6% per annum on retirement savings
Enjoy tax relief of up to $16,000 for cash top-ups made to yourself and your loved ones in each calendar year
Seniors under the Matched Retirement Savings Scheme enjoy matching grants from the Government on cash top-ups received, up to $600 per year.

*Based on the current 4% interest rate floor on Special and Retirement Account monies.

Quick tip

From age 55, you can choose to top up your Retirement Account up to the current Enhanced Retirement Sum (ERS) of $308,700 for higher payouts. As the ERS increases every January, you can make further top-ups every year for even higher payouts!

Things to note

What you need to know before making cash top-up or CPF transfer

Find out your top-up limits and tax benefits

Go to your Retirement Dashboard to check:

How much cash top-ups and CPF transfers you can make to yourself and your loved ones
The remaining tax relief you can enjoy for the calendar year

View Retirement Dashboard

Cash top-ups and CPF transfers are irreversible

Top-ups are irreversible and the savings are reserved to boost your monthly payouts in retirement.

Thus, they cannot be withdrawn for other purposes (e.g. for housing, investment, immediate needs after age 55).

Prepare the necessary documents

To complete your top-up form, you will need:

Your recipient’s NRIC, if you are making a cash top-up or CPF transfer to a loved one
Additional documents if you are making a CPF transfer to a recipient for the first time

Quick tip

Make your cash top-up or CPF transfer early to earn more through the power of compounding interest. If you make a top-up in January instead of December, you can earn up to 20% more interest in just 10 years on those monies.

Cash top-ups

Who you can make a cash top-up to

Yourself and your loved ones

Receive up to $8,000 tax relief when you make a cash top-up to yourself and up to another $8,000 when you make a cash top-up to your loved ones (parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings) in each calendar year.

The top-up amount you or your loved ones can receive and tax relief you can enjoy depends on the recipient’s age and CPF balances.

Tax relief only applies to givers and not recipients.

Your employees

Boost your employees’ retirement savings by making cash top-ups on your employees’ behalf.

By doing so, you will benefit from dollar-for-dollar tax deductions while your employees may enjoy tax relief of up to $8,000.

Top up (for employers only)

Any other CPF member (e.g. friends or other relatives)

Help grow the savings of people you care about so they can enjoy higher payouts in retirement.

Note that such top-ups are not eligible for tax relief.

CPF transfers

Who you can make a CPF transfer to

Besides cash top-ups, you can also transfer your CPF savings to yourself and your loved ones to boost your own or their retirement savings.

Do note that CPF transfers do not qualify for tax relief.

Yourself

You can transfer your Ordinary Account (OA) savings to your Special Account (SA) if you are below 55.

If you are above 55, you can transfer your CPF savings to your Retirement Account (RA)*.

How much you can transfer depends on your age and CPF balances.

*Your SA savings will be transferred first, followed by your OA savings

Loved ones

Before transferring your CPF savings to your loved ones, you have to first set aside enough for your own retirement.

The amount of CPF transfers you can make to them depends on how much your loved one can receive, and the amount you can transfer.

Top-up methods

How to make cash top-up or CPF transfer

Make cash top-ups and CPF transfers (from your own Ordinary or Special Account) to your own or loved ones’ Special or Retirement Account through the following methods:

Online form

For cash top-ups (via PayNow or GIRO) and CPF transfers

Make cash top-ups or CPF transfers via online form Top-up guide for online form

CPF Mobile app

For cash top-ups (via PayNow only) and CPF transfers

Top-up guide for CPF Mobile App

Tip

Slowly but surely! Use GIRO to make small, regular cash top-ups. Make GIRO arrangements for monthly or yearly cash top-ups.

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What you need to know before making cash top-up or CPF transfer

Who you can make a cash top-up to

Who you can make a CPF transfer to

How to make cash top-up or CPF transfer

Common questions

Related Reads

How to top up your CPF and the benefits of doing so

What is the CPF retirement sum?

Multiplying your CPF savings with compound interest

How to top up your CPF and the benefits of doing so

What is the CPF retirement sum?

Multiplying your CPF savings with compound interest