17 Jan 2022 

SOURCE: CPF Board

You may have heard that you can leverage attractive interest rates of up to 6% p.a.* to grow your retirement savings by topping up your Retirement Account if you are aged 55 and above, or up to 5% p.a. by topping up your Special Account if you are below age 55.

If you’re planning to make cash top-ups to enjoy tax relief, consider doing so earlier in the year instead of rushing to top up before the year ends — this also allows your savings to earn more interest!

Learn more about topping up your retirement savings with the answers to these 3 common questions.

What are the top-up limits for myself and my loved ones?

You or your loved one can receive top-ups from more than one giver as long as the total top-ups do not exceed the maximum top-up amount that you or he/she can receive.

Tip: Check how much you can receive in your Retirement dashboard.

Here’s an overview of the top-up limits for those below age 55, and those aged 55 and above:

How much tax relief can I get for my top-ups?

To encourage more Singaporeans and PRs to set aside savings for retirement, dollar-for-dollar tax relief⁺ is given when you make cash top-ups to your Special Account (SA) or Retirement Account (RA), or those of your loved ones, which include your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings^{^}.

If you are topping up your own SA or RA, you can enjoy tax relief equivalent to the amount of cash top-ups made, up to$8,000^# per calendar year.

If you are topping up your loved ones’ SA or RA, you can enjoy additional tax relief up to $8,000^# per calendar year.

How do I make a cash top-up or CPF transfer to my or my loved ones’ CPF for retirement?

Make a CPF transfer or cash top-up conveniently through the CPF Mobile App or the CPF website!

If you’re making a cash top-up with CPF Mobile App

After opening the app on your mobile device, log in with your Singpass. Tap on the menu icon on the top left corner, then ‘Services’ and ‘SA/RA Top-Up’. Choose ‘Cash Top-up’, your recipient, and fill up the details before submitting. Make your payment immediately via PayNow QR, OCBC Pay Anyone or eNETs Debit.

If you’re making a cash top-up with e-Cashier on the CPF website

Head to the CPF website and click on ‘Tools and Services’ followed by ‘e-Cashier’. Submit your application. Make your payment immediately via PayNow QR or eNETs Debit.

If you’re making a CPF transfer with CPF Mobile App

After opening the app on your mobile device, log in with your Singpass. Tap on the menu icon on the top left corner, then ‘Services’ and ‘SA/RA Top-Up’. Choose ‘CPF Transfer’, your recipient, and fill up the details before submitting your application.

If you’re making a CPF transfer with my cpf Online Services on the CPF website

Head to the CPF website and log in using your Singpass. Click on ‘my cpf’ followed by ‘My Requests’ and ‘Building up My/My Recipient’s CPF Savings’. Choose ‘Using CPF’ as your preferred option.

^{*Includes extra interest. Members who are below 55 years old are paid an extra interest of 1% per annum on the first $60,000 of their combined balances. Members who are 55 years old and above are paid an extra interest of 2% per annum on the first $30,000 and 1% per annum on the next $30,000 of their combined balances. Terms and conditions apply.}

^{+For top-ups up to the current Full Retirement Sum (FRS) only. The personal income tax relief cap of $80,000 applies.}

^{#Tax relief cap applies for top-ups to SA or RA, and MediSave Account.}

^{^If you’re making cash top-ups for a spouse or siblings, you’ll only be eligible for the tax relief if the recipient's income in the previous year did not exceed $4,000 or if the recipient is handicapped. In this instance, income would include income from bank interest, dividend and pension, investment, income/rental income/directorship income. An example of a handicapped person is someone with visual-impairment, loss of hearing, loss of limb and dementia.}

_{Information in this article is accurate as at the date of publication.}