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The Straits Times Online, 22 Jan



We thank Mr Lim Tong Wah for his feedback (Educate seniors on CPF changes; Forum Online, Jan 14).


When Central Provident Fund (CPF) members turn 55 years old, CPF savings in their Special and Ordinary Accounts will be transferred to a newly created Retirement Account (RA), up to the Full Retirement Sum. Members can also choose to top up their RA, up to the Enhanced Retirement Sum, to get higher payouts.


When they reach their Payout Eligibility Age (PEA), members who have $60,000 or more in their RA will be invited to choose a CPF Life plan and may start their payouts any time from their PEA till age 70.


Top-ups to the RA will increase members' CPF Life payouts. For members who have not started their CPF Life payouts, top-ups to the RA will be used for the CPF Life premium. For members who have started their payouts, top-ups to the RA will be used to provide additional monthly payouts until the top-up monies run out.


Alternatively, members can apply to use the top-up monies as additional CPF Life premiums to receive lifelong payouts. Doing so strengthens members' retirement adequacy and provides peace of mind.


The CPF Board has been reaching out to members to help them better understand CPF policies and schemes. We invite CPF members reaching the age of 55 to the one-to-one CPF Retirement Planning Service, which offers personalised guidance, so that they can make informed decisions about the options they have with their CPF savings to prepare for retirement.


We have also set up CPF Mobile Service Centres in community clubs in the heartland to make our services more accessible to members, especially the elderly. Thematic talks and CPF Retirement Planning Roadshows are held regularly to reach out to the public.


The Board also worked with the Ministry of Communications and Information to weave useful information on CPF-related schemes into its dialect TV programmes for seniors, Happy Can Already and Eat Already.


We will continue these efforts and develop new initiatives to help CPF members make informed decisions towards their retirement.


We have since reached out to Mr Lim to explain the matter to him.



Irene Kang (Ms)

Group Director (Communications)

Central Provident Fund Board