A Singapore Government Agency Website

17 September 2026 

As announced earlier this year (see Annex for the earlier press release), Singtel Group and CPF Board are on track to transfer Singtel Special Discounted Shares (SDS) from the CPF Board to SDS holders' Central Depository (CDP) accounts on 21 November 2026.     

 

For SDS holders who wish to continue holding their Singtel SDS, no action is required. On 21 November 2026, SDS holders with individual CDP accounts will have their Singtel SDS automatically transferred to their CDP accounts, while those without individual CDP accounts will have their shares transferred to a designated CDP account1 that will be created in their names. There is no need for these SDS holders to open an individual CDP account unless they plan to purchase and trade other securities.

 

For SDS holders who wish to sell their shareholdings, they may do so at any time through Phillip Securities’ website (https://sdt.phillip.com.sg/), in person at SingPost branches or select SGX Retail Brokers. CPF withdrawal conditions will be waived for Singtel SDS sale proceeds, even for sales after the transfer on 21 November 2026, and SDS holders will be able to withdraw sale proceeds in cash.

 

Progress update2

 

Singtel SDS statistics

  • Approximately 163,000 or 27% of all SDS holders have sold their shares. Around 180 million Singtel SDS have been sold, representing about 25% of all Singtel SDS.
  • Of those who sold their SDS, more than 60% of SDS holders did not have individual CDP accounts.

Support and outreach to SDS holders

  • Singtel and CPF Board sent a hardcopy notification to SDS holders in April 2026 to inform them of the transfer, the options available to them and the relevant customer service touchpoints.
  • More than 117,000 walk-in enquiries and transactions have been processed at 36 SingPost branches islandwide. The daily waiting time on average at SingPost branches has improved from 3.5 minutes in the first month when the exercise was announced to about 2 minutes. Actual waiting time may vary by branch and time of visit.
  • The SDS hotline (1713) has received over 15,000 calls, with ~120 calls daily on average. The daily average waiting time for the SDS hotline has improved from 6.5 seconds in the first month when the exercise was announced to 2 seconds.
  • AIC has conducted house visits to more than 11,000 older SDS holders who may not be digitally savvy.
SDS progress update
SDS progress update

Key dates related to the transfer exercise

DateMilestone
7 April 2026
  • SDS transfer exercise announced.
Until 18 November 2026                                                                                                             
  • No action is required from SDS holders who wish to continue holding their Singtel SDS.
  • SDS holders who wish to sell their Singtel SDS before the transfer may continue to do so through Phillip Securities’ website, SingPost branches or select SGX Retail Brokers. More information on the process can be found at sds.singtel.com.
19 - 20 November 2026
  • Temporary pause in sales of SDS to facilitate the transfer of shares from the CPF Board to SDS holders’ CDP accounts.
21 November 2026                                      
  • Singtel SDS will be automatically transferred to SDS holders' individual CDP accounts if they have one, or to a designated CDP account that will be created for SDS holders in their name. The designated CDP account is used only to hold and manage Singtel SDS and its related entitlements, if any.
After the transfer
  • SDS holders may sell their Singtel SDS.
  • SDS holders will hold and manage their shares and exercise their rights as SDS holders directly.
  • For SDS held in a designated CDP account, sale proceeds and dividends will be credited to the holder’s CPF Ordinary Account. These SDS holders may also opt to receive sale proceeds in cash through their bank account registered with CPF Board. Sale proceeds will remain exempted from CPF withdrawal conditions.
Where are SDS holders’ shares held after the transfer?

Where will the dividends  
be credited to?

Where will sale proceeds  
be credited if SDS holders choose to sell?

Individual CDP account

Bank account linked to their CDP account

Based on their payment arrangement with their broker

Designated CDP account

CPF Ordinary Account

CPF Ordinary Account. They can also choose to withdraw sale proceeds in cash

Scam advisory

 

While there have been no monetary losses arising from scams related to the SDS transfer exercise to date, CPF members should remain vigilant against scams, particularly as scammers may fabricate stories about members’ Singtel SDS to deceive them. If they receive a message, email or QR code allegedly directing them to the SDS website, they should verify the URL of the website to ensure it is the official SDS website (sds.singtel.com) before performing any transactions.

 

 

1A designated CDP account is one that is used to hold and manage only Singtel SDS and its related entitlements, if any, in the SDS holder’s name. Singtel SDS and its related entitlements in designated CDP accounts are subject to the requirements of the CPF Investment Scheme. Dividends from these shares in the designated CDP account will be paid to the SDS holder’s CPF Ordinary Account. Should SDS holders with designated CDP accounts choose to sell their Singtel SDS, they can also opt to receive the sale proceeds in cash.

 

2All figures stated in the “Progress update” section are as at 31 August 2026