If you are among those whose Ordinary Account savings will be annuitised, we will send you a notification about one month before the annuitisation.

If you have not met your Full Retirement Sum, your Ordinary Account (OA) savings may not be withdrawn as a lump sum and are meant to be streamed out as monthly payouts.

Currently, if you are an existing CPF LIFE member, you need to instruct us to annuitise your OA savings to receive higher CPF LIFE monthly payouts. 

With the changes from October 2023, we will automate this process and make it easier for you to enjoy higher CPF LIFE monthly payouts.

You can retain your Ordinary Account (OA) savings for immediate withdrawal needs if you have set aside your Full Retirement Sum (FRS) in your Retirement Account (RA).

If you have not set aside your FRS, your OA savings will be automatically transferred to your RA to provide you with higher CPF LIFE monthly payouts.

If you have housing obligations, you can use your CPF LIFE monthly payouts or any CPF savings in excess of your FRS to meet these needs.

You can choose to transfer all your Ordinary Account (OA) savings to your Retirement Account (RA), up to the current Enhanced Retirement Sum (ERS).

If you have not set aside your Full Retirement Sum (FRS) and have started your monthly payouts, your OA savings will be automatically transferred to your RA, up to your FRS. You will receive a notification before the transfer.

For example: Jane is born in 1960 and the principal amount in her RA is $148,000, which is below her FRS of $161,000. As she has started her monthly payouts, assuming she has $20,000 in her OA, $13,000 will be automatically transferred to her RA to set aside her FRS and increase her CPF LIFE monthly payouts. The remaining $7,000 will remain in her OA and she can choose to transfer it to her RA to increase her CPF LIFE payouts further or to withdraw anytime.

Your eligibility to make lump sum withdrawals from your Ordinary Account (OA) will not be affected. This is because only the OA savings that cannot be withdrawn in a lump sum will be annuitised to provide you with higher CPF LIFE monthly payouts.

The purpose of your CPF savings is to provide you with a stream of retirement income. If you still have housing obligations after starting your monthly payouts, you can use your monthly payouts or monies in excess of your Full Retirement Sum after this transfer to meet your housing needs.

After your non-withdrawable Ordinary Account savings are successfully annuitised, we will send you a notification to inform you of the revised CPF LIFE monthly payout.

Yes, you can. Here are the steps to perform the transfer of your non-withdrawable monies from your Ordinary Account (OA) to your Retirement Account:

1) Access the Plan my monthly payouts service. 

2) Under ‘Use more CPF savings to increase payouts’ in the second page, select the OA amount to be transferred to increase your CPF LIFE payout. 

You may perform the above any time, as long as you have monies in your OA.

For members who are eligible, the automatic transfer will take place once a year. You will receive a notification one month before the transfer occurs.

To be eligible for the automatic transfer, your non-withdrawable monies in your Ordinary Account must be sufficient to increase your CPF LIFE monthly payouts by at least $10.