CPFB | Exemption from CPF LIFE

Retirement income

Withdraw retirement savings if you have other sources of lifelong income

The savings in your Retirement Account is to provide you with monthly payouts during retirement. CPF LIFE, a national longevity insurance annuity scheme, ensures that you get monthly payouts no matter how long you live.

If you have a pension or private annuity plan which provides the same or higher monthly payouts for life, you can apply to be exempted from setting aside the retirement sum, and withdraw all your CPF retirement savings.

Notice

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Eligibility

Conditions for withdrawal

Checklist for withdrawal

You’re eligible to withdraw all your retirement savings if you’re:

55 and above
Receiving guaranteed monthly payouts from a private annuity (bought with cash or under the CPF Investment Scheme) or pension
Both the policy holder and sole insured person of the annuity policy

You can use multiple annuity policies for the withdrawal. Do note that the use of investment instruments such as endowments and bonds are not allowed.

Quick tip

You cannot choose to only withdraw an amount which is lower than the amount payable to you upon exemption.

Things to note

Withdrawals, termination, and top-up matters

Full withdrawal

You can make a full withdrawal and be fully exempted from CPF LIFE or the Retirement Sum Scheme, if the lifelong monthly payout from your annuity or pension meets our payout benchmark. There are different payout benchmarks for withdrawal depending on when you were born.

Explore CPF LIFE View payout benchmarks

Partial withdrawal

Is the income you're getting from your pension or annuity payout lower than the payout benchmark? You may still qualify for a partial withdrawal. Submit your application and we'll assess your eligibility.

Surrendering/ terminating your annuity policy or pension

If you make the withdrawal, but surrender or terminate your annuity/pension in the future, the surrender value of the annuity/pension must be refunded to your Retirement Account, up to the Full Retirement Sum applicable to you with accrued interest.

Receiving payouts from the top-ups previously made

The top-ups that you have received will remain in your Retirement Account, and will be paid out to you through monthly payouts. They cannot be withdrawn as a lump sum.

Receiving top-ups to the Retirement Account

After making the withdrawal, you’ll not be eligible to receive top-ups under the Retirement Sum Topping-Up Scheme, unless you join CPF LIFE.

Using your private annuity policy to obtain a loan

Your annuity policy cannot be used to obtain a loan, as the Board needs to secure the refund of the surrender value upon termination of the policy.

Application

How to apply for the withdrawal

Members residing in Singapore

Application process

To apply, please bring along your identity card for verification and the following supporting document(s) to any of the CPF Service Centres. Remember to make an appointment before visiting us in person.

For Pensioner:

Original Pension letter bearing the Pension Office’s letterhead, dated within six months, stating:

i. you are receiving a guaranteed monthly pension amount;

ii. the pension is payable for life;

iii. the conditions which the pension may be revoked or terminated; and

iv. the amount of guaranteed lifelong monthly pension you are receiving.

You may wish to visit the Pensioner’s Portal for more information.

For Annuity Policy Holder:

Original annuity policy(ies) and its terms and conditions, bought using cash or CPF monies under CPF Investment Schemes. The annuity must be issued by MAS-registered providers and satisfy the stringent requirements under the Insurance Act.

Upon the approval of your application, we will request your insurance company to include an endorsement in your policy contract. You will need to submit a certified true copy of the endorsement to the Board. Upon receipt, we will process your exemption application.

Make an appointment

Members residing overseas

Application process

To apply, please write to us using your Singpass for our assessment.

Upon our assessment, please bring along your identity card for verification, the supporting document(s) stated above, and the application form to any of the Singapore Overseas Mission.

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Members residing in Singapore

Members residing overseas