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Retirement Sum Scheme

QWhat should I take note of when applying to be exempted from setting aside a retirement sum in my Retirement Account (RA)?

Please note the following when applying for exemption from setting aside a retirement sum in your Retirement Account (RA):

  1. You must be 55 and above to apply for an exemption.
  2. The use of investment instruments such as endowments and bonds for exemption is not allowed.
  3. You must be in receipt of the monthly payment from your annuity policy/pension which pays you for as long as you live.
  4. You may be fully or partially exempted, depending on the guaranteed lifelong monthly payout amount from your annuity policy or pension.
  5. If an exemption is granted and you surrender or terminate your annuity policy, the surrender value of the annuity policy must be refunded to your RA, up to your cohort's Full Retirement Sum with accrued interest.
  6. The annuity policy cannot be pledged for granting you a loan as the Board needs to secure the refund of the surrender value upon termination of the policy.
  7. You must be both the policy holder and the sole insured person of the annuity policy.
  8. You can use multiple annuity policies to seek exemption.
  9. The amount you may withdraw from your RA excludes any monies topped up to your RA under the Retirement Sum Topping-Up Scheme and the interest earned on it.
  10. Upon exemption, you will not be eligible to receive top-ups under the Retirement Sum Topping-Up Scheme unless you  join the CPF LIFE Scheme.
  11. You cannot choose to only withdraw an amount which is lower than the amount payable to you upon exemption.

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