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Retirement Sum SchemeRetirement Sum Scheme<p>The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement. </p>TrueTrueTrueOthers;#

 

 

UnderstandWhat is the Retirement Sum Scheme?<p>The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement.<br></p><p>To better mitigate longevity risks, the <a href="/Members/Schemes/schemes/retirement/cpf-life#Item1596">CPF LIFE Scheme</a> introduced in 2009 provides a monthly income for as long as you live. You will have to join CPF LIFE if you are a Singapore Citizen or Permanent Resident born in 1958 or after, and have the following Retirement Account balances:</p><table width="100%" class="ms-rteTable-default" cellspacing="0" style="text-align:left;"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" style="width:50%;">​<strong>You turned 55 between 1 January 2013 and 30 April 2016</strong></td><td class="ms-rteTableOddCol-default" style="width:50%;"> <strong>​You turned 55 on 1 May 2016 and after</strong></td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="width:50%;"><ul><li> <span style="color:#444444;">​At least $40,000 in your Retirement Account when you reach 55 years old; or<br><br></span></li><li> <span style="color:#444444;">At least $60,000 in your Retirement Account six months before you reach your payout eligibility age.</span></li></ul></td><td class="ms-rteTableFooterOddCol-default" rowspan="1" style="width:50%;"><ul><li> <span style="color:#444444;">​At least $60,000 in your Retirement Account six months before you reach your payout eligibility age.</span><br></li></ul></td></tr></tbody></table><p> </p><p>If you are not placed on CPF LIFE, you can apply to join anytime between your payout eligibility age and before you turn 80 years old or remain on the Retirement Sum Scheme.</p>Retirement Sum Scheme17081708
UnderstandWhat is a retirement sum?<p>This is the amount of retirement savings which you have chosen to set aside in your Retirement Account to receive monthly payouts from your payout eligibility age, which is currently at age 65. </p>Retirement Sum Scheme17021702
UnderstandHow much is the retirement sum? <p>The following Full Retirement Sum applies to members who turned 55 from 1 July 2003 to 2017: </p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default" bgcolor="#d2d2d2"><td width="50%" align="center" class="ms-rteTableEvenCol-default"> <b class="fontbold">55th birthday on or after</b></td><td width="50%" align="center" class="ms-rteTableOddCol-default"> <b class="fontbold">Full Retirement Sum</b></td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2003</td><td class="ms-rteTableOddCol-default">$80,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2004</td><td class="ms-rteTableOddCol-default">$84,500</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2005</td><td class="ms-rteTableOddCol-default">$90,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2006</td><td class="ms-rteTableOddCol-default">$94,600</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2007</td><td class="ms-rteTableOddCol-default">$99,600</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2008</td><td class="ms-rteTableOddCol-default">$106,000</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2009</td><td class="ms-rteTableOddCol-default">$117,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2010<br></td><td class="ms-rteTableOddCol-default">$123,000</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2011</td><td class="ms-rteTableOddCol-default">$131,​000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default">1 July 2012</td><td class="ms-rteTableOddCol-default">$139,000</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 July 2013</td><td class="ms-rteTableOddCol-default">$148,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"> 1 July 2014</td><td class="ms-rteTableOddCol-default"> $155,000</td></tr><tr align="center" class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default"> 1 July 2015</td><td class="ms-rteTableOddCol-default"> $161,000</td></tr><tr align="center" class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default">1 January 2017</td><td class="ms-rteTableOddCol-default">$166,000</td></tr></tbody></table> <br> <p>Currently, you can choose from two levels of retirement sum to set aside in your Retirement Account – Basic or Full Retirement Sum. Since January 2016, you have one more option to choose from – Enhanced Retirement Sum. Please click on <a href="/Assets/members/Documents/RetirementPayouts.pdf" target="_blank">Retirement Payouts</a> (PDF, 0.2MB) to view the range of payout options and corresponding retirement sum to be set aside for a member turning 55 in 2017.</p> <br> <p>To help you plan early for retirement, the Basic Retirement Sum will be made known to you ahead of time. For each successive cohort of members turning 55, the payouts need to be higher to account for long-term inflation and rising standard of living. Correspondingly, the Basic Retirement Sum to be set aside has to increase.</p><table class="cpf-table cpf-form-table" style="width:100%;"><thead><tr><th style="width:50%;"></th><th style="width:50%;"> <strong>Basic Retirement Sum</strong>​ </th></tr></thead><tbody><tr><td style="width:50%;">Age 55 in 2016</td><td style="width:50%;">$80,500​</td></tr><tr><td style="width:50%;">Age 55 in 2017​</td><td style="width:50%;">$83,000<br></td></tr><tr><td style="width:50%;">Age 55 in 2018</td><td style="width:50%;">$85,500​</td></tr><tr><td style="width:50%;">Age 55 in 2019</td><td style="width:50%;">$88,000</td></tr><tr><td rowspan="1" style="width:50%;">​Age 55 in 2020</td><td rowspan="1" style="width:50%;">​$90,500<br></td></tr></tbody></table><br>Retirement Sum Scheme15911591
UnderstandWhy do I need to set aside a retirement sum?<p>Setting aside a retirement sum when you reach 55 years old ensures that you have a regular income from your payout eligibility age, to support a basic standard of living.​</p><table class="ms-rteTable-default" cellspacing="0" width="100%"><tbody><tr bgcolor="#d2d2d2"><td width="50%" align="center"> <b class="fontbold">Year of Birth</b></td><td width="50%" align="center"> <b class="fontbold">Payout Eligibility Age</b></td></tr><tr align="center"><td>1943 and before</td><td>60</td></tr><tr align="center"><td>1944 to 1949</td><td>62</td></tr><tr align="center"><td>1950 and 1951</td><td>63</td></tr><tr align="center"><td>1952 and 1953</td><td>64</td></tr><tr align="center"><td>1954 and after</td><td>65</td></tr></tbody></table>Retirement Sum Scheme15921592
UnderstandHow is the retirement sum set aside?<p>When you reach 55 years old, your Special and/or Ordinary Accounts savings will be transferred to your Retirement Account to form your retirement sum. Your retirement sum can be used to join CPF LIFE which provides you with life-long monthly payout or the Retirement Sum Scheme which provides you with a monthly payout until your Retirement Account balance is depleted.</p><p>After setting aside either the Full Retirement Sum or Basic Retirement Sum with sufficient property charge/pledge, you can choose to <a href="/Members/Schemes/schemes/retirement/withdrawals-of-cpf-savings-from-55#Item1556">withdraw</a> the remaining cash balances in your Ordinary and Special Accounts, or continue to keep your savings in CPF to earn attractive interest.</p><p>Since January 2016, an additional 1% interest will be paid on the first $30,000 of combined CPF balances for all members aged 55 and above. This is on top of the existing 1% extra interest on the first $60,000 of combined CPF balances. Combined balances refer to the total balances in your Ordinary, Special, Medisave and Retirement Accounts, including the annuity premiums for CPF LIFE less any payouts made.</p>Retirement Sum Scheme15931593
EvaluateWhat can I do with the retirement sum?<p>Depending on your year of birth, you</p><ul><li>will be placed on CPF LIFE; or </li><li>may remain on the Retirement Sum Scheme; or</li><li>can apply to join CPF LIFE.</li></ul><table class="ms-rteTable-default" cellspacing="0" width="100%"><tbody><tr class="ms-rteTableEvenRow-default" bgcolor="#d2d2d2"><td width="25%" align="left" class="ms-rteTableEvenCol-default"> <b class="fontbold">Birth Year</b></td><td width="75%" align="left" class="ms-rteTableOddCol-default"> <b class="fontbold">What You Can Do</b></td></tr><tr align="left" class="ms-rteTableOddRow-default" valign="top"><td class="ms-rteTableEvenCol-default">1957 and earlier</td><td class="ms-rteTableOddCol-default" style="text-align:left;"><ul style="margin:0px;padding:0px;"><li style="padding:0px;margin-bottom:5pt;margin-left:20px;">You can apply to join CPF LIFE any time before you turn 80, or you can remain on the Retirement Sum Scheme.</li></ul></td></tr><tr align="left" class="ms-rteTableEvenRow-default" valign="top"><td class="ms-rteTableEvenCol-default">1958 onwards</td><td class="ms-rteTableOddCol-default" style="text-align:left;"><ul style="margin:0px;padding:0px;"><li style="padding:0px;margin-bottom:5pt;margin-left:20px;"> <strong>Between 1 January 1958 and 30 April 1961</strong><br><br>If you ​have at least $40,000 in your Retirement Account (RA) at 55 or at least $60,000 in your Retirement Account at 65, you will be placed on CPF LIFE. </li><li style="padding:0px;margin-bottom:5pt;margin-left:20px;"> <strong>1 May 1961 onwards</strong><br><br>If you have at least $60,000 in your Retirement Account at 65 you will be placed on CPF LIFE<br></li></ul><p>If you are not placed on CPF LIFE, you can apply to join CPF LIFE before you turn 80 or remain on the Retirement Sum Scheme. </p></td></tr></tbody></table>Retirement Sum Scheme15961596
DecideCan I defer my monthly payout?<div><p>If you are on the Retirement Sum Scheme (RSS), you can apply to start your monthly payouts anytime after your payout eligibility age. No action is required if you wish to defer your monthly payout.</p></div><div><p>However you cannot defer your payouts beyond age 70 if you are turning 70 from 2018 onwards. From 2018, payouts will automatically commence for members on the RSS at age 70 even if you have not made an application to CPF Board to receive these payouts. This automatic payout start age of 70 is similar to that for CPF LIFE and it simplifies the activation process for RSS members to receive payouts. With this automatic commencement, elderly members can enjoy a retirement income from their CPF savings with greater ease.<br></p></div>Retirement Sum Scheme15981598
DecideCan I be exempted from setting aside a retirement sum?<p>You may apply for an exemption from setting aside a retirement sum if you:​</p><ul><li>have your own life annuity bought using cash. The monthly payout you receive from the life annuity should be equal to or above the full monthly payout; or </li><li>are a pensioner receiving a monthly pension equal to or above the full monthly payout.</li></ul><p>To apply for an exemption, you can submit a copy of the annuity policy or a recent letter issued by the Pension Office of the Accountant-General’s Department, certifying the monthly pension amount. You may wish to visit the <a href="http://www.pac.gov.sg/" target="_blank"> Pensioner’s Portal</a> for more information.</p>Retirement Sum Scheme16001600
ApplyHow do I apply to start my monthly payouts?<p> <strong>Online using <em> <strong>my cpf</strong></em></strong></p><ol><li style="margin-bottom:5pt;">Login with your <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/MemberPortalServices">SingPass</a>. </li><li style="margin-bottom:5pt;">Submit an online application via My Requests.</li></ol><p>Your monthly payouts will start the following month if we receive your application three working days before the end of the month. ​ </p><p> <strong>Mail</strong></p><ol><li style="margin-bottom:5pt;">Download and fill up <a href="/Assets/members/Documents/FORM_RSS30.pdf" target="_blank">FORM RSS/30: Application for Monthly Payout Under the Retirement​ Sum Scheme</a> (PDF, 0.9MB). </li><li style="margin-bottom:5pt;">Mail it to:<br>CPF Board<br>Retirement Schemes Department (RSD)<br>Robinson Road P.O. Box 3060<br>Singapore 905060</li></ol><p>Your monthly payments will start the following month if we receive your application five working days before the end of the month.<br></p>Retirement Sum Scheme15991599

 

 

D-Bonus and V-Bonus Calculator D-Bonus and V-Bonus Calculator <a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/MinimumSumDAndVBonusCalculator/MinimumSumDAndVBonusCalculate" target="_blank"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">deferment_bonus_cal.asp</a>

 

 

 

 

 

 

Pledge my HDB Property (MP4, 1.4MB)574/Tools/online-demos/online-demos/my-cpf-online-services/my-requestsPledge my HDB Property (MP4, 1.4MB)
Receive monthly payments from my Retirement Account (MP4, 1.3MB)575/Tools/online-demos/online-demos/my-cpf-online-services/my-requestsReceive monthly payments from my Retirement Account (MP4, 1.3MB)
Pledge my Private Property (MP4, 1.5MB)576/Tools/online-demos/online-demos/my-cpf-online-services/my-requestsPledge my Private Property (MP4, 1.5MB)

 

 

 

 

 

 

 

 

Withdraw Retirement Account Savings with Sufficient CPF Property Charge<a href="/Assets/members/Documents/FORM_RW_PTYWDL.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Application to Withdraw Savings Above Basic Retirement Sum from Retirement Account [for Property Owner with Sufficient CPF Property Charge]</a><p>FORM RW/PTY-WDL (PDF, 1.0MB)<br></p>00
Withdraw Retirement Account Savings with HDB Property Pledge<a href="/Assets/members/Documents/Form_RW_HDBPTY.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Form_RW_HDBPTY.pdf</a><a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/PledgeMyHdbProperty/Index" title="Application to Pledge HDB Property Under the Minimum Sum Scheme"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">Application to Pledge HDB Property Under the Minimum Sum Scheme</a><p>FORM RW/HDB-PTY (PDF, 1.4MB)<br></p>00
Withdraw Retirement Account Savings with Private Property Pledge<a href="/Assets/members/Documents/Form_RW_PTE_PTY.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Form_RW_PTE_PTY.pdf</a><a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/PledgeMyPrivateProperty/PledgeMyPrivatePropertyIndex" title="Application to Pledge Private Property Under the Minimum Sum Scheme"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">Application to Pledge Private Property Under the Minimum Sum Scheme</a><p>FORM RW/PTE-PTY (PDF, 1.8MB)<br></p>00
Application to Start Monthly Payouts under CPF Retirement Sum Scheme<a href="/Assets/members/Documents/FORM_RSS30.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Application to Start Monthly Payouts under CPF Retirement Sum Scheme</a><a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/MonthlyPayoutsFromMyRetirementAccount/BeginRequest" title="Application for Monthly Payouts Under CPF Minimum Sum Scheme"><img alt="" src="/_layouts/15/IMAGES/ichtm.gif">Application for Monthly Payouts Under CPF Minimum Sum Scheme</a><p>​FORM RSS30 (PDF, 0.9MB)<br></p>00
Application for Exemption from Setting Aside a Retirement Sum<a href="/Assets/members/Documents/FORM_RSS8.pdf" target="_blank"><img alt="" src="/_layouts/15/IMAGES/icpdf.png">Application For Exemption from Retirement Sum Scheme</a><p>​FORM RSS/8 (PDF, 1.3MB)<br></p>00

 

 

Retirement Sum SchemeRetirement

 

 

<table><tbody><tr><td> <font color="#4f8208"> <h2>Retirement Sum Topping-Up Scheme</h2></font> </td></tr><tr><td><p>The Retirement Sum Topping-Up Scheme allows you to build your retirement savings by topping up your own or your loved ones' CPF Accounts. You can do the following: </p></td></tr><tr><td><ul><li>Top up with cash or CPF savings</li><li>Top up your own or your loved ones’ Special Accounts (below age 55) or Retirement Accounts (age 55 and above)<br></li></ul></td></tr><tr><td> <strong> </strong> <p> <strong>Since 1 January 2016</strong></p><ul><li> <strong>Enhanced Retirement Sum (ERS):</strong> The current ERS, which is 3 times the Basic Retirement Sum (BRS), is the maximum amount of cash top-ups or CPF transfers a recipient age 55 and above can receive in his Retirement Account (RA). To keep tax benefits focused on supporting basic retirement needs, a cap based on the <strong>current Full Retirement Sum (FRS)</strong>, which is 2 times the BRS, applies in determining the amount of cash top-ups to your own or recipient’s RA eligible for tax relief. Cash top-ups <strong>beyond</strong> this cap will <strong>not</strong> be eligible for tax relief. Please check with your recipient on his RA savings# before topping up to him<br><br></li><li> <strong>CPF transfer to spouse</strong>: Members may transfer their net CPF savings to their spouse after setting aside the BRS in their own CPF accounts.<br><br> </li></ul><p> <sup># </sup>RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.</p><p> </p></td></tr><tr><td style="width:100%;"><p> <strong>Top up with cash or CPF savings</strong></p><table class="ms-rteTable-default" cellspacing="0" style="width:100%;"><tbody><tr><td class="ms-rteTable-default" style="width:33.33%;">​</td><td class="ms-rteTable-default" style="width:33.33%;text-align:center;">​<strong>Topping up with cash</strong></td><td class="ms-rteTable-default" style="width:33.33%;text-align:center;">​<strong>Topping up with CPF savings*</strong></td></tr><tr style="text-align:center;"><td class="ms-rteTable-default">​Build up retirement savings to receive higher monthly payouts</td><td class="ms-rteTable-default"> <img alt="Green Tick" src="/Assets/members/PublishingImages/TickGreen.jpg" style="width:15%;height:auto;" />​<br></td><td class="ms-rteTable-default"> <img alt="Green Tick" src="/Assets/members/PublishingImages/TickGreen.jpg" style="width:15%;height:auto;" />​<br></td></tr><tr style="text-align:center;"><td class="ms-rteTable-default">​Enjoy interest rates of up to 6% for Special or Retirement<sup># </sup>Account savings</td><td class="ms-rteTable-default"> <img alt="Green Tick" src="/Assets/members/PublishingImages/TickGreen.jpg" style="width:15%;height:auto;" />​<br></td><td class="ms-rteTable-default"> <img alt="Green Tick" src="/Assets/members/PublishingImages/TickGreen.jpg" style="width:15%;height:auto;" />​</td></tr><tr style="text-align:center;"><td class="ms-rteTable-default">​Dollar-for-dollar tax relief when you or your employer make top-ups (for you)</td><td class="ms-rteTable-default"><p> <img alt="Green Tick" src="/Assets/members/PublishingImages/TickGreen.jpg" style="width:15%;height:auto;" /> </p><p>You will enjoy tax relief of up to $7,000 per calendar year, as the recipient. However, only cash top-ups within the relevant caps<sup>#</sup>  will be eligible for tax relief. </p><p>Please note that there will be a personal income tax relief cap of $80,000, which will apply from Year of Assessment 2018. This cap applies to the total amount of all tax reliefs claimed, including any relief on cash top-ups made under the Retirement Sum Topping-Up Scheme (RSTU), made on or after 1 Jan 2017. See the section on “Using cash to make a top-up to yourself or your loved ones” below for more details.</p><p>Employer will receive tax deduction equal to the top-up amount.</p></td><td class="ms-rteTable-default">​<img alt="Cross" src="/Assets/members/PublishingImages/TickRed.jpg" style="width:15%;height:auto;" /></td></tr><tr style="text-align:center;"><td class="ms-rteTable-default">​Dollar-for-dollar tax relief when you make top-ups for your loved ones</td><td class="ms-rteTable-default"><p> <img alt="Green Tick" src="/Assets/members/PublishingImages/TickGreen.jpg" style="width:15%;height:auto;" /> </p><p>You will enjoy additional tax relief of up to $7,000 per calendar year, as the giver. However, only cash top-ups within the relevant caps<sup># </sup> will be eligible for tax relief.​ </p><p>Please note that there will be a personal income tax relief cap of $80,000, which will apply from Year of Assessment 2018. This cap applies to the total amount of all tax reliefs claimed, including any relief on cash top-ups made under the Retirement Sum Topping-Up Scheme (RSTU), made on or after 1 Jan 2017. See the section on “Using cash to make a top-up to yourself or your loved ones” below for more details.</p></td><td class="ms-rteTable-default"> <img alt="Cross" src="/Assets/members/PublishingImages/TickRed.jpg" style="width:15%;height:auto;" />​</td></tr><tr style="text-align:center;"><td class="ms-rteTable-default"><p>​GIRO option available <br>(monthly or yearly)</p></td><td class="ms-rteTable-default">​<img alt="Green Tick" src="/Assets/members/PublishingImages/TickGreen.jpg" style="width:15%;height:auto;" /></td><td class="ms-rteTable-default">​<img alt="Cross" src="/Assets/members/PublishingImages/TickRed.jpg" style="width:15%;height:auto;" /></td></tr></tbody></table><p> </p><p>Since 1 January 2016, an additional extra interest of 1% per year is given on the first $30,000 of your combined CPF balances (for members aged 55 and above) to help enhance your retirement savings. This is on top of the existing 1% extra interest on the first $60,000 of combined CPF balances.</p><p>*For top-up to own Retirement Account (applicable for members 55 and above), Special Account savings will be transferred first, followed by Ordinary Account savings.</p><p> <sup># </sup>For recipients below age 55, the cap is the current FRS less the sum of Special Account (SA) savings and net SA savings withdrawn under CPF Investment Scheme for investments that are still active. For recipients aged 55 and above, the cap is the current FRS less Retirement Account (RA) savings. See the section on “Using cash to make a top-up to yourself or your loved ones” below for more details.</p></td></tr><tr><td height="30"> </td></tr><tr><td><p> <strong>Using cash to make a top-up to yourself or your loved ones</strong></p><p>You can make a cash top-up to anyone. In total, you may enjoy tax relief of up to $14,000 per calendar year if you make top-ups for </p><ul><li style="margin-bottom:3px;">Your parents, parents-in-law, grandparents, grandparents-in-law,</li><li style="margin-bottom:3px;">Your spouse or siblings, if they</li><ol type="i"><li style="margin-bottom:5px;">do not have income exceeding $4,000 in the year preceding the year of top-up (e.g. salary or tax exempt income such as bank interest, dividends and pension) or</li><li style="margin-bottom:5px;">are handicapped. </li></ol></ul><ul><li>Yourself (or your employer makes a cash top-up on your behalf)<br><br> </li></ul><p>In addition, only cash top-ups within the following caps, which are computed based on the current Full Retirement Sum (FRS) and the recipient’s CPF savings, will be eligible for tax relief: </p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width:50%;">​Recipient below age 55<br></td><td class="ms-rteTable-default" style="width:50%;">​Current FRS less the sum of Special Account (SA) savings and net SA savings withdrawn under CPF Investment Scheme for investments that are still active</td></tr><tr><td class="ms-rteTable-default">​Recipient age 55 and above</td><td class="ms-rteTable-default">​<strong>Current FRS<sup>^</sup></strong> less Retirement Account (RA) savings<sup>#</sup></td></tr></tbody></table><p> </p><p>You may wish to check with your recipient on his SA/ RA savings# to find out more about the amount of the tax relief that you can receive for cash top-ups.</p><p> <sup>^ </sup>The cap is based on current FRS, rather than the Enhanced Retirement Sum (ERS), to keep tax benefits focused on supporting basic retirement needs.</p><p> <sup>#</sup> RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal. </p><p>Please note that there will be a personal income tax relief cap of $80,000, which will apply from Year of Assessment 2018. This cap applies to the total amount of all tax reliefs claimed, including any relief on cash top-ups made under the Retirement Sum Topping-Up Scheme (RSTU), made on or after 1 Jan 2017.</p><p>As accepted cash top-ups made under the Retirement Sum Topping-Up Scheme (RSTU) cannot be refunded, CPF members who make cash top-ups on or after 1 Jan 2017 should take note of the overall personal income tax relief cap. You should evaluate whether you would benefit from tax relief on your cash top-ups and make an informed decision accordingly.</p><p>Your employer will receive tax deduction equal to the top-up amount.</p></td></tr><tr><td height="30"> </td></tr><tr><td><p> <strong>Using your CPF savings to make a top-up to your loved ones</strong></p><p>You can check how much CPF savings you can transfer to your loved ones through <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/WelcomePage" target="_blank"><em> my cpf </em>Online Services</a> > My Messages.</p></td></tr><tr><td><ul><li><p> The maximum amount of CPF savings that you can transfer to your sibling’s, parent’s, parents-in-law’s, grandparent’s or grandparents-in-law’s CPF account is:<br></p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width:50%;"><p>​If you are below age 55<br></p></td><td class="ms-rteTable-default" style="width:50%;"><p>​Your balance Ordinary Account (OA) savings after setting aside the current Full Retirement Sum (FRS). The FRS can be set aside using your OA and Special Account (SA) savings, including net amounts withdrawn for investments that are still active.  </p></td></tr><tr><td class="ms-rteTable-default"><p>​If you are age 55 and above</p></td><td class="ms-rteTable-default"><p>​Your balance OA savings after setting aside the applicable FRS. The FRS can be set aside using your OA and SA savings, including net amounts withdrawn for investments that are still active, and Retirement Account (RA) savings<sup>#.</sup></p></td></tr></tbody></table><p> <sup># </sup> <sub style="font-size:0.9em;">RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal. . </sub></p></li></ul><p> </p><ul><li><p>The maximum amount of CPF savings that you can transfer to your spouse's CPF account is:</p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width:50%;"><p>​If you are below age 55</p></td><td class="ms-rteTable-default" style="width:50%;"><p>​Your balance OA savings after setting aside the current Basic Retirement Sum (BRS). The BRS can be set aside using your OA and SA savings, including net amounts withdrawn for investments that are still active.</p></td></tr><tr><td class="ms-rteTable-default"><p>​If you are age 55 and above</p></td><td class="ms-rteTable-default"><p>​Your balance CPF savings after setting aside the applicable BRS. The BRS can be set aside using your OA and SA savings, including net amounts withdrawn for investments that are still active, and RA savings<sup>#</sup>.</p><p>Members can write in to the Board to specify the CPF accounts from which to transfer to their spouses.</p></td></tr></tbody></table><p> <sup>​#</sup><sub style="font-size:0.9em;">RA savings refer to the cash set aside in the RA (excluding amounts such as interest earned, any government grants received) plus amounts withdrawn such as monthly payouts and payout eligibility age lump sum withdrawal.   </sub></p></li></ul><p style="margin-bottom:6px;"> </p></td></tr><tr><td height="20"> </td></tr><tr><td> <strong>Limit for cash and CPF top-ups</strong><br><br></td></tr><tr><td></td></tr><tr><td><p>There is a limit to the amount of top-up that the recipient (yourself or your loved ones) can receive.</p><p>The recipient can check how much he/she can receive through <a href="https://www.cpf.gov.sg/eSvc/Web/PortalServices/WelcomePage" target="_blank"><em>my cpf</em> Online Services</a> > My Messages.</p><p> <img alt="Topup Limit" src="/Assets/members/PublishingImages/Topuplimit.jpg" style="width:80%;height:auto;" /> <br></p></td></tr><tr><td height="20"> </td></tr><tr><td> <strong>Be rewarded for topping up early</strong><br><br></td></tr><tr><td>When you top up early, your CPF savings earn more interest!</td></tr><tr><td> </td></tr><tr><td><p>Top up in January each year rather than December, and you could earn around 20% more interest on your CPF savings in just 10 years.</p><p> <img alt="MSTU Graph (April)" src="/Assets/members/PublishingImages/mstugraph(april).jpg" style="width:60%;height:auto;" /> <br></p></td></tr><tr><td> <br></td></tr><tr><td> <span style="font-size:0.9em;">* Based on current Special/Retirement Account interest rates of up to 6%<sup>#</sup> per annum, with $7,000 annual top-up, and $0 starting CPF balances.</span><br></td></tr><tr><td> <br></td></tr><tr><td> <span style="font-size:0.9em;"># CPF savings in the Special and Retirement Account currently earn interest rates of 4% per year. The first $60,000 of your combined CPF balances, of which up to $20,000 comes from your Ordinary Account, earn an additional 1% interest per year. From 2016, an additional 1% interest will be paid on the first $30,000 of combined CPF balances for all members aged 55 and above.</span><br></td></tr><tr><td> <br></td></tr><tr><td>Top up early to:<br><br>✓Grow your CPF savings faster,<br>✓ Avoid the year-end rush, and<br>✓ Avoid missing out on the year-end tax relief deadline.</td></tr><tr><td height="20"> </td></tr><tr><td> <strong>Make a top-up now!​​</strong><br><br></td></tr><tr><td><ul><li> <a href="https://www.cpf.gov.sg/eSvc/Web/Miscellaneous/Cashier/ECashierHomepage">Top-up via e-cashier</a></li><li> <a href="/Members/Services/others/esvpages/e-services/personal-internet-banking-atm">Top-up via OCBC Internet Banking</a></li><li> <a href="/Assets/members/Documents/FORM_RSTU_GIROandSI.pdf" target="_blank">Top-up via GIRO</a></li></ul></td></tr><tr><td height="20"> </td></tr><tr><td> <strong>More information</strong></td></tr><tr><td> </td></tr><tr><td><ul><li> <a href="/Members/FAQ/schemes/retirement/retirement-sum-scheme">Frequently asked questions ​on Retirement Sum Topping-Up</a><br></li></ul></td></tr></tbody></table><br>

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