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Written Answer by Mr Tan Chuan-Jin, Minister for Manpower, to Parliamentary Question on Transfer of CPF Monies in Ordinary Account to Special Account for Older Singaporeans

Notice Paper No. 275 of 2014 For The Sitting On 07 October 2014 Question No. 227 For Written Answer

MP: Mr Zainal Sapari

To ask the Minister for Manpower whether the CPF Board will allow Singaporeans who are 55 years old or above and meeting the CPF Minimum Sum to transfer their remaining balance in their Ordinary Account to their Special Account to earn higher interest rates.

Answer

  1. CPF members below the age of 55 may transfer savings from their Ordinary Account to the Special Account, up to the prevailing Minimum Sum, to earn higher interest rates and build up their CPF savings for retirement.
  2. At the age of 55, the Retirement Account is created, and members’ savings from their Special and Ordinary Accounts up to their cohort’s Minimum Sum are transferred to their Retirement Account. Monies in the Retirement Account earn higher interest rates compared to the Ordinary Account, at the same interest rates as the Special Account.
  3. For those who have already met their cohort’s Minimum Sum, they can choose to make further transfers from their Special and Ordinary Account to top-up their Retirement Account up to the prevailing Minimum Sum, when the Minimum Sum is adjusted each year. For example, if I am 55 years old today and have set aside my cohort’s Minimum Sum of $155,000 in my Retirement Account, when the Minimum Sum increases to $161,000 next year, I can choose to transfer up to $6,000 of my Special and Ordinary Account savings to my Retirement Account to save more for my retirement needs.