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Written Answer by Mrs Josephine Teo, Minister for Manpower, to Parliamentary Question on CPF withdrawals

Employment practices

NOTICE PAPER NO. 1525 OF 2019 FOR THE SITTING ON 11 FEBRUARY 2019
QUESTION NO. 1127 FOR WRITTEN ANSWER

MP: MR. PATRICK TAY TECK GUAN

To ask the Minister for Manpower whether the CPF Board can allow withdrawals after an account holder reaches 55 years of age for their payment of annual premiums of endowment policies which will go back to CPF upon maturity.

Answer 

  1. Endowment policies with regular premium payments were available for sale under the CPF Investment Scheme (CPFIS) before 2001. CPF members age 55 and above who had purchased such policies can continue to pay for their premiums using their savings in the Ordinary Account after setting aside their cohort Full Retirement Sum, or Basic Retirement Sum if they have a sufficient property charge or pledge.  
  2. For members who have not set aside the required Retirement Sum, CPF Board will consider allowing them to use their CPF savings to pay the endowment policy premiums on a case by case basis.