0112 Written Answer by Minister for Manpower Dr Tan See Leng on Closure of CPF Accounts

NOTICE PAPER NO. 891 OF 2021 FOR THE SITTING ON 12 JANUARY 2022
QUESTION NO. 1453 FOR WRITTEN ANSWER

MP: Mr. Dennis Tan Lip Fong

To ask the Minister for Manpower (a) whether Singaporeans who have renounced their citizenship and migrated to another country, as well as permanent residents who have returned to their respective home countries, are required to close their CPF account and discontinue their CPF LIFE policy at the time of departure from Singapore; (b) what happens when they fail to close their account promptly; (c) whether they will be paid the same interest rate for the monies in their accounts if there is a delay in the closure.

Answer:

1. Singaporeans who have renounced their citizenship and left the country, as well as permanent residents who have returned to their respective home countries, are strongly encouraged to close their CPF accounts, as their intention is not to retire in Singapore. The CPF Board reminds these members to do so through various channels, including the CPF Board website and targeted notifications. Upon closure of their CPF accounts, their CPF LIFE policy would generally be terminated.

2. Prior to account closure, monies within the CPF system will continue to receive the same treatment as all other CPF monies, including prevailing CPF interest rates.