cpf.gov.sg Retirement Sum Scheme Singapore : Central Provident Fund Board
Name of the Organization : Central Provident Fund Board
Type of Facility : Retirement Sum Scheme
Country : Singapore
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Website : https://www.cpf.gov.sg/member
Application Form : https://www.statusin.org/uploads/25561-FORMretirement.pdf
Retirement Sum Scheme :
** The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement for about 20 years.
Related / Similar Scheme : CPF Retirement Sum Topping-Up Scheme Singapore
** To better mitigate longevity risks, the CPF LIFE Scheme was introduced in 2009 which provides a monthly income for as long as you live.
You will be placed on CPF LIFE if you are a Singapore Citizen or Permanent Resident born in 1958 or after, and have at least :
** $40,000 in your Retirement Account when you reach 55 years old; or
** $60,000 in your Retirement Account when you reach 65 years old.
** 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.
What is a retirement sum?
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.
How much is the retirement sum?
** Currently, you can choose from two levels of retirement sum to set aside in your Retirement Account – Basic or Full Retirement Sum.
** From January 2016, you will have one more option to choose from – Enhanced Retirement Sum.
| Your monthly payout* for life from 65 | Retirement Account savings required at 55 | |||
| If you own a property and choose to withdraw your Retirement Account savings above your Basic Retirement Sum (subject to sufficient CPF property charge/pledge) | $660 – $720 | Basic Retirement Sum (BRS)
$80,500 |
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| If you do not own a property or choose not to withdraw your Retirement Account savings above your Basic Retirement Sum | $1,220 – $1,320 | Full Retirement Sum (FRS)
$161,000 The FRS is 2 x BRS. |
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| If you wish to put more savings in CPF LIFE | $1,770 – $1,920 | Enhanced Retirement Sum (ERS)#
$241,500 The ERS is 3 x BRS. |
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| Basic Retirement Sum | ||||
| Age 55 in 2016 | $80,500 | |||
| Age 55 in 2017 | $83,000 | |||
| Age 55 in 2018 | $85,500 | |||
| Age 55 in 2019 | $88,000 | |||
| Age 55 in 2020 | $90,500 | |||
** 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.
Why do I need to set aside a retirement sum?
** Setting aside a retirement sum when you reach 55 years old ensures that you have a regular income from your payout eligibility age, previously known as the drawdown age, to support a basic standard of living.
| Year of Birth | Payout Eligibility Age |
| 1943 and before | 60 |
| 1944 to 1949 | 62 |
| 1950 and 1951 | 63 |
| 1952 and 1953 | 64 |
| 1954 and after | 65 |
Decide :
Can I postpone my monthly payout?
** If you are on the Retirement Sum Scheme, no action is required if you do not wish to start your monthly payouts at payout eligibility age.
** It benefits you as you will receive payouts over a longer period of time.
** For example, if you have $39,500 in your Retirement Account and choose to start your monthly payout one year after your payout eligibility age, you can receive the same monthly payout of $351 for two more years (as compared to starting at payout eligibility age; assuming a 4% interest per annum on Retirement Account savings).
Apply :
How do I apply to start my monthly payouts?
Online using my cpf :
** Login with your SingPass.
** Submit an online application via My Requests.
** Your monthly payouts will start the following month if we receive your application three working days before the end of the month.
Mail :
** Download and fill up FORM RSS/30: Application for Monthly Payout Under the Retirement? Sum Scheme.
Mail it to:
CPF Board
Retirement Schemes Department (RSD)
238B Thomson Road
#08-00 Tower B Novena Square
Singapore 307685
** Your monthly payments will start the following month if we receive your application five working days before the end of the month.
How do I make a CPF or cash top-up to build up my retirement savings?
Online using my cpf :
** Login with your SingPass.
** Submit an online application via My Requests.
** For cash top-up, please make your payment immediately via OCBC’s Internet Banking/Mobile Banking/ATM.
** Your top-up will be processed within five working days after we receive your application.
Online using e-Cashier : (cash top-ups only)
** Go to e-Cashier and select payment for top up my own/recipient’s RA/SA under the Retirement Sum Topping-Up Scheme (RSTU).
** Make your payment immediately via E-cashier’s mode of payment (eNETS Debit only).
** Your top-up will be processed within five working days after we receive your application.
Online using AXS : (cash top-ups only)
** Go to any AXS station and select payment for top up my own/recipient’s RA/SA under the Retirement Sum Topping-Up Scheme (RSTU).
** Make your payment immediately via the AXS machine.
** Your top-up will be processed within five working days after we receive your application.
Mail :
** Download and fill up FORM RSS-TP: Application to Make Top-Ups Under the Retirement Sum Topping-Up Scheme (For Members).
Mail it to:
CPF Board
Retirement Schemes Department (RSD)
238B Thomson Road
#08-00 Tower B
Novena Square
Singapore 307685
** Your top-up will be processed within seven working days after we receive your application.
** Alternatively, you can make use of our GIRO facility to make monthly and/or yearly cash top-ups to your own or loved ones’ CPF accounts.
** Download and fill up Application to Make Top-Ups Under the Retirement Sum Topping-up Scheme via Inter-Bank GIRO.