SINGAPORE: The Special Accounts of about 1.4 million Central Provident Fund (CPF) members aged 55 and above were closed on Sunday (Jan 19).
The planned closure was first announced in Budget 2024, as part of moves to better support the retirement needs of seniors in Singapore.
Members will be notified from Monday, said the CPF Board in a media release, adding that they will receive a letter, as well as an email or SMS where applicable.
They can also view the amounts transferred to their Retirement Account or Ordinary Account in their online transaction history by logging into their CPF account via the website or by using the CPF Mobile application.
The CPF board advised members to be “extra vigilant” against scammers who may pose as staff, government officials, bank employees and insurance agents, or claim to be appointed by the CPF Board.
“Their tactics include asking for personal details, under the guise of advising on CPF or CPF-related insurance schemes or offering ways to earn higher returns through investments,” it said.
With the closure of the Special Account, savings will be transferred to the Retirement Account. The amount transferred can go up to what’s known as the Full Retirement Sum.
Members will continue to earn the long-term interest rate from January onwards.
Savings in the Special, MediSave and Retirement Accounts will earn the floor rate of 4 per cent per annum from Jan 1 to Mar 31, 2025.
Any remaining Special Account savings have been transferred to members’ Ordinary Account where they will earn 2.5 per cent interest per annum, said the board, adding members have the flexibility to withdraw them when needed.
“If members would like to continue earning the higher interest rate of 4 per cent per annum and enjoy higher retirement payouts, they can transfer these Ordinary Account savings to their Retirement Account up to the current year’s Enhanced Retirement Sum.
“This transfer is irreversible, and can be made anytime, but if members wish to earn the higher interest from January onwards, the transfer must be processed by January 2025,” it added.
The Enhanced Retirement Sum was raised on Jan 1 this year, from three times to four times the Basic Retirement Sum.
This will provide CPF members aged 55 and above the option to voluntarily top up more to their Retirement Account to receive even higher monthly payouts in retirement, said the CPF board.
The Enhanced Retirement Sum in 2025 is S$426,000 for all members aged 55 and above.
Members turning 55 years old in 2025 can receive CPF LIFE monthly payouts of up to S$3,300 for life from age 65, if they choose to top up to the Enhanced Retirement Sum of S$426,000 this year,
As the Enhanced Retirement Sum increases every January, members can opt to make further top-ups every year to further boost their payouts.
More information on the Retirement Sum amounts from 2025 to 2027 is available online.
CPF members aged 55 and above can also use the monthly payout estimator to estimate what they can receive if they top up their Retirement Account, and check the amount they can top up in their Retirement dashboard.
Members may wish to top up their Retirement Account earlier to earn more through the power of compound interest, said the board.
The Matched Retirement Savings Scheme was launched in 2021 to help senior Singaporeans with lower retirement savings build up more savings and boost their monthly payouts in retirement.
“The government had matched every dollar of cash top-ups made to the Retirement Accounts of eligible members, aged 55 to 70, up to S$600 per year for each member.
“A total of S$61 million in matching grants was credited in January 2025 to the Retirement Accounts of more than 103,000 members for cash top-ups received in 2024. Nine in 10 members had received the maximum annual matching grant of S$600,” said the board.
From Jan 1 this year, the Matched Retirement Savings Scheme age cap of 70 has been removed and the matching grant has been increased to S$2,000 per year, with a S$20,000 cap over an eligible member’s lifetime.
With these enhancements, the CPF Board said more than 740,0003 members are eligible for the Matched Retirement Savings Scheme this year - almost double from 395,000 in 2024.
“In addition, tax relief for cash top-ups that attract the Matched Retirement Savings Scheme matching grant has been removed as the matching grant is already a significant benefit extended by the government,” it added.
“Givers can continue to receive up to S$16,000 in tax relief on cash top-ups to themselves and their loved ones that do not attract the matching grant.”
Eligibility for Matched Retirement Savings Scheme is automatically assessed at the beginning of every year. Members can check their eligibility anytime in their Retirement dashboard on the CPF website or via the Matched Retirement Savings Scheme eligibility checker.
Those who qualify will receive a notification from February to March via email or hardcopy letter.
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The planned closure was first announced in Budget 2024, as part of moves to better support the retirement needs of seniors in Singapore.
Members will be notified from Monday, said the CPF Board in a media release, adding that they will receive a letter, as well as an email or SMS where applicable.
They can also view the amounts transferred to their Retirement Account or Ordinary Account in their online transaction history by logging into their CPF account via the website or by using the CPF Mobile application.
The CPF board advised members to be “extra vigilant” against scammers who may pose as staff, government officials, bank employees and insurance agents, or claim to be appointed by the CPF Board.
“Their tactics include asking for personal details, under the guise of advising on CPF or CPF-related insurance schemes or offering ways to earn higher returns through investments,” it said.
Be alert to scammers
- Calls from the CPF Board will be made only from 6227 1188 or 6202 3388.
- Members should immediately end calls from any other number claiming to be from the CPF Board.
- For missed calls from CPF Board, members will receive a gov.sg SMS or an email from an address ending with @cpf.gov.sg or @e.cpf.gov.sg with callback details.
- If unsure, members may call the 24/7 ScamShield anti-scam helpline via 1799, and approach the CPF Board. For more information, please refer to CPF's anti-scam tips.
WHAT ARE THE CHANGES?
With the closure of the Special Account, savings will be transferred to the Retirement Account. The amount transferred can go up to what’s known as the Full Retirement Sum.
Members will continue to earn the long-term interest rate from January onwards.
Savings in the Special, MediSave and Retirement Accounts will earn the floor rate of 4 per cent per annum from Jan 1 to Mar 31, 2025.
Any remaining Special Account savings have been transferred to members’ Ordinary Account where they will earn 2.5 per cent interest per annum, said the board, adding members have the flexibility to withdraw them when needed.
“If members would like to continue earning the higher interest rate of 4 per cent per annum and enjoy higher retirement payouts, they can transfer these Ordinary Account savings to their Retirement Account up to the current year’s Enhanced Retirement Sum.
“This transfer is irreversible, and can be made anytime, but if members wish to earn the higher interest from January onwards, the transfer must be processed by January 2025,” it added.
Related:
RAISED ENHANCED RETIREMENT SUM
The Enhanced Retirement Sum was raised on Jan 1 this year, from three times to four times the Basic Retirement Sum.
This will provide CPF members aged 55 and above the option to voluntarily top up more to their Retirement Account to receive even higher monthly payouts in retirement, said the CPF board.
The Enhanced Retirement Sum in 2025 is S$426,000 for all members aged 55 and above.
Members turning 55 years old in 2025 can receive CPF LIFE monthly payouts of up to S$3,300 for life from age 65, if they choose to top up to the Enhanced Retirement Sum of S$426,000 this year,
As the Enhanced Retirement Sum increases every January, members can opt to make further top-ups every year to further boost their payouts.
More information on the Retirement Sum amounts from 2025 to 2027 is available online.
CPF members aged 55 and above can also use the monthly payout estimator to estimate what they can receive if they top up their Retirement Account, and check the amount they can top up in their Retirement dashboard.
Members may wish to top up their Retirement Account earlier to earn more through the power of compound interest, said the board.
Also read:
ENHANCED MATCHED RETIREMENT SAVINGS SCHEME
The Matched Retirement Savings Scheme was launched in 2021 to help senior Singaporeans with lower retirement savings build up more savings and boost their monthly payouts in retirement.
“The government had matched every dollar of cash top-ups made to the Retirement Accounts of eligible members, aged 55 to 70, up to S$600 per year for each member.
“A total of S$61 million in matching grants was credited in January 2025 to the Retirement Accounts of more than 103,000 members for cash top-ups received in 2024. Nine in 10 members had received the maximum annual matching grant of S$600,” said the board.
From Jan 1 this year, the Matched Retirement Savings Scheme age cap of 70 has been removed and the matching grant has been increased to S$2,000 per year, with a S$20,000 cap over an eligible member’s lifetime.
With these enhancements, the CPF Board said more than 740,0003 members are eligible for the Matched Retirement Savings Scheme this year - almost double from 395,000 in 2024.
“In addition, tax relief for cash top-ups that attract the Matched Retirement Savings Scheme matching grant has been removed as the matching grant is already a significant benefit extended by the government,” it added.
“Givers can continue to receive up to S$16,000 in tax relief on cash top-ups to themselves and their loved ones that do not attract the matching grant.”
Eligibility for Matched Retirement Savings Scheme is automatically assessed at the beginning of every year. Members can check their eligibility anytime in their Retirement dashboard on the CPF website or via the Matched Retirement Savings Scheme eligibility checker.
Those who qualify will receive a notification from February to March via email or hardcopy letter.
Continue reading...