Why is there a need to annuitise the non-withdrawable Ordinary Account savings as CPF LIFE monthly payout?
If you have not met your Full Retirement Sum, your Ordinary Account (OA) savings may not be withdrawn as a lump sum and are meant to be streamed out as monthly payouts.
Currently, if you are an existing CPF LIFE member, you need to instruct us to annuitise your OA savings to receive higher CPF LIFE monthly payouts.
With the changes from October 2023, we will automate this process and make it easier for you to enjoy higher CPF LIFE monthly payouts.
This information is sourced from CPF
Related questions
How will the annuitisation of the non-withdrawable Ordinary Account (OA) savings as CPF LIFE monthly payout affect my eligibility to withdraw or service the housing commitments that are financed by my OA savings?
Can I request to retain the non-withdrawable Ordinary Account savings in the CPF accounts and not annuitise and stream them out as CPF LIFE monthly payouts?
How much can I reserve in my Ordinary Account for my housing payments?
How much will my CPF LIFE monthly payouts increase after my non-withdrawable Ordinary Account savings are annuitised?
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