The process for crediting CPF interest remains unchanged even after your Special Account (SA) closes at age 55. CPF interest is computed on a monthly basis and credited annually to all our CPF members.

 

If you have already set aside the Full Retirement Sum, the interest earned on your SA prior to its closure will be allocated to your Ordinary Account (OA) after your SA is closed, which is in line with the principle that short term funds earn the lower short-term interest rates. After your SA is closed on your 55^th birthday, your CPF savings will continue earning interest in their respective accounts till the end of the year. All the interest you have earned for the whole year will then be credited by 1 Jan of the following year.

 

To earn the higher long-term interest rate, you can transfer your OA savings to your Retirement Account (RA) up to the current year’s Enhanced Retirement Sum. The transfer is irreversible and will be paid to you as monthly payouts and cannot be withdrawn for other purposes. The transfer can be made anytime from age 55.

 

If you are receiving monthly employment contributions in your OA after 55, consider setting up monthly recurring CPF transfers from your OA to your RA to earn higher interest on your CPF contributions.

 

Find out more at cpf.gov.sg/RSTU.