Top-ups and matching grant from the Matched Retirement Savings Schemes are meant to boost your loved one’s retirement savings and monthly retirement payouts.

 

In keeping with this purpose, such top-ups and matching grant monies will form the retirement savings in your loved one’s Retirement Account (which is created for him/her at age 55), and paid to him/her as higher monthly payouts in retirement from age 65.

 

These top-up monies and matching grant cannot be withdrawn for other purposes (e.g. withdrawn in a lump sum, withdrawn from the Retirement Account using property, transferred to loved ones or other CPF schemes such as education investment, insurance).