- If you are an undischarged bankrupt, you will not be able to use your CPF savings for investment. If you had previously used your CPF savings to invest, you can continue to hold your investments but you will not be allowed to make new investments. However, if you had previously used your CPF savings to invest in a regular premium insurance policy prior to your bankruptcy, you may continue to use your CPF savings to pay for your regular insurance premium subject to the Board's terms and conditions. When you subsequently liquidate your investments, the sale proceeds will be credited into your CPF Investment Account or Special Account.
If I am an undischarged bankrupt member, how do I sell my shares, property funds, bonds or Exchange Traded Funds (ETFs) that I have purchased under CPF Investment Scheme (CPFIS) before I became a bankrupt?
If you have a trading account with a stockbroking firm that has been frozen due to your bankruptcy, you will have to reactivate your trading account to sell your investments. If you no longer have a trading account, you will need to open a new trading account with a stockbroking firm (PDF, 0.1MB) before you can sell your investments. However, it is at the stockbroking firm's discretion whether they will allow an undischarged bankrupt to reactivate/open a trading account. To assist the stockbroking firm to consider your request favourably, you may wish to provide them with your latest CPFIS Statement from your agent bank which lists the investment holdings that you intend to sell. You do not need to seek the CPF Board or Official Assignee's approval to sell the shares held in your CPF Investment Account.
I am a bankrupt member, can I sell my Singtel (ST) shares?
You can sell your discounted Singtel (ST) shares through SingPost. You would need to bring your identity card or passport personally to any SingPost office to sell your shares. If you are unable to go to any SingPost office personally, you may authorise someone to sell the shares for you. The authorised person must also bring along both his and your identity cards. Your signature on the original post office application form is also required. You can refer to the Frequently Asked Questions (PDF, 0.1MB) on selling the shares through the post office for more information. If you have a trading account with a broking firm, you may sell your discounted ST shares through your stockbroker if your stockbroker is willing to do it for you. If you do not have any existing trading account, you can also open one with any of the Singapore Exchange (SGX) broking firms (PDF, 50KB). However, if you intend to trade through the internet, please check with your stockbroker before selling as broking firms generally do not allow internet trading for discounted Singtel shares.
As a bankrupt, can I use the CPF Investment Scheme (CPFIS) investments that I have withdrawn to settle my judgement debts?
Once your CPF Investment Scheme (CPFIS) investments and cash balance in your CPF Investment Account are withdrawn, they will no longer be protected from claims by your creditors and/or the Official Assignee. Please liaise with the Official Assignee on using your withdrawn CPFIS investments to settle your debts.Can I invest after I am discharged from bankruptcy?
After your discharge from bankruptcy, you can continue to invest your CPF savings if you are at least 18 years old, subject to the investment thresholds and limits set by the Board.As a bankrupt, can I use my CPF savings to buy a Housing & Development Board flat?
You can use your CPF savings to buy a Housing & Development Board (HDB) flat as long as you are the owner of the HDB flat. You will need to contact HDB on this matter.
As a bankrupt, can I use my CPF savings to buy a private property or to pay for the housing loan of my existing private property?
If you are a bankrupt and wish to use your CPF savings to buy a private property or to start paying for the housing loan of your existing private property, you will need to obtain consent from the Official Assignee first.
As a bankrupt, can I request to make a partial withdrawal and leave some monies in my CPF Account for my housing loan?
Yes, you can request to make a partial withdrawal from your CPF account even if you are a bankrupt. This will allow you to leave some funds in your account to continue paying for your housing loan.
I am a bankrupt. If I sell my property, how much should I refund to my CPF account?
If you are a bankrupt and you sell your property, you will need to refund the CPF principal amount withdrawn plus accrued interest ("P+I"). If you have pledged the property to make up your retirement sum, you will need to refund the pledged amount on top of the P+I.
The amount refunded will be used to meet your Full Retirement Sum in your Retirement Account. After this, any balance housing refunds will be paid to you in cash.
Can I continue to use my CPF savings for my existing private property housing loan if I am going to be made a bankrupt?
If you own a private property and have used your CPF savings to pay for your property before being declared bankrupt, you can continue to use your CPF to service your housing loan.
As a bankrupt, can my CPF savings be used to pay for my children's tertiary education?
You may use your CPF savings for your children’s tertiary education under the CPF Education scheme as long as you have the available withdrawal limit.As a bankrupt, can I use my CPF savings for my own tertiary education?
You may continue to use your CPF savings for your own tertiary education if your application has been approved before your bankruptcy.
I am an undischarged bankrupt. Can I still choose to withdraw my Retirement Account savings using my property?
Whether you can withdraw your Retirement Account (RA) savings using your property depends on whether you own an HDB or private property.
For HDB property owners
You can choose to set aside your Full Retirement Sum (FRS) with a mixture of property (up to half your FRS) and cash, and withdraw part of your RA savings down to your Basic Retirement Sum (BRS*) if your HDB property can last you until 95.
For private property owners
You can choose to set aside your FRS with a mixture of property (up to half your FRS) and cash, and withdraw part of your RA savings down to your BRS* if your private property can last you until 95 and the expected housing refund is enough to restore your Full Retirement Sum (FRS).
However, if you have not used your CPF savings for your property, or the expected housing refund is not enough to restore your FRS, you will not be able to withdraw your RA savings. This is because no additional charge can be created on your property. If you need more information, you can approach the Official Assignee.
It is important to note that the amount of RA savings you can withdraw excludes interest earned, any government grants received and top-ups to your retirement savings. It also depends on your RA balance at the point of withdrawal. For example, if you are on CPF LIFE and have started your monthly payouts, any new inflows received in your RA will be used to increase your CPF LIFE premium to provide you with higher monthly payouts, and you will not be allowed to withdraw them in a lump sum.
* Excluding interest, any government grants and top-ups made under the Retirement Sum Topping-Up Scheme.
I am a bankrupt. Can I withdraw my CPF savings?
If you are a bankrupt, you can withdraw some of your CPF savings if you meet any of the following grounds for withdrawals:
a) You have reached age 55
b) You have a reduced life expectancy due to a medical condition, as certified by an accredited doctor. Severe medical conditions that cause you to be permanently unfit for work or to lack mental capacity permanently can also be considered.