Today, members aged 55 and above have two CPF accounts that hold savings intended for retirement payouts: the Special Account (SA) and the Retirement Account (RA). Both SA and RA savings earn the same long-term interest rate. However, some SA savings can be withdrawn on demand from age 55. As a principle, only savings that cannot be withdrawn on demand should earn the long-term interest rate, and savings that can be withdrawn on demand should earn the short-term interest rate.

To better align CPF interest rates to the nature of CPF savings in each CPF account, we will close your SA if you are aged 55 and above from early 2025. SA savings will be transferred to your RA, up to your Full Retirement Sum (FRS). These savings will continue to earn the long-term interest rate. If you have met your FRS, whether fully in cash or with a mixture of property and cash, any remaining SA savings will be transferred to your Ordinary Account (OA), where they remain withdrawable and will earn the short-term interest rate.

You can choose to transfer your OA savings to the RA at any time, up to the prevailing Enhanced Retirement Sum (ERS) to earn long-term interest rates and receive higher retirement payouts. Once transferred, the RA savings can only be streamed out to you in retirement payouts. With the raised ERS from 1 January 2025, more than 99% of the members aged 55 and above today would be able to transfer all their SA savings, that were channelled to the OA due to the closure of SA, to the RA.

You will be notified after the transfer of all SA savings to your RA and/or OA, and closure of your SA in early 2025. You will also be able to check the amounts transferred from your SA to your RA and/or OA from your CPF statement. No action is required from you now.

Watch the video on how the SA will be closed for you from early 2025.

More details on the implementation date will be shared in the second half of 2024. 

For details on other specific areas of your CPF savings, refer to these FAQ pages:

• Retirement withdrawals 
• Retirement Sum Topping-Up Scheme 
• Monthly payouts
• CPF Investment Schemes
• Dependants' Protection Scheme

The Basic Retirement Sum (BRS), Full Retirement Sum (FRS) and Enhanced Retirement Sum (ERS) provide a guide on the CPF savings you need to set aside to receive your desired monthly payouts in retirement. Read on to find out what are the retirement sums applicable to you.

Basic Retirement Sum and Full Retirement Sum

Your Basic Retirement Sum (BRS) and Full Retirement Sum (FRS) are dependent on when you turn 55 and will remain the same for the rest of your life.

To help you better plan for your future, here are the retirement sums that are applicable to members who turn 55 from 2024 to 2027:

If you turn 55 in

Your BRS is

Your FRS* is

2024

$102,900

$205,800

2025

$106,500

$213,000

2026

$110,200

$220,400

2027

$114,100

$228,200

*The FRS is set at 2 times of the BRS.

See the Full Retirement Sums since 1995 (PDF, 35.1KB). You can also find out how the retirement sums are determined and why the retirement sums are increasing yearly.

Enhanced Retirement Sum

If you are 55 and above, you can choose to top up your Retirement Account (RA) up to the current Enhanced Retirement Sum (ERS) for higher monthly payouts, regardless of when you turn 55. Here are the ERS amounts for 2024 to 2027:

Year

2024 (Current)

2025

2026

2027

Enhanced Retirement Sum

$308,700

$426,000

$440,800

$456,400

The ERS is currently set at 3 times of the BRS. From 2025, the ERS will be raised to 4 times the BRS to provide members an option to voluntarily top up more to their RA in order to receive even higher monthly payouts in retirement.

As the ERS is increased every January, you can continue to make further top-ups to your RA every subsequent year.

Did you know? You can find out how much you can top up by logging in to your Retirement dashboard.

Planning for your retirement is easier with the retirement sums – Basic Retirement Sum (BRS), Full Retirement Sum (FRS), and Enhanced Retirement Sum (ERS). They provide a guide on the CPF savings you need to reach your desired monthly payouts in retirement. 

The BRS is meant to provide you with monthly payouts in retirement to cover basic living needs, excluding rental expenses. 

The FRS is two times of BRS and can provide you with higher monthly payouts that also cover rental expenses. That is why when you turn 55, your CPF savings up to your FRS is set aside in your Retirement Account (RA) to provide you with monthly payouts in retirement.

If you own a property in Singapore with remaining lease that lasts you until you are 95 or older, you have the flexibility to meet your FRS with a mixture of property (up to half your FRS) and cash, and can apply to withdraw part of your RA savings down to your BRS using your property.

If you wish to receive even higher payouts for your desired retirement lifestyle, you can choose to set aside more by making a top-up, up to the current ERS. The ERS is the maximum amount that you can top up to your RA, and is increased yearly for those who wish to receive higher payouts. From 2025, the ERS will be raised from 3 times the BRS to 4 times to enable members to voluntarily commit more savings for even higher payouts. To find out how much you can top up, log in to your Retirement dashboard.

See what are the retirement sums applicable to you.

Ultimately, how much you set aside depends on your CPF balances and desired monthly payouts. It’s important to plan ahead by assessing how much payouts you need to meet your expenses in retirement. Find out using the CPF LIFE Estimator.

When you turn 55, we will transfer your CPF savings, up to your Full Retirement Sum (FRS), to create your Retirement Account (RA). The savings in your RA is meant to provide you with payouts in retirement. Your Special Account (SA) savings will be transferred first, followed by your Ordinary Account (OA) savings.

From early 2025, the SA will be closed for members aged 55 and above to be in line with the principle that savings set aside for retirement should continue to earn long-term interest rates, while savings that can be withdrawn at any time should earn the short-term interest rate. 

If you have savings in SA when the SA is closed, it will be transferred to the RA, up to your FRS, so that you can receive higher retirement payouts. Once you have set aside your FRS in RA, the remaining SA savings will be transferred to the OA and can be withdrawn at any time. 

If you do not have enough RA savings to make up the FRS and have used your CPF savings for your property, we will use your CPF savings withdrawn for your property (including accrued interest) to meet your FRS. The maximum amount that can be used is your Basic Retirement Sum. When you sell your property, you will have to restore your RA up to your FRS with your sales proceeds.

It is not mandatory for you to top up your RA if you are unable to set aside your FRS. However, you may wish to top up your RA for higher monthly payouts. You can also enjoy tax relief for cash top-ups up to the FRS. After your SA is closed in early 2025, you can also opt to transfer your OA savings to the RA up to prevailing ERS to earn long-term interest rates and receive higher retirement payouts.

Did you know? You can use the CPF LIFE Estimator to estimate how much you need to top up to reach your desired monthly payouts.

If you are born in 1958 or after and wish to start your monthly payouts, there will be another transfer of your SA and/or OA savings, up to your FRS, to your RA, if you have not met your FRS.  This transfer allows you to receive higher monthly payouts.

Find out more about the retirement sums.

We will send you a notification three months before your 65^th birthday, to guide you to explore your monthly payouts options and submit your instructions through the Plan my monthly payouts service.

If you do not submit any instructions on your payouts by 70, your monthly payouts will automatically start in the month of your 70^th birthday.

There is no limit to the number of withdrawals you can make, as long as you are eligible and have withdrawable savings.

You can view your Retirement dashboard to check your eligibility and the amount you can withdraw.

The Silver Support (SS) Scheme is part of a wider suite of schemes (e.g. healthcare subsidies, GST voucher) that the Government has put in place to give seniors greater assurance in retirement.

It provides a quarterly cash supplement to seniors who had low incomes during their working years and now have less in retirement. The Government reviews the Scheme periodically to ensure that it continues to target deserving seniors.

Seniors who qualify for SS will automatically receive their cash supplement. There is no need to apply.

There is no need to apply for the Silver Support (SS) Scheme.

CPF Board will automatically review your eligibility for the SS Scheme every year. Eligible seniors will automatically receive SS every quarter.

Seniors who qualify will receive a notification from CPF Board in December of the preceding year.

Only Singaporean seniors aged 65 and above can be assessed for eligibility for the Silver Support (SS) Scheme.

You may request to find out your total CPF contributions (TCC) used for the SS Scheme by contacting us at cpf.gov.sg/contact-us. 

We will check your latest balances before transferring the non-withdrawable monies from your Ordinary and Special Account to your Retirement Account. If you have already topped up to meet your cohort's Full Retirement Sum, all monies in your Ordinary and Special Account will be deemed withdrawable. Hence, no transfer will take place.

You can withdraw your retirement savings if you have a pension or annuity that provides you with monthly payouts for life. The amount of retirement savings you can withdraw will depend on the monthly payout you receive from your pension/annuity.

Generally, only pensions under the Singapore Government will be considered. As for annuities, only those bought using cash or under the CPF Investment Scheme will be considered. The annuities must also be administered by Monetary Authority of Singapore (MAS)-registered insurance companies and satisfy the requirements under the Insurance Act. Additionally, you must be the policyholder and sole insured person of the annuity policy.

Investment instruments such as endowments and bonds are not allowed as they generally do not provide the policyholder with a lifelong income.

For member's convenience, CPF Board has developed a one-stop application form for you to withdraw your CPF savings and apply for Home Protection Scheme (HPS) and Dependants' Protection Scheme (DPS) benefits, if applicable.

To do so, you will need to:

1.  Submit an online application after logging in via Singpass. The application form will allow you to concurrently apply for both Home Protection Scheme (HPS) and Dependants’ Protection Scheme (DPS) benefits if applicable.
2.  Download the medical certification form that is provided upon submission of the online application and have it completed by an accredited doctor. The medical institution will need to submit the completed medical certification to CPF Board within 90 days of your application. Otherwise, your application will be cancelled.
3. If you are also claiming HPS benefits, you are required to inform your employer to submit your employment information to CPF Board. The employment information will allow us to accurately determine your claim event date and amount of claim benefits. A FormSG link will be provided to you upon submission of the online application. Please provide the link to your employer for completion. Your employer would require a Corppass to login.

After CPF Board receives the completed medical certification and employment information (for HPS claim, if required), you will receive an email or SMS notifying you that the application is in progress. You will be required to register or update your contact details under Account settings before proceeding with the online application so that you will receive the necessary notifications. CPF Board will notify you on the outcome of your withdrawal application.  For DPS, Great Eastern Life will notify you separately on the outcome of your claims.   

If the medical certification is to be completed by a doctor from an overseas medical institution, please write to us for assistance. 

If you are mailing your documents from overseas, all documents (except for original documents) must be witnessed/certified true by an official of a Singapore Overseas Mission with his official seal/stamp duly affixed.

Alternatively, if you are residing in a country which is part of the Apostille Convention:

• Your documents must first be witnessed and certified true by a Notary Public;
• Thereafter, the notarised documents must be certified by the designated Competent Authority of your country via the issuance of an apostille certificate.

To check the status of your application under the Reduced Life Expectancy Scheme, you can login to CPF website, click on ‘my CPF’, followed by  ‘My Activities’.

No, the completed medical certification form should be submitted by your doctor to CPF Board. Please ask your doctor to follow the instructions stated in the medical certification form.

After you have submitted your application, the completed medical certification form for withdrawal under the Reduced Life Expectancy Scheme must be submitted by your doctor to CPF Board within 90 days of your application.

If you have also applied to claim Home Protection Scheme benefits in the same application, your employer is also required to submit your employment information within 90 days of your application. The employment information will allow CPFB to accurately determine your claim event date and amount of claim benefits.

Please note that your application will be cancelled if we do not receive the supporting documents by the given deadline.