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[AMA][NOT AFFILIATED/OFFICIAL] CPF for retirement age... I will do my best to answer.

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Old 12-07-2018, 01:04 PM   #1
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[AMA][NOT AFFILIATED/OFFICIAL] CPF for retirement age... I will do my best to answer.

Moi ish read on CPF stuff on their website before so to prevent fake news from spreading, moi create an AMA thread here for people with questions on CPF. If I can answer, I will answer, if not I will give you CPF contact then you go ask them...

Commonly asked questions.

1. How much money do I get at 55 years old (for those born after 1957)?

To find out how much money you get, first you need to know how much is in your OA and SA plus if you gonna pledge your house and what retirement sum scheme you want to opt.

Full Retirement Sum = you get all the benefits of retirement scheme. Minimum is $181,000 as for those turning 55 in 2020.

Basic Retirement Sum = basic stuff (very little peanuts)
Minimum is *$90,500 for those turning 55 in 2020.

Three Scenarios
If OA + SA > Minimum Sum (amount above), you get (OA+SA) - Minimum Sum.

If OA + SA <= Minimum Sum, you get up to $5,000

If OA + SA < $5,000, you get up to whatever is in your OA + SA.


2. What is property pledge/charge?
A CPF property charge is created when you use your savings in your Ordinary Account to finance the purchase of your property and pay for your housing loan.

If you do not have a CPF property charge, then a CPF property pledge will be created if you choose to withdraw sums in excess of the Basic Retirement Sum under the property pledge withdrawal rules. When the property is sold, the amount of the pledge will be returned to your CPF account from the proceeds of the sale. You can re-use it for subsequent housing purchases or draw it down if you have entered retirement.

A CPF property charge or pledge does not affect your ownership of the property.

So by default, every sinkie who use CPF to pay for house already got this property charge/pledge. Meaning if your property CPF monies + your OA + SA > minimum sum, you can get back more than $5,000 subject to condition when you sell the flat, you need to pay that amount back to CPF.

3. What is the difference between FRS/BRS/ERS

BRS is Basic Retirement Scheme - "Bronze" level
FRS is Full Retirement Scheme - "Silver" level
ERS is Enhanced Retirement Scheme - "Gold" level

Higher the level, higher the payout / minimum sum to keep in CPF.
BRS payout is around $700++
FRS is 2x of BRS
ERS is 3x of BRS

Sauce: https://www.cpf.gov.sg/Assets/member...nt_Booklet.pdf

4. What happens if I die before 65 years old?
All your CPF monies (OA + SA + Medisave) goes to your nominees and if you didn't nominate, it is distributed according to the Intestate Succession Act. There will be an admin fee according to table below.


5. Wah kao so expensive. so how do i nominate?
First you need the person full NRIC name and his NRIC number. No need his IC/birthcert. Second you need to make appointment with CPF.

Link - https://www.cpf.gov.sg/Members/Servi...ntment-service

Call - 1800-227-1188

Select your nearest CPF centre and go do nomination. Very easy one. Bring your NRIC can liao.
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Old 12-07-2018, 01:06 PM   #2
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Old 12-07-2018, 01:08 PM   #3
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When need to decide ers, brs, frs?
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Old 12-07-2018, 01:08 PM   #4
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I think I'm going to enjoy watching the country burn when PAP has to think of new excuses to keep the money after the old people with lots of money left in CPF die.
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Old 12-07-2018, 01:08 PM   #5
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It's not difficult but most don't bother to read themselves
They prefer hearsay when it comes to CPF

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Old 12-07-2018, 01:08 PM   #6
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Bumps for chiu
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Old 12-07-2018, 01:10 PM   #7
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It's not difficult but most don't bother to read themselves
They prefer hearsay when it comes to CPF

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they need people spoonfeed them answer..

so called "pioneer" generation is actually "spoonfeed" generation.
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Old 12-07-2018, 01:11 PM   #8
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they need people spoonfeed them answer..

so called "pioneer" generation is actually "spoonfeed" generation.
Worse part is they spread incorrect hearsay!!!

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Old 12-07-2018, 01:12 PM   #9
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When need to decide ers, brs, frs?
You will only need to choose your CPF LIFE plan when you wish to start receiving your CPF LIFE monthly payouts (between payout eligibility age to 70).

CPF will write to you six months before your payout eligibility age to further explain the options you have and the choices you have to make.



Before that you just need to maintain the respective minimum sum in your CPF.
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Old 12-07-2018, 01:13 PM   #10
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can I nominate my nephew as nominee?
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Old 12-07-2018, 01:14 PM   #11
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Also important point to note. It is POSSIBLE to exempt from retirement sum scheme provided
  1. you have your own life annuity bought using cash. The monthly payout you receive from the life annuity should be equal to or above the full monthly payout; or
  2. are a pensioner receiving a monthly pension equal to or above the full monthly payout.

To apply for an exemption, you can submit a copy of the annuity policy or a recent letter issued by the Pension Office of the Accountant-General’s Department, certifying the monthly pension amount.

Form to submit: https://www.cpf.gov.sg/Assets/member.../FORM_RSS8.pdf

Pension Link: https://pacgov.agd.gov.sg/ipac/porta...gin/index1.jsp
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Old 12-07-2018, 01:15 PM   #12
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can I nominate my nephew as nominee?
Yea
Can even nominate your friend which has no family relationships

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Old 12-07-2018, 01:15 PM   #13
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can I nominate my nephew as nominee?
you can nominate any Singaporean to be your nominee.. even your abang/hia ti/gcp xmm...
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Old 12-07-2018, 01:16 PM   #14
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Yea
Can even nominate your friend which has no family relationships

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can even nominate darkstarer/mepick if you know their NRIC and full name
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Old 12-07-2018, 01:44 PM   #15
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wah this thread so fast die liao.
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