CPF Easy Info Thread. :)

[Thoreldan]

housing loan will be suspended in 2020 right?

or only education loan?

U mean not able to repay a housing loan via cpf ?
That would be disastrous.

 

[tangent314]

Hi guys, i invested my cpf oa with aviva navigator and it seems quarterly maintenance fee for that account itself is pretty high.
I am looking to purchase myself via dbs digibanking, will it be able to go through cause it is mentioned only 1 cpf investment account can exist at 1 time. Do i need to transfer all out and is dbs slightly cheaper?

In order to invest your CPFOA, you need an account with DBS, UOB or OCBC. From that account you can invest in any other brokers that can handle CPFISOA. I believe all the brokers can handle your account being with DBS, UOB or OCBC, you just have to tell them which one when you set up your account with them.


If you require a managed portfolio, then yes, all the platforms charge a portfolio management fee. Some of the platforms will also charge platform fees (I believe it's zero for Navigator/Dollardex). The funds that are selected for you charge fund management fees too, and these fees can vary a lot especially depending on whether unit trusts or ETFs are selected for you.

 

[b0ring]

In order to invest your CPFOA, you need an account with DBS, UOB or OCBC. From that account you can invest in any other brokers that can handle CPFISOA. I believe all the brokers can handle your account being with DBS, UOB or OCBC, you just have to tell them which one when you set up your account with them.


If you require a managed portfolio, then yes, all the platforms charge a portfolio management fee. Some of the platforms will also charge platform fees (I believe it's zero for Navigator/Dollardex). The funds that are selected for you charge fund management fees too, and these fees can vary a lot especially depending on whether unit trusts or ETFs are selected for you.

Thanks for the info. I bought UT via dbs using CPF. Anyone knows where is it reflected? Saw that it had went through and had deduct from my CPF, however can't see it in my unit trust portfolio

 

[SBC]

Will you guys continue to top up CPF from now?

 

[BBCWatcher]

Will you guys continue to top up CPF from now?

Sure, as long as household circumstances (relevant to CPF top up decisions) are broadly similar. If anything CPF looks more attractive amidst a lower market interest rate environment.

 

[ralliart12]

Hi fellows, some doubt:
Qn1: How come the AMP of $22.63 stopped suddenly from 02 Nov 2019 onwards?

Qn2: What's that $9022.83 deduction about?

Qn3: I have been performing RSTU for my folks every now and then, e.g. the $7000 in 02 Sep 2019. But theoretically, even if I stopped topping up from now on, my folk(s) will still get at least $53.77 via CPF from now until demise right?

 

[candy crush]

Hi fellows, some doubt:
Qn1: How come the AMP of $22.63 stopped suddenly from 02 Nov 2019 onwards?

Qn2: What's that $9022.83 deduction about?

Qn3: I have been performing RSTU for my folks every now and then, e.g. the $7000 in 02 Sep 2019. But theoretically, even if I stopped topping up from now on, my folk(s) will still get at least $53.77 via CPF from now until demise right?

cos ur mum paid the CLA for CPF LIFE PREMIUM one shot empty the whole RA

 

[henrylbh]

cos ur mum paid the CLA for CPF LIFE PREMIUM one shot empty the whole RA

It quite clear that the deduction of $9k is for CPFL premium. The issue is why is it so much?

We don't have info about the parent's CPF history like when (the age) he commenced life payout and how much he had when joining CPFL, compounded by top-ups along the way.

The only hint is he is born between Jul 1951 and Jun 1952 and he was by default under the RSS, but chose to join CPFL.

Based on the statement, he was getting life payout of $47.37. After a recent top up of $7k, a sum of $9k was deducted for life premium.

What is not clear is why $9k (relatively a huge amount) was deducted. Thereafter his life payout is adjusted to a mere $53.77 an increase of $6.40 only.

$9,022.83/6.40 = 142 months excluding interest. But on balance, it appears reasonably as the increment of $6.40 would last to about age 85 plus (and beyond for life).

My understanding is the top-up should be result in higher AMP instead of life payout, unless he chose to buy additional life payout and in that case, his earlier AMP would also be converted to life payout. But still, the numbers puzzle me a little.

Without the recent top-up of $7k, he would continue have life payout of $47.37 and AMP of $22.63 (till about age 85 to 90) instead of $53.77 hereafter for life

I rather leave the 7k in RA to be compounded and draw it after AMP of $22.63 runs out or let the AMP of $22.63 be adjusted according to the prevailing rules and the difference recycled into RA if not needed (for subsequent higher AMP ........ ).

 

[ralliart12]

...The only hint is he is born between Jul 1951 and Jun 1952...

Hi, his birthyear is 1944.

...We don't have info about the parent's CPF history like when (the age) he commenced life payout and how much he had when joining CPFL...

If I'm able to get the person to login to his CPF portal, do you know where we can find these 2 pieces of info?

 

[ralliart12]

cos ur mum paid the CLA for CPF LIFE PREMIUM one shot empty the whole RA

https://i.imgur.com/0a73KbI.png[IMG][/QUOTE]

Actually, by virtue of CPF LIFE, even [U]without paying[/U] the $9022.83 CLA premium, he will continue to get $47.37 monthly until demise right? [U]Or is CPF LIFE not forever for some of the very old folks[/U]?

 

[ralliart12]

...My understanding is the top-up should be result in higher AMP instead of life payout, unless he chose to buy additional life payout and in that case, his earlier AMP would also be converted to life payout...

Actually I'm curious why his AMP stopped...could it be a huge coincidence that the amount of his RA to be consumed for AMP ran out just nice as the same time his CLA premium is being deducted?

On the other hand, is he able to explicitly continue requesting for AMP to be continued (via online request) instead of having just (slightly) higher life payout?

 

[Purplestars]

Is FSMone is the cheapest broker to use to invest CPF OA?

Or should we just stick to SCB?

It's too bad we can't use DBS cash upfront for this

 

[tangent314]

Actually I'm curious why his AMP stopped...could it be a huge coincidence that the amount of his RA to be consumed for AMP ran out just nice as the same time his CLA premium is being deducted?

Plausible, AMP by right is designed to run out at age 90. It does look like the remaining amount from AMP was used together with the RSTU to up to pay the CPF Life premium.

On the other hand, is he able to explicitly continue requesting for AMP to be continued (via online request) instead of having just (slightly) higher life payout?

May be too late for that. I don't see a form for that either. If you really want to claw it back, I guess you could try to speak to a CPF Officer. Personally I wouldn't worry too much about that, nothing wrong with having more CPF Life payout. And yes, it's for life.

 

[tangent314]

Is FSMone is the cheapest broker to use to invest CPF OA?

Or should we just stick to SCB?

It's too bad we can't use DBS cash upfront for this

For Unit Trusts, yes. Together with POEMS and DollarDex they are 0% sales charge, 0% platform fee, 0% redemption charge.

CPFIS OA/SA or SRS are all not available on SCB.

 

[ralliart12]

...It does look like the remaining amount from AMP was used together with the RSTU to up to pay the CPF Life premium...

Actually don't pay premium also get the same amount of money for life right ($47.37)? Then I might as well don't RSTU for him (and just give him cash-$ outside of CPF channels)?

...If you really want to claw it back, I guess you could try to speak to a CPF Officer. Personally I wouldn't worry too much about that, nothing wrong with having more CPF Life payout. And yes, it's for life.

I dun really care or want to claw it back. I'm just very curious on how it works, and even more of how to calculate how much more my folk(s) can get. Example:

- if I top up $n, how much more above $47.37 will the person get? (in this case, I cannot use of $53.77 - $(47.37+22.63) because that $22.63 is not a life payout.


And also how to continue getting an AMP of $22.63 (or more) now that I have RSTU-ed?

Because unless the first coincidence I'd mentioned is proven to have had occurred, then otherwise I top up to get lesser money? From a total of $70 drop to $53.77?!

And also, still dunno why $9K+ instead of the $7K (RSTU-ed amt) is being deducted to pay CLA premium? Or is it whatever amount CPF sees in the RA balance they will just wipe out to pay CLA premium?

 

[henrylbh]

Actually I'm curious why his AMP stopped...could it be a huge coincidence that the amount of his RA to be consumed for AMP ran out just nice as the same time his CLA premium is being deducted?

On the other hand, is he able to explicitly continue requesting for AMP to be continued (via online request) instead of having just (slightly) higher life payout?

Since he is born in 1944, the rules relating to his cohort are not easily found in CPF website.

CPF Life Scheme was introduced in 2009.

You need to pull out his annual statements for the last 10 years to to figure out what's going on.

The statements might give an idea when he joined CPFL and how much he had at that time that would determine the payout for life.

Once he joined CPFL, any new money going into RA thereafter would be payout as AMP in addition to life payout. I understand that AMP is calculated to last to about age 82 similar to RSS. His cohort drawdown age was 62.

The statement hinted that he must has opted to use the new money to buy additional life payout (otherwise there wouldn't be CLA) and hence his AMP including the top-up has been converted to life payout.

 

[henrylbh]

Actually, by virtue of CPF LIFE, even without paying the $9022.83 CLA premium, he will continue to get $47.37 monthly until demise right? Or is CPF LIFE not forever for some of the very old folks?

Yes, he would continue to get $47.37 monthly for life if he did nothing and the AMP could be higher with your top-up until AMP exhaust the top-up.

 

[henrylbh]

And also how to continue getting an AMP of $22.63 (or more) now that I have RSTU-ed?

.....

And also, still dunno why $9K+ instead of the $7K (RSTU-ed amt) is being deducted to pay CLA premium? Or is it whatever amount CPF sees in the RA balance they will just wipe out to pay CLA premium?

Too late to revert to AMP as it appears he has used the remaining AMP and the top-up to pay additional premium for life payout.

But he would be getting AMP if you do another top-up if he did not use that as additional premium for CPFL.

 

[candy crush]

Too late to revert to AMP as it appears he has used the remaining AMP and the top-up to pay additional premium for life payout.

But he would be getting AMP if you do another top-up if he did not use that as additional premium for CPFL.

He can try to talk an CPF officer

but I didnt know if you top up the RA after you opt for CPF LIFE, it will be auto counted as additional premium for CPF life

I tot must apply again

 

[henrylbh]

He can try to talk an CPF officer

but I didnt know if you top up the RA after you opt for CPF LIFE, it will be auto counted as additional premium for CPF life

I tot must apply again

Where you get info that top-up to RA will be auto as additional premium for CPFL?

Top-up will remain in RA and each Jul, it would be calculated to pay out as AMP.