CPF joint minimum sum scheme - top up limit

[epigram]

parents enrolled into joint minimum sum scheme a long time ago - basically spouses need only set aside 1.5 times the minimum sum. i tried to top up their retirement account but was told that the limit was reached. when checking their retirement dashboard, no top-up limit was stated. instead, they had to write in to find out what their top-up limit is. anyone else encountered this situation before?

 

[sohguanh]

parents enrolled into joint minimum sum scheme a long time ago - basically spouses need only set aside 1.5 times the minimum sum. i tried to top up their retirement account but was told that the limit was reached. when checking their retirement dashboard, no top-up limit was stated. instead, they had to write in to find out what their top-up limit is. anyone else encountered this situation before?

You are referring to CPF website online screen dashboard? Then I think should be yes. For me it is to topup SA but the limit shown does not factor in investment taken outside so it shows below the limit but their system quite smart as it refuse to allow me to topup. I write in to CPF they then confirm their backend system factor that in but the online screen will not show.

For your case better to write in to seek clarification from CPF.

 

[epigram]

@sohguanh thanks! i should have gotten them to write in earlier, too late to get the info in time for 2023 top-up now.

 

[lzydata]

@sohguanh thanks! i should have gotten them to write in earlier, too late to get the info in time for 2023 top-up now.

Not sure if it is possible to try repeatedly with PayNow QR until you reach an amount that is allowed? If $5k is not allowed then try $4k, 3k etc.

 

[reddevil0728]

Not sure if it is possible to try repeatedly with PayNow QR until you reach an amount that is allowed? If $5k is not allowed then try $4k, 3k etc.

i think it will be credited but refunded without interest?

 

[epigram]

I tried to top up $1 but that failed too

 

[lzydata]

I tried to top up $1 but that failed too

Then they must have the full retirement sum already.

 

[epigram]

Got the answer from CPF Board. Because parents enrolled combined joint minimum sum scheme, taken to mean they want to have a lower amount kept with CPF. Topping up goes against this intention and so no topping up of RA allowed.

However as an exception, if enroll into CPF Life, will be allowed to top up to FRS.

 

[BBCWatcher]

….However as an exception, if enroll into CPF Life, will be allowed to top up to FRS.

Interesting. Do you mean they’d be able to have a pair of FRS-level individual CPF LIFE annuities? Or some sort of rare joint/survivor CPF LIFE annuity, meaning the ($X) payouts would continue as long as either spouse is still alive?

 

[epigram]

It would be a CPF Life annuity each.