CPF SA

[edwinttt1978]

Money will never get stuck in CPFIA. Agent bank cannot hold on to the money indefinitely.

Your agent bank will also automatically transfer the cash balance held in your CPF Investment Account to your OA (at the end of the month*) if your Investment Account has been inactive (i.e. if there had been no investment transactions) for two consecutive months.

* The monies will be transferred on the third last working day of the month. In the event that the third last working day falls on a Saturday, the transfer will take place on the second last working day of the month.


In practice, transfer back to OA is effected in the same month when there is no transaction during the month, on the last day or second last day of the month and OA gets credited on the same day, else transfer credited into OA just after the month earns no interest in the month.

If amount in CPFIA is fairly large, I go ATM at least 2 or 3 days before month end to effect the transfer to OA to ensure that my OA is credited by the last day of the month so as not to long interest in the following month.

Why go to ATM when CPFIA to CPF OA funds transfer can be done via internet banking as soon as T+3?

 

[henrylbh]

Why go to ATM when CPFIA to CPF OA funds transfer can be done via internet banking as soon as T+3?

That time I got the ATM card, there was no internet banking. Now I not sure whether can do internet banking. I have cut off all ties with UOB, except for CPFIA due to an unpleasant experience when it unilaterally without notice cut off the use of UOB principal credit card causing embarrassment while supplementary card could continue to be used. I also wanted to cut off CPFIA, but it's a hassle.

And I didn't know that my ATM could still be used after closing my savings and FD accounts and terminating my UOB One credit card and classic credit card. It was after a few years that I tried the ATM card and still still works.

 

[henrylbh]

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/withdrawals-of-cpf-savings-from-55

It is very clearly stated in CPF website that no top-up moneys are eligible for lump sum withdrawal at age 55.

All top-ups and their accrued interest turn eligible for lump sum pay-outs only at age 65.

Nothing in the picture mentioned about lump sum withdrawal at age 55. It's started with what can be withdrawn at or from age 55 after setting aside FRS or BRS with property.

Basically. I understand your first line but not the word lump sum withdrawal. No such thing as lump sum withdrawal at age 55

Lump sum withdrawal amount refers to the 20% of the adjusted RA balance at age 65.

Where can I find info that all top-ups and their accrued interest turn eligible for lump sum pay-outs only at age 65?

Lump sum withdrawal amount is computed based on 20% of members' Retirement Account (RA) balance (excluding top-ups made under the Retirement Sum Topping-up scheme, CPF LIFE Bonus & Deferment Bonus) and any unused CPF LIFE annuity premiums at members' payout eligibility age. The PEA lump sum withdrawal amount includes the $5,000 that can be withdrawn from age 55.

 

[Extech]

When your RA balance is >BRS, <FRS, CPF will EXCLUDE top-up money when calculating how much lump sum is withdrawable at age 55.

When your RA balance is >FRS, anything in excess of FRS can be withdrawn in lumpsum REGARDLESS whether the source of OA/SA had been from voluntary top-up vs. employment,

Does this apply to children CPF transfer to parents too? If yes, would it make sense for to top up your own CPF monies to BRS then transfer to your parents so they cam withdraw the money to use?

 

[henrylbh]

At 55, RA can never be >FRS.

 

[henrylbh]

Does this apply to children CPF transfer to parents too? If yes, would it make sense for to top up your own CPF monies to BRS then transfer to your parents so they cam withdraw the money to use?

Children must meet prevailing FRS before they are allowed CPF transfer to parent.

 

[77james]

At 55, RA can never be >FRS.

After topup, interest and contribution. I think it possible

 

[henrylbh]

After topup, interest and contribution. I think it possible

I repeat AT 55, RA can never be >FRS.

I say one thing and you say another thing and he doesn't know what he saying ... that 'When your RA balance is >FRS, anything in excess of FRS can be withdrawn in lumpsum'

 

[Andrew833]

At 55, RA can never be >FRS.

Max is ERS

 

[Tiger9119]

Max is ERS

For RA to go above FRS at 55, have to top up with cash or from CPF savings.

 

[yoongf]

Before 55, there is no RA account.

At 55, RA account is created and ONLY ... FRS is transfered over from SA/OA.
Excess $ stays at SA/OA with no restriction to withdrawal.

After topup, interest and contribution. I think it possible

 

[BBCWatcher]

I repeat AT 55, RA can never be >FRS.

Henry, it is certainly possible to write with greater clarity here. Age 55 is a year long state of being, except for those who die sometime within that year. You could have simply written "on your 55th birthday," although it seems in practice even that wouldn't be correct since dollars can be added to a Retirement Account as soon as it's formed, including on one's birthday if that's when the CPF Board makes it visible. (In practice there might be some "wobble" here on either side of one's 55th birthday.)

So what point are you actually trying to make? If you're trying to explain that the CPF Board will never sweep more into your new Retirement Account than the then current Full Retirement Sum, OK, that was easy to write.

 

[Kaypohji]

Oh u mean manually transfer over to RA? They don’t ask u u want to have ERS or FRS then transfer accordingly to RA?

They just transfer FRS then Have to ownself go transfer to hit ERS ?

For RA to go above FRS at 55, have to top up with cash or from CPF savings.

 

[77james]

I repeat AT 55, RA can never be >FRS.

I say one thing and you say another thing and he doesn't know what he saying ... that 'When your RA balance is >FRS, anything in excess of FRS can be withdrawn in lumpsum'

ok didnt read clearly. at 55, before 55 possible of SA and OA exceeding FRS

 

[77james]

Before 55, there is no RA account.

At 55, RA account is created and ONLY ... FRS is transfered over from SA/OA.
Excess $ stays at SA/OA with no restriction to withdrawal.

Understand on the point, RA created at 55.

quite clear. I believe at 55, if u exceed FRS,

remaining OA, SA are enough to hit ERS. can opt for ERS at 55 and transfer the remaining OA,SA to ERS amount which is 3 X of BRS.

If u can hit ERS at 55, remaining OA,SA still got money can withdraw out. but quite rare. But ERS will allow u to have a higher CPF life payout

 

[henrylbh]

Henry, it is certainly possible to write with greater clarity here. Age 55 is a year long state of being, except for those who die sometime within that year. You could have simply written "on your 55th birthday," although it seems in practice even that wouldn't be correct since dollars can be added to a Retirement Account as soon as it's formed, including on one's birthday if that's when the CPF Board makes it visible. (In practice there might be some "wobble" here on either side of one's 55th birthday.)

So what point are you actually trying to make? If you're trying to explain that the CPF Board will never sweep more into your new Retirement Account than the then current Full Retirement Sum, OK, that was easy to write.

If you can't understand or want to understand it differently like the others, I got nothing more to add.

 

[henrylbh]

For RA to go above FRS at 55, have to top up with cash or from CPF savings.

Transfer of CPF or cash also can. Combo also can.

 

[BBCWatcher]

If you can't understand or want to understand it differently like the others, I got nothing more to add.

Henry, plenty of people were/are obviously confused by what you wrote, understandably. I believe you're capable of writing with greater clarity.

1. "At 55, it's harder for me to run as quickly."
2. "On my 55th birthday, it's harder for me to run as quickly."

Do these two sentences have different meanings (in common English language usage)? Yes, they certainly do. If you meant #2, you could have written it....

....But what you wrote is factually incorrect, I'm afraid, even if you meant "on one's 55th birthday." It's possible for a Retirement Account to contain more than the FRS at 55 or on one's 55th birthday. The CPF Board won't automatically do that, but it is at least sometimes possible should you wish it to be so and if you act quickly.

 

[77james]

If we purchase house, housing grant example 20k.

This amount usually will become downpayment during HDB purchased.

Let say example. Purchase price 300k.
down payment 80k with BSD.

20k from grant. 60k from OA.

While remaining to pay is 220K housing loan.


CPF will indicated amount used on property(with grant) and accrued interest, If we do housing refund to CPF. Doesnt make it we are paying the housing grant which govenment gave us during purchasing of HDB.

IF after doing full housing refund to CPF to OA. Finally this amount will also become RA at 55. It still our own money right?

 

[terence2112]

Children must meet prevailing FRS before they are allowed CPF transfer to parent.

Not really. If BRS is met in the SA, can transfer whatever in the OA to parents.