CPF SA

[reddevil0728]

How to transfer my own OA (not with cash) to my child OA account

Sorry if you misinterpreted

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

don't think possible.

only for spouse, parents’ and/or grandparents', siblings’, parents-in-law’s, and/or grandparents-in-law’s

 

[chopra]

hi my spouse tried to contribute 7k to my special account but was rejected. why is this so

 

[Okenba]

hi my spouse tried to contribute 7k to my special account but was rejected. why is this so

Likely because your SA has already reached FRS.

 

[Okenba]

How to transfer my own OA (not with cash) to my child OA account

Sorry if you misinterpreted

Right. Sorry. I don't think that is possible.

 

[Sinkie]

hi my spouse tried to contribute 7k to my special account but was rejected. why is this so

You earn less than $20,000??

 

[Sinkie]

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme

don't think possible.

only for spouse, parents’ and/or grandparents', siblings’, parents-in-law’s, and/or grandparents-in-law’s

That’s what I understand too thanks

 

[chopra]

Likely because your SA has already reached FRS.

nope it's not. issit bcos she used nets under my own posb savings account name?

 

[reddevil0728]

nope it's not. issit bcos she used nets under my own posb savings account name?

What’s the “rejection message”?

 

[sunbox]

This is including both employee + employer contribution, right?

isn't that 37,740 rather than 35,740?

 

[zoneguard]

This is including both employee + employer contribution, right?

It's the CPF annual limit. All contributions - mandatory and voluntary are capped at this limit.

 

[celtosaxon]

Why 35????

Sorry, typo corrected... $37,740 is correct.

To the extent your MCs are under that amount and to the extent your MA is below BHS you can get tax relief for VC to MA.

 

[reddevil0728]

This is including both employee + employer contribution, right?

Yep. But the math is wrong.

 

[celtosaxon]

Yep. But the math is wrong.

Employee + Employer = 37%

Base wages: $72,000 x 37% = $26,640
Bonuses: $30,000 x 37% = $11,100

Maximum annual contribution = $37,740

Let’s say your MC for the year is $27,740 then you can get tax relief on VC up to $10,000 in your MA provided your MA balance is at least $10,000 below BHS.

 

[reddevil0728]

Employee + Employer = 37%

Base wages: $72,000 x 37% = $26,640
Bonuses: $30,000 x 37% = $11,100

Maximum annual contribution = $37,740

Let’s say your MC for the year is $27,740 then you can get tax relief on VC up to $10,000 in your MA provided your MA balance is at least $10,000 below BHS.

yea. was referring to the earlier typo. but now all good

 

[BBCWatcher]

How to transfer OA to your children OA? The children must be 21?

I know of only one way to do that (a transfer only from a parent's OA to only a child's OA), and that way (the CPF Enhanced Nomination Scheme) involves the parent's death. I assume you're not enthusiastic about methods involving your death. Can anyone think of some other way?

Of course you can make an "all three account" Voluntary Contribution to any CPF member's accounts, including your child's (Singaporean citizen or PR). This contribution must fit within the CPF Annual Limit ($37,740), and only a portion of your contribution will end up in the child's OA.

And here's a question: why would you want to do this?

 

[BBCWatcher]

It's the CPF annual limit. All contributions - mandatory and voluntary are capped at this limit.

Well, that's not quite true. There's something called the Additional MediSave Contribution Scheme (AMCS). The AMCS has the word contribution in it, so it must be a "contribution." As it happens, the AMCS doesn't have to fit within the CPF Annual Limit. The AMCS allows up to another $2,730, so the AMCS can push total contributions (employer and employee) up to $40,470 per year.

It's also possible to have more than one CPF Annual Limit: have two or more employers.

Then CPF has what they call "top ups," and top ups aren't subject to the CPF Annual Limit.

 

[reddevil0728]

I know of only one way to do that (a transfer only from a parent's OA to only a child's OA), and that way (the CPF Enhanced Nomination Scheme) involves the parent's death. I assume you're not enthusiastic about methods involving your death. Can anyone think of some other way?

Of course you can make an "all three account" Voluntary Contribution to any CPF member's accounts, including your child's (Singaporean citizen or PR). This contribution must fit within the CPF Annual Limit ($37,740), and only a portion of your contribution will end up in the child's OA.

And here's a question: why would you want to do this?

i don't think that scheme is available anymore? no longer listed on cpf website

 

[zoneguard]

i don't think that scheme is available anymore? no longer listed on cpf website

Still available but to be done in person at CPF Service Centre: https://www.mylegacy.gov.sg/end-of-life-planning/make-a-cpf-nomination/type-of-cpf-nomination/

https://www.cpf.gov.sg/Members/Schemes/schemes/other-matters/cpf-nomination-scheme

Please also note that your CPF savings will be distributed in cash to your nominee(s) unless you have given the Board specific instructions.

 

[chopra]

What’s the “rejection message”?

You earn less than $20,000??

Likely because your SA has already reached FRS.

opps ps. i saw wrongly. lol

 

[ranchfarm]

Got a question... If my MA is at BHS and SA is at FRS, then all mandatory contribution will go to my OA? Thanks in advance.