Question about cpf vc?

[pop]

Last year, i made a voluntary contribution. But i was not good at computing the exact amount to contribute so that i do not exceed the limit, so i roughly estimated an amount. Now that it is january, if there is a refund, do they inform me or they send a cheque or they refund directly to my bank account i use to make the payment?

 

[JuniorLion]

Last year, i made a voluntary contribution. But i was not good at computing the exact amount to contribute so that i do not exceed the limit, so i roughly estimated an amount. Now that it is january, if there is a refund, do they inform me or they send a cheque or they refund directly to my bank account i use to make the payment?

They will send you a cheque.

 

[kehyi4]

They will send you a letter showing you the calculation of how much VC you exceeded, and how they will refund you

How do i know? I just received mine -_-"

 

[pop]

Thanks. Was about to make VC for this year but i better wait to see if i will get a letter first.

 

[henrylbh]

Sharing my experience on VC made in 2012.

On 26 Dec 2012 before 11pm I deposited 2 cheques into the branch post box – one cheque for VC to 3 accounts and another cheque for topping up of min sum and direct contribution to MA for tax relief. Because the latter was for 2 types of contribution, the Board called me on 31 Dec to clarify the contribution.

The min sum top up was credited on 8 Jan 2013 and the contribution to MA was credited on 10 Jan 2013 with $128.80 flowing to OA/SA.

The VC to 3 accounts was credited on 12 Jan 2013.

Guess what’s next?

 

[culture_counter]

Which month will the refund be received if previous year VC exceed yearly limit? Jan or Feb ?

 

[kehyi4]

Which month will the refund be received if previous year VC exceed yearly limit? Jan or Feb ?

This is what happened to me last yr:

i'm guessing the refund will be early Feb this year as well

 

[sg_investor]

Will the excess go to SA then OA?
I thought that was the order.

This is what happened to me last yr:

i'm guessing the refund will be early Feb this year as well

 

[henrylbh]

Will the excess go to SA then OA?
I thought that was the order.

Direct contribution to MA will be refunded when BHS has been met. If it's voluntary contribution to 3 accounts (within CPF annual limit), excess in MA will flow to OA/SA.

 

[jackieatbtu]

So you make voluntary contributions in aug, sept, oct and dec and all those were refunded?

This is what happened to me last yr:

i'm guessing the refund will be early Feb this year as well

 

[henrylbh]

So you make voluntary contributions in aug, sept, oct and dec and all those were refunded?

Not only refunded. Refunded without interest described in the statement as ADJ.

 

[kehyi4]

So you make voluntary contributions in aug, sept, oct and dec and all those were refunded?

Yup, i made VC-MA in those months in 2016, but ended up exceeding 2016 CPF Annual Limit, so kenna refunded (code=RFD) and CPF clawed back the interest (code=ADJ)

 

[henrylbh]

Yup, i made VC-MA in those months in 2016, but ended up exceeding 2016 CPF Annual Limit, so kenna refunded (code=RFD) and CPF clawed back the interest (code=ADJ)

So you reached annual limit in Aug? Puzzling that you VC-MA including cents even if you try to replenish medisave claims/premiums..

 

[pop]

Kehyi4, so you exceeded your limit in 2016 and again in 2017? If I did exceed mine for 2017, i should expect my letter now since you already got yours. Then refund is done in feb?

 

[kehyi4]

So you reached annual limit in Aug? Puzzling that you VC-MA including cents even if you try to replenish medisave claims/premiums..

Whether you exceed CPF Annual Limit (AL) is only known at year end after all your Mandatory Contrib come in

My VC-MA is in cents because I was at BHS, but using my MA to pay some medical bills - every time there was a deduction, I would top it up back to BHS. That's why the funny amounts in cents

(I didn't realise back in 2016 that my employer's additional medisave contrib counted towards CPF AL. That's why I exceeded AL by so much. I know it now ... )

 

[kehyi4]

Kehyi4, so you exceeded your limit in 2016 and again in 2017? If I did exceed mine for 2017, i should expect my letter now since you already got yours. Then refund is done in feb?

Yup, exceeded again in 2017 (got better bonus than I predicted... Not that I'm complaining )

If you haven't gotten the refund letter, maybe you didn't exceed CPF AL ... I'd wait 1 more week before rejoicing though

 

[jackieatbtu]

Ok then I wait for a week more. I also sorry I exceed though probability is low.

 

[ah_cheng1882]

Hi all,

Any ideas if the cap of $37,740 in annual contribution to CPF is a hard one? Does that mean that any VC or MC that leads to total contributions greater than $37,70 would be refunded?

Thanks

 

[JuniorLion]

(I didn't realise back in 2016 that my employer's additional medisave contrib counted towards CPF AL. That's why I exceeded AL by so much. I know it now ... )

Must be a civil servant

 

[BBCWatcher]

Any ideas if the cap of $37,740 in annual contribution to CPF is a hard one?

That CPF Annual Limit only applies to particular contribution patterns. It doesn’t apply to all of them, or even to very many of them. As just a few examples, in no particular order:

* You can top up any CPF member’s Special Account or Retirement Account, in one shot if you wish. For CPF members under age 55 the Special Account limit is the current Full Retirement Sum. For CPF members age 55 and over the Retirement Account limit is the Enhanced Retirement Sum.

* OA repayments (education, housing) are not subject to the CPF Annual Limit.

* “Special gifts” such as the Additional Medisave Contribution Scheme, national service-related top-ups, Baby Bonus, and Pioneer Generation/CPF LIFE bonuses are evidently not subject to the CPF Annual Limit. (Double check that with CPF, of course.)

* Enhanced Nomination Sum deposits into CPF are not subject to the CPF Annual Limit.