CPF LIFE

CPF LIFE is an enhancement to the Minimum Sum Scheme. It is a mandatory annuity scheme that allows CPF members to continue making a monthly withdrawal from their CPF savings, even after they have completely drawn down their CPF Minimum Sum. Starting with members who will turn age 55 in 2013, those with at least $40,000 in their Retirement Accounts (RA) will be automatically included while those with lower balances may still opt in. Upon joining CPF LIFE, depending on age, gender and the plan selected, a certain percentage of the RA savings will be transferred to the CPF LIFE account as premium for the annuity.

To allow more members to benefit from this scheme, between September 2009 and December 2010, CPF LIFE will available for opt-in  for those aged 80 and above.

For details, visit the CPF website.