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Oral Answer by Mr Tan Chuan-Jin, Minister for Manpower, to Parliamentary Questions on CPF LIFE

Notice Paper No. 219 Of 2014 For The Sitting On 5 August 2014 Question No. 119 For Oral Answer

MP: Ms Foo Mee Har

To ask the Minister for Manpower how CPF LIFE can offer options for Singaporeans who wish to set aside larger sums than the Minimum Sum of S$155,000 in their CPF in order to secure higher monthly payouts of more than S$1,200 for retirement incomes that meet their respective needs.

Answer 

  1. CPF members age 55 today who set aside their cohort Minimum Sum of $155,000 will receive about $1,200 in monthly payouts in 10 years’ time when they reach the age of 65.
  2. Members who would like to enjoy higher payouts have the option to top up their Retirement Account to the prevailing Minimum Sum subsequently, through the Minimum Sum Topping-Up Scheme. For example, for those who turn 55 years old previously, their Minimum Sum was correspondingly lower than the present-day cohort’s of $155,000, they can make a top up to that higher amount even though their particular applicable Minimum Sum may be lower. Members will receive tax relief for the top-up amount up to $7000.
  3. Members can also save for their retirement through the Supplementary Retirement Scheme (or SRS) and enjoy tax benefits. They can use their SRS savings to purchase annuities in the private market to boost their retirement income.