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Written Answer to PQ on CPF LIFE exemptions

NOTICE PAPER NO. 2464 OF 2023 FOR THE SITTING ON OR AFTER 10 JANUARY 2024
QUESTION NO. 5331 FOR WRITTEN ANSWER

MP: Mr Melvin Yong Yik Chye

To ask the Minister for Manpower in the last five years, what is the annual number of CPF members who have been exempted from CPF LIFE due to them owning private annuities.

Answer:

1.CPF members who are required to join CPF LIFE1 can apply to the CPF Board to be fully exempted from setting aside their CPF Retirement Sum and joining CPF LIFE if they are receiving lifelong monthly payouts from qualifying2 private annuities bought using cash. The Board approves such exemptions if their qualifying private annuities’ payouts are no worse off than the member’s cohort Full Retirement Sum payouts under the CPF LIFE Standard Plan3. Over the last five years, no member has applied for this option to be exempted from CPF LIFE.


FOOTNOTE

  1. This applies to CPF members born from 1958 onwards. CPF members born before 1958 are not required to join CPF LIFE.
  2. More details on the criteria for a qualifying private annuity can be found at the website: www.cpf.gov.sg/member/retirement-income/monthly-payouts/cpf-life/exemption-from-cpf-life
  3. These monthly payouts must be at least equal to their cohort’s Full Retirement Sum (FRS) monthly payouts under the CPF LIFE Standard plan, by gender.