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Updates on CPF Retirement Scheme

What is CPF Retirement scheme?

The Retirement Sum Scheme provides CPF members with a monthly income to support a basic standard of living during retirement.

To better mitigate longevity risks, the CPF LIFE Scheme was introduced in 2009 which provides a monthly income for as long as you live.


You will be placed on CPF LIFE if you are a Singapore Citizen or Permanent Resident born in 1958 or after, and have the following Retirement Account balances:

  • ​You turned 55 between 1 January 2013 and 30 April 2016

​You turned 55 on 1 May 2016 and after

  • At least $40,000 in your Retirement Account when you reach 55 years old; or

  • At least $60,000 in your Retirement Account six months before you reach your payout eligibility age.

  • ​At least $60,000 in your Retirement Account six months before you reach your payout eligibility age.

If you are not placed on CPF LIFE, you can apply to join anytime between your payout eligibility age and before you turn 80 years old, or remain on the Retirement Sum Scheme.

Latest update!

Budget 2020: Basic Retirement Sum set at S$93,000 for those turning 55 next year

THE Basic Retirement Sum (BRS) will continue to increase by the same 3 per cent per year for the next two cohorts, Deputy Prime Minister and Finance Minister Heng Swee Keat said in his Budget speech on Tuesday.

This means that for Central Provident Fund (CPF) members who turn 55 in 2021, the sum will be set at S$93,000. It will be S$96,000 for those turning 55 in 2022.

The BRS for CPF members who are 55 years old this year is S$90,500.

Revised retirement sums can be seen in the table below:

CPF withdrawal rules remain unchanged.

1. Members can withdraw up to $5,000 unconditionally from their Ordinary Account (OA)/Special Account (SA) savings (even if their Retirement Account (RA) savings are less than their cohort BRS) from age 55; or

2. Members can withdraw their OA/SA savings above their FRS, and/or RA savings above BRS (if they own a property that can last them up to age 95) from age 55; and

3. For those turning age 65 from 2023 onwards, they can withdraw up to 20% of their RA savings as at age 65, in a lump sum. They can withdraw this lump sum anytime from age 65 onwards. Members are not required to top up their CPF accounts in cash or sell their property if they have less than their BRS.

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