Am I on the Retirement Sum Scheme (RSS) or CPF LIFE? What you should know if you were born on 1 May 1961 or after

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If you were born in 1957 or earlier, click here to find out how the two schemes are applicable to you.
If you were born between 1 Jan 1958 and 30 Apr 1961, click here to find out how the two schemes are applicable to you.

The RSS and CPF LIFE are two retirement schemes under CPF Board. The RSS provides CPF members with monthly payouts to support a basic standard of living during retirement until your Retirement Account (RA) savings run out. In 2009, CPF LIFE was introduced in view of the increasing life expectancy in Singapore, to provide lifelong monthly payouts in retirement. This helps to ensure that you do not outlive your retirement savings.

Both schemes provide monthly payouts from your Payout Eligibility Age (PEA), which is age 65 for CPF members born in 1954 and after.

To find out which scheme you are on, two factors are to be considered:
1) When you were born, and
2) the amount of savings in your RA before reaching age 65.

If you are born in May 1961 or after, you will be placed on CPF LIFE if you have at least $60,000 in your RA six months before your PEA. If you are not placed on CPF LIFE, you will be on the RSS.

If you wish to join CPF LIFE to receive lifelong monthly payouts, you can choose to do so any time between your PEA and one month before you turn 80 years old. Regardless of which scheme you are on, you will receive a letter from CPF Board a few months before reaching your PEA with more information.

You can start your payouts anytime from age 65 to 70 by:

• Completing the hardcopy form that comes with the letter;
• Completing the online form on the CPF website; or
• Visiting one of the five CPF Service Centres islandwide

If you have reached your PEA and have not instructed us to start your payouts, we will continue to inform you on how you can do so in your CPF Yearly Statement of Account.

In the past, those on the RSS could keep their savings in their CPF accounts for as long as they like. CPF Board has since introduced a Latest Payout Start Age of 70, to prevent members from keeping their savings until they pass away. Thus, even if the member has not instructed for their payouts to start, they will automatically start receiving them at age 70.

For more information on the RSS and CPF LIFE, please visit the CPF Board website, call 1800-227-1188 or make an e-appointment to visit any of the Service Centres.

Read more: 5 Facts About CPF LIFE
Read more: Why you need to include annuities as part of your financial planning