4 Things Every Singaporean Needs to Know About Transfers and Top-ups

The earlier you know, the better.

First things first: what’s the difference between CPF top-ups and transfers? Simple: top-ups involve cash, like topping up your EZ-Link card. Transfers involve moving funds from your Ordinary Account to a Special Account or Retirement Account (either your own or a loved one’s), like transferring money from your bank account to someone else’s.

So why should you bother with CPF top-ups and transfers? Can’t you just leave your CPF to grow on its own? You sure can, but top-ups and transfers allow you to enjoy even more of a good thing.

1

It’s a sure thing

Your CPF SA and RA earns interest rates of up to 5% and 6% p.a. respectively. Whether you choose to transfer or top up, your savings will be reaping better interest rates compared to sitting around in a regular bank account, with your capital and returns protected from external market factors. So it’s practically a risk-free investment. And the earlier you start making the transfers, the more you stand to gain from compound interest.

Compound interest/Top-up calculator

Every

I want to save

for

Terms and conditions

  • This tool is for illustrative purposes only and actual results may vary.

  • The estimations do not include the 1% p.a. extra interest that you will earn on the first $60,000 of your CPF savings.

  • Recipients below the age of 55 can receive cash top-ups and CPF transfers to their Special Account up to the current Full Retirement Sum.

  • The bank savings account is assumed to earn 0.24% p.a. interest which is based on a weightage of 80% of the 12-month fixed deposit rates and 20% of the savings rates of the major local banks. Details can be found in news releases on CPF interest rates.

2

It’s another way of saying “I love you”

If you’re a working adult, chances are you give your parents or your spouse an allowance of some sort. Ever considered transferring some of your OA to your loved one's Special or Retirement Account as a form of allowance? This allows them to earn up to 5% or 6% interest p.a. on their retirement savings. Plus, they get to enjoy a bigger monthly lifetime payout from CPF LIFE after retirement.

Transfers calculator

I wish to transfer

to a loved one who is

Terms and conditions

  • Payouts are based on CPF LIFE Standard Plan for a 55-year-old in 2018.

  • Payout is based on interest rate of 4% p.a.

  • Payout is assumed to start from the payout eligibility age of 65 which applies for those born in 1954 and after. You can see the full payout eligibility ages here.

  • CPF LIFE monthly payout may be adjusted every year to take into account factors such as CPF interest rate and mortality experience.

  • For a more detailed estimation of the payouts, please use the CPF LIFE Payout Estimator at the CPF website.

  • There are limits to the savings that can be transferred and received. Please see the Terms & Conditions at the CPF Transfers page for details.

  • This tool is for illustrative purposes only and actual results may vary.

3

It’s one less thing to worry about

On the subject of looking after parents, transferring your OA savings to your loved ones’ SA or RA means they’ll have even more retirement income for as long as they live under CPF LIFE. You will need to have at least the Basic or Full Retirement Sum in order to make transfers to your loved ones. Of course, this could apply to your own retirement as well if you transferred saving from OA to your SA or RA. Take a look at how much savings is needed at 55 for different desired CPF LIFE payouts.

CPF LIFE payout calculator

I am

If I want monthly payout,

I need $– in my Retirement Account at 55.

Terms and conditions

  • Payouts are based on CPF LIFE Standard Plan for a 55-year-old in 2018.

  • Payout is based on interest rate of 4% p.a.

  • Payout is assumed to start from the payout eligibility age of 65 which applies for those born in 1954 and after. You can see the full payout eligibility ages here.

  • CPF LIFE monthly payout may be adjusted every year to take into account factors such as CPF interest rate and mortality experience.

  • For a more detailed estimation of the payouts, please use the CPF LIFE Payout Estimator at the CPF website.

  • This tool is for illustrative purposes only and actual results may vary.

4

It’s a completely
legal way to pay less tax

Does getting up to $14,000 in tax relief every year sound good to you? Yup, it’s good, and it’s true. Topping up your own SA or RA gets you dollar-for-dollar tax relief up to $7,000 each year. Topping up for your loved ones gets you up to a further $7,000. So top up, and be rewarded dollar for dollar in tax relief*.

* Do note there’s a cap of $80,000 on personal income tax relief.

Bell IconFind out how to top-up
  1. Click here to get started
  2. Choose your top-up under ‘payment for’
  3. Pay via eNETS Debit (DBS/POSB, UOB, Citibank, OCBC, Standard Chartered Bank)
  1. Visit your nearest AXS station
  2. Select the Retirement Sum Topping-Up scheme
  3. Top up your own or your loved ones’ accounts via NETS or Diners Club Credit Card

For one-time cash top-up

Complete this form and mail it us with your cheque


For regular cash top-ups

  • Complete this GIRO form and mail it to us
  • We’ll process your application within 28 working days

Full instructions and our mailing address can be found within the respective forms.

Bell IconFind out how to transfer
  1. Click here and log in with your SingPass
  2. Go to the ‘My Requests’ section
  3. Choose whether to transfer to yourself, or to a loved one’s Special or Retirement Account
  1. Download and fill up this form
  2. Mail it to us along with your supporting documents. Full instructions and our mailing address can be found within the form.