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How Can I Help My Loved Ones Grow Their CPF Savings?

08 Oct 2018 
SOURCE: CPF Board

If you could ​​help your loved ones have peace of mind about their future, wouldn’t you? With CPF, you can support them in working towards a more comfortable livelihood during their impending retirement!

Here are two ways to help them grow their CPF savings so they can enjoy their golden years.
How Can I Help My Loved Ones Grow Their CPF Savings

1. CPF transfer
Through the Retirement Sum Topping-Up (RSTU) Scheme, you can trans​fer your CPF savings to your loved ones’ Special Account (SA) or Retirement Account (RA), depending on their age. The savings in their SA or RA will grow at up to 6% per annum1, and be used to provide them with monthly payouts when they reach their payout eligibility age.  

If you wish to transfer your savings to your parents or grandparents, your CPF balances will only need to exceed the Basic Retirement Sum (BRS)—which is half the Full Retirement Sum (FRS)2,3. This is provided you have enough savings inclusive of property pledge/charge to meet at least the current FRS (if you are below 55 years old), or the FRS applicable to you (if you are 55 years old and above).

To understand this better, you can refer to these examples in the computation of amounts for transfers to parents and grandparents.

For information on CPF transfers under RSTU to your spouse, siblings, parents-in-law, grandparents-in-law or parents/grandparents if you do not have a CPF property charge/pledge, you can refer here.  

If you would like to view the amount you can transfer to your loved ones, you can do so with the following steps:

  1. Go to the CPF website and login to my cpf with your SingPass
  2. Click on 'My Messages'
  3. Refer to the section under Retirement Sum Topping-Up Scheme

Here’s how you can make a CPF transfer:
  1. Go to the CPF website and login to my cpf with your SingPass
  2. Submit an online application via My Requests > Building Up My / My Recipien​t's CPF Savings


2. Top up via cash
Another way is to make cash top-ups to your loved ones’ SA (if they are below 55) or RA (if they are aged 55 or above). 

You can enjoy dollar-for-dollar tax relief of up to $7,000 per calendar year4​, while their savings grow at up to 6% per annum1​.

Make a cash top-up via the following methods:

  • PayNow QR
  • OCBC Personal Internet Banking
  • e-Cashier (CPF website)
  • AXS machines
  • GIRO
  • Cheque

To find out more on how to make cash top-ups, read her​e.

1Including an extra 1% interest paid on the first $60,000 of a member’s combined CPF balances, with up to $20,000 from the OA. Members aged 55 and above will receive an additional 1% extra interest on the first $30,000 of their combined balances, with up to $20,000 from the OA.

2Since October 2018, the threshold for members to transfer their CPF savings to their parents and grandparents has been lowered from the FRS to BRS, if the member has enough CPF savings inclusive of property pledge/charge to meet at least the current FRS (if he/she is below 55 years old), or the FRS applicable to him/her (if he/she is 55 years old and above). This concession gives members who are providing for their parents and grandparents more options to strengthen their parents’ and grandparents’ retirement adequacy.

3For the current BRS, FRS, and ERS, refer here: https://www.cpf.gov.sg/Assets/members/Documents/RetirementSums.pdf

4Cash top-ups can be made to any recipient who is Singaporean or a permanent resident. You can enjoy tax relief of up to $7,000 per calendar year if you are topping up for yourself and additional tax relief of up to $7,000 per calendar year if you are topping up for your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings. For other terms and conditions on tax relief, please refer to the section on the benefits of topping up h​ere.​ 

 
Information accurate as at 8/10/2018

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