More options for different needs

With the CPF Advisory Panel’s recommendations, you will have more options to grow your CPF savings and to receive payouts that can better meet your retirement needs.

The Government has accepted and is working to implement these recommendations.

Find out what the recommendations mean for you.

Key recommendations

Here’s what you can expect from the CPF Advisory Panel’s recommendations:

  • More options to grow your savings
    • New Lifetime Retirement Investment Scheme simplifies your investment decisions and helps you grow your retirement savings.
  • More CPF LIFE payout options
    • New CPF LIFE plan with escalating payouts helps you cope with the rising cost of living in your retirement years.
  • More ways to get higher payouts for life
    • Choose to start your payouts later, up to age 70, to receive higher payouts.
    • Top up your CPF savings up to the Enhanced Retirement Sum.
    • Top up your spouse’s CPF so that he or she can also receive monthly payouts for life.
  • More flexibility to withdraw savings
    • Withdraw up to 20% of your Retirement Account (RA) savings at payout eligibility age*.

* If you turn 55 from 2013 or later, you can withdraw up to 20% of your RA savings at 65.

Read the panel’s full report

What it means for you

Choose a life stage

Growing your retirement savingsApproaching retirement

Growing your retirement savings

Start growing your retirement nest egg early.

Your options

Transfer your savings

If you don’t need to use your Ordinary Account (OA) savings for housing or education, you can transfer some to your Special Account (SA) to earn higher interest. Your OA earns an interest of up to 3.5% while your SA earns up to 5%.

Every dollar you save in your SA can more than double in 20 years.

Invest your savings

NEW If you seek higher expected returns for your CPF savings with some investment risk, you can opt for the new Lifetime Retirement Investment Scheme (LRIS).

If you have the financial expertise and time, and prefer to manage your own investments, you can consider the existing CPF Investment Scheme (CPFIS).

Learn about Lifetime Retirement Investment Scheme


  1. Members with more than $20,000 in OA and $40,000 in SA savings can choose to invest in LRIS.
  2. Simpler, well-diversified investment choices.
  3. Low fees enhance your expected returns. Your invested CPF savings will be pooled together with other members to achieve economies of scale.
  4. Your investments are passively managed – they simply follow a market index. This also keeps your cost of investing low.
  5. Long-term investing approach to achieve better returns in the long run.

The details on implementation will be announced later.

Find out more

Read Chapter 5 of the Panel’s report for more details on the Lifetime Retirement Investment Scheme.

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Approaching retirement

Turning 55

Decide the retirement payouts you want.

Your options

Monthly payouts

If you are turning 55 in 2016, you can choose from a wider range of retirement sums, based on your desired payouts. The more you set aside at 55, the higher your monthly payouts will be when you reach your payout eligibility age.

If you... At age 55:
set aside the retirement sum to get
your desired monthly payout
From age 65:
Start getting monthly payouts for life

Own a property* and want basic monthly payouts

Basic Retirement Sum (BRS)**
required: $80,500

Don’t own a property, or you want higher monthly payouts

Full Retirement Sum (FRS)
required: $161,000

Want even higher monthly payouts

Enhanced Retirement Sum (ERS)
required: $241,500


* A property charge/pledge does not affect ownership of the property. A charge is created when you withdraw savings from your Ordinary Account for a home purchase. A pledge is created when you make a cash withdrawal in excess of the BRS from your Retirement Account.

** For members turning 55 between 2016 and 2020, the Basic Retirement Sum will be increased by 3% from the cohort in the previous years.

If you have a spouse, top up your spouse’s CPF

You can also transfer your CPF savings to your spouse's CPF so that he or she can also receive monthly payouts for life. You can actually do this at any age as long as you have set aside the Basic Retirement Sum for yourself.

Reaching your Payout Eligibility Age at 65

One size does not fit all. Now you have more options for when and how to retire, based on your needs and means.

Your options

Defer your payouts

You can defer your payouts, up to age 70. If you choose this option, your payouts will be around 6% to 7% higher for each year deferred.

Withdraw a lump sum

If you have shorter-term cash needs, you can withdraw up to 20% of your Retirement Account Savings. This applies if you turned 55 from 2013 and includes the $5,000 that you were eligible to withdraw from age 55.

Get escalating payouts

New In future, you can opt for the new CPF LIFE plan with escalating payouts. Although you’ll start off with lower payouts than the CPF LIFE plan with level payouts (Standard or Basic), your payouts will increase by 2% every year. This will help you cope with rising costs of living in your retirement years.

Find out more

Read Chapter 4 of the Panel’s report for more details on the CPF LIFE plan with escalating payouts.

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