REACHING 55: E-WITHDRAWAL - ENHANCED CPF E-SERVICE FOR THOSE TURNING 55

Link to CPF reaching 55: e-Withdrawal: https://www.cpf.gov.sg/cpf_trans/ssl/SBLE/
SBLE55/default.asp

The Singapore Central Provident Fund (CPF) now has an e-service for senior citizens to withdraw their CPF savings via the Internet. For internet-savvy individuals, the e-service "Reaching 55: e-Withdrawal" may be preferred to making several trips to the CPF office and/or bank in order to process the needed paperwork. All that's required is one's SingPass (Singapore Personal Access, the password for the Government's online services), and of course Internet connection to the Board's website at www.cpf.gov.sg.

Besides the ability to transact anytime, anywhere, an added benefit of the e-Withdrawal service is the ability to view one's personal information online. This includes the estimated withdrawal amount and the CPF Minimum Sum¹.

This e-service is currently available to CPF members who are Post Office Savings Bank account holders. It will later be extended to Oversea-Chinese Banking Corporation and United Overseas Bank bank account holders.

Singapore Personal Access (SingPass)
SingPass, or the Singapore Personal Access, is the common password that all Singaporeans and Singapore Residents can use to access Government e-services at www.ecitizen.gov.sg , as well as various Government websites.

Some examples of Government agencies and e-services using SingPass are:
• Central Provident Fund Board: View CPF statements online and submit online applications
• Urban Redevelopment Board: Signage Approval
• Registry of Companies and Businesses: BizFile
For more information on "Reaching 55:e-Withdrawal", please refer to:https://www.cpf.gov.sg/
cpf_trans/ssl/SBLE/SBLE55/default.asp.

The Central Provident Fund and CPF savings
The Central Provident Fund (CPF) is a comprehensive social security savings plan, which has provided many working Singaporeans with a sense of security and confidence in their old age. The CPF is administered by the CPF Board, a government agency. The overall scope and benefits of the CPF encompass the following: Retirement, Healthcare, Home Ownership, Family Protection and Asset Enhancement. Working Singaporeans and their employers make monthly contributions to the CPF and these contributions go into three accounts:

Ordinary Account - the savings can be used to buy a home, pay for CPF insurance, investment and education.
Special Account - for old age, contingency purposes and investment in retirement-related financial products.
Medisave Account - the savings can be used for hospitalisation expenses and approved medical insurance.

Your CPF savings earns interest. Savings in the Ordinary Account earn a minimum interest rate of 2.5% per annum, while savings in the Special and Medisave Accounts earn additional interest of 1.5 percentage points above the prevailing Ordinary Account interest rate.

For more information about the CPF, please log on to http://www.cpf.gov.sg.

¹Your CPF Minimum Sum can be used to buy an annuity to give you a life-long income, put in a bank or left in your Retirement Account with the CPF Board. From age 62, you will receive monthly payments from your CPF Minimum Sum to help meet your basic needs in retirement. The Minimum Sum will be raised gradually from $80,000 in 2003 until it reaches $120,000 (in today's dollars) in 2013 and will be adjusted yearly for inflation. A member may set aside the Minimum Sum fully in cash or pledge his property up to 50% of the Minimum Sum. The cash portion ensures CPF members of a monthly income in retirement. This option provides a more holistic picture of one's CPF savings, thus helping one to plan effectively for one's retirement.