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Anonymous

24 Nov 2019

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CPF RA Beyond ERS?

Assuming I have $2M in my account at age 55, can I have the discretion to put the full $2M in RA (aka CPF Life) or is it capped at the prevailing ERS sum?

If capped at ERS and I'll have at least $1.7M in OA/SA, can I withdraw the full $1.7M? If not, what are the restrictions?

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Elijah Lee

24 Nov 2019

Senior Financial Services Manager at Phillip Securities (Jurong East)

Perhaps just to add on a bit here to Kelly's answer, is that you can take out the $1.7M any time you want, but when you want to add it back to your account, you are only allowed to contribute up to the CPF annual limit of $37740 (this assumes you are already at ERS). Also, your contributions will be split across all 3 accounts.

You are allowed to make as many withdrawals as you wish, of course, and the order of priority is that SA funds will be depleted first. Keep that in mind when you make your withdrawal.

So if you take out $1.7M and then decide you don't need to spend all of it, and want to put it back, you'll be stuck with ~$1.66M in cash still

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Kelly Trinh

24 Nov 2019

Backoffice technical at financial services firm

Yes capped at ERS. Anything about FRS you can take out.

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For CPF LIFE payouts, If I already have the ERS amount in my SA at 55, what is the difference if I top up RA to ERS at 55 VS topping up to ERS only at 64 before payout?

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If my FRS is already full and I am less than 55 years old, am I allowed to top up to ERS? Or do I need to wait for RA account to be formed at age 55 then I am allowed to top up RA account to ERS?

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