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CPF Board

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CPF Board

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CPF

CPF Board
CPF Board
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Top Contributor (Jun)

Level 6. Master
Answered on 05 Aug 2019
Hi Nathan, As there are currently no provisions to make top-ups solely to the Ordinary Account (OA), you can consider making voluntary contributions (VC) to your three CPF accounts (non-tax deductible). The VC amount will be allocated to the Ordinary, Special and MediSave Accounts according to the CPF allocation rates (https://www.cpf.gov.sg/employers/employerguides/employer-guides/paying-cpf-contributions/cpf-contribution-and-allocation-rates#Item588) for your age group. VC can be made via e-Cashier, AXS machine or cheque payment. For more information on VC, please visit https://www.cpf.gov.sg/Members/FAQ/schemes/other-matters/cpf-contribution-for-employees. Alternatively, you can top up your own CPF Special Account (or Retirement Account if you are 55 years old and above) if you have the available topping up limit. Please follow these steps to check if you have the available topping up limit: 1. Log in to my cpf Online Services at www.cpf.gov.sg with your SingPass 2. Click on 'My Messages' 3. Under “Retirement”, refer to “Retirement Sum Topping-Up Scheme” To find out more about the Retirement Sum Topping-Up Scheme, please visithttps://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme.

Insurance

Family

CPF

Savings

CPF Board
CPF Board
Top Contributor

Top Contributor (Jun)

Level 6. Master
Answered on 05 Aug 2019
Hi Gabriel, For CPF savings to be distributed to a missing member’s nominees, a presumption of death certificate, which declares the missing person is presumed to be dead, has to be obtained. Upon a member’s demise, CPF savings will be distributed to the member’s nominees according to the member’s wishes, if the member had made a CPF nomination. If no nomination was made, the member’s CPF savings will be paid to the Public Trustee for distribution to family members in accordance with the intestacy laws or inheritance certificate (for Muslims) in Singapore. Hope the above clarifies.

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CPF

CPF Board
CPF Board
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Top Contributor (Jun)

Level 6. Master
Answered on 26 Jun 2019
Hi, CPF monies are invested by the CPF Board in Special Singapore Government Securities (SSGS) that are issued and guaranteed by the Singapore Government. This arrangement assures that the CPF Board will be able to pay its members all their monies when due, and the interest that it commits to pay on CPF accounts. The Singapore Government is one of the few remaining triple-A credit-rated governments in the world. The proceeds from SSGS issuance are invested by the Government via MAS and GIC, just as it invests the proceeds from market based Singapore Government Securities (SGS). GIC is a fund manager, not an owner of the Government’s assets. It merely receives funds from Government for long-term management, without regard to the sources of Government funds. No CPF monies go towards government spending. Government borrowings, whether via SGS or SSGS, cannot be used to fund expenditures. Under the reserves protection framework enacted in 1990 in the Constitution and the Government Securities Act (enacted in 1992), the monies raised from government borrowings cannot be spent. To find out more, you can visit: https://www.mof.gov.sg/Policies/Our-Nations-Reserves/Section-IV-Is-our-CPF-money-safe-Can-the-Government-pay-all-its-debt-obligations. Hope this clarifies!

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CPF

CPF Board
CPF Board
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Top Contributor (Jun)

Level 6. Master
Answered on 26 Jun 2019
Hi, 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 cash top-ups within the current Full Retirement Sum. For more information on top-ups, please visit https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme Thank you.

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CPF

General

CPF Board
CPF Board
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Top Contributor (Jun)

Level 6. Master
Answered on 26 Jun 2019
Hi, CPF LIFE is a life annuity, this means members can receive a regular stream of income for as long as they live and not worry of outliving their savings. When members pass on, any unused CPF LIFE annuity premium (without interest) and Retirement Account savings, will be paid to their beneficiaries. Thank you.

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CPF

CPF Board
CPF Board
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Top Contributor (Jun)

Level 6. Master
Answered on 26 Jun 2019
Hi, As we will need your mother’s personal information for us to check and assist you better, please call 1800 227 1188 / +65 6227 1188 (overseas) from Monday to Friday, 8am to 5.30pm, or write in at cpf.gov.sg/writetous. Thank you.

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CPF

General

CPF Board
CPF Board
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Top Contributor (Jun)

Level 6. Master
Answered on 26 Jun 2019
Hi, During retirement, you will need a steady stream of income to meet your living expenses. Members are thus encouraged to leave their monies in CPF until their payout eligibility age when they can start receiving payouts to cover their retirement expenses. Nevertheless, from age 55 onwards, you can withdraw your Special Account (SA) and Ordinary Account (OA) savings after setting aside your Full Retirement Sum (FRS) in your Retirement Account (RA). With a property which has remaining lease that can last you to at least age 95, you may also withdraw your RA savings (excluding top-up monies, government grants and interest earned) above your Basic Retirement Sum (BRS). Otherwise, you can still withdraw up to $5,000 of your SA and OA savings. Members below the age of 55 also have some flexibility to withdraw their CPF monies for other purposes such as housing or investments. However, if you are receiving lifelong monthly pension or payouts from your life annuity bought with cash, you may be fully exempted from setting aside the Full Retirement Sum in your Retirement Account and need not join CPF LFE. For more information on CPF LIFE, please visit the following link: https://www.cpf.gov.sg/Members/Faq/schemes/Retirement/CPF-LIFE?ajsrc=Homepage&#faq2186326 Hope this clarifies!

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CPF

Bonds

Investments

CPF Board
CPF Board
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Top Contributor (Jun)

Level 6. Master
Answered on 26 Jun 2019
Hi Amos, The fundamental principle is to peg CPF interest rates to returns on investments of comparable risk and duration in the market. In determining the interest rates, there is a need to recognise the fundamental difference in the purpose of the Ordinary Account (OA) compared to the longer-term Special Account, MediSave Account and Retirement Account (or SMRA). The interest rates on the OA and SMRA reflect the durations for which members’ savings are held. OA savings can be withdrawn at any time for home purchases and servicing mortgage loans, etc. It is a liquid account. Therefore, the interest rate on OA has been pegged to the 12-month fixed deposit and month-end savings rates of the major local banks. However, unlike market interest rates, it pays a guaranteed floor rate of 2.5%, or 3.5% for OA balances of up to $20,000. On the other hand, the SMRA are for longer-term retirement and medical needs. As such, the interest rate on the SMRA aim to be equivalent to what a 30-year SGS would earn, as 30 years is the typical duration for which SMRA monies are held. As the 30-year SGS did not exist when the government made changes to the interest rate structure in 2007, SMRA rates were pegged to the yield of 10-year SGS plus 1%. The current yield on the 30-year SGS, which is not widely traded, is around 3%. This is well below the minimum interest rates of 4-5% that are currently paid on SMRA accounts. To find out more, you can visit: https://www.mof.gov.sg/Policies/Our-Nations-Reserves/Section-IV-Is-our-CPF-money-safe-Can-the-Government-pay-all-its-debt-obligations. Thank you.

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Investments

CPF

CPF Board
CPF Board
Top Contributor

Top Contributor (Jun)

Level 6. Master
Answered on 26 Jun 2019
Hi Gabriel, CPF monies are invested in Special Singapore Government Securities (SSGS) which are guaranteed by the Government. This assures that CPF savings are safe, regardless of financial market conditions. The coupon rates which these SSGS earn for the CPF Board match the interest rates that CPF members receive. SSGS are non-tradable bonds issued specifically to CPF Board for the investment of CPF monies. Thank you.

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CPF

CPF Board
CPF Board
Top Contributor

Top Contributor (Jun)

Level 6. Master
Answered on 26 Jun 2019
Hi, CPF contributions are due at the end of each month. However, employers are given a grace period of 14 days after the end of each month to pay the CPF contributions for their employees. If the 14th falls on a weekend or public holiday, the CPF contribution should be paid by the next working day. Thereafter, depending on the mode of submission of contribution details, it may take three to seven working days to credit the amount to your CPF accounts. Hence, your CPF contributions would be credited into your CPF accounts by approximately the 3rd week of the following month after your salary is paid. Thank you.
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