After 65, when monthly drawdown occurs, can I instruct CPF to not dispense the money to my bank account but instead that I can just PayNow draw out as and when I need?

CPF life functions as an annuity, meaning they payout a specific amount of money at specific intervals(monthly) in exchange for a lump sum of money at the start ie FRS. You do NOT get to choose how often/when they payout apart from the initial payout age.

However, any cash past your FRS in your RA, from the age of 55, effectively functions as a bank account with 4% interest therefore I would not advise withdrawing additional cash unless absolutely needed.

Hi there!

Once monthly payouts start under CPF-LIFE, you can’t “stop” it. You do have the option of deferring your payouts up to age 70 to increase your monthly payout amount. However, once again when payouts start, you will still receive the payouts monthly for a lifetime. That’s just how CPF-LIFE works. It’s not a bank but a life annuity that pays monthly income for a lifetime.

Hope this helps!