At age 55, your Retirement Account (RA) will be created for you. Savings from your Special Account (SA), followed by your Ordinary Account (OA), up to your applicable Full Retirement Sum (FRS) will be transferred to your RA.
If you own a property with remaining lease that can last you to at least age 95, you may withdraw your RA savings (excluding interest earned, any government grants received and top-ups made under the Retirement Sum Topping-up scheme) above your Basic Retirement Sum (BRS).
You can withdraw your RA savings above the BRS fully if the expected CPF housing refund is able to restore your RA to your FRS when your sell/transfer the property in future.
Vincent Tan Wen Bin, Assistant Vice President at Thinkers Alliance
Answered on 14 Jun 2019
If you have a property and have a lease more than 30 years, you can choose to pledge and withdraw the amount above BRS. You have to make this decision before age of 65
However, when you sell the property, the proceeds will need to go back to CPF to top up your RA first, pay off accrued interest and amount used from CPF on the property and the remaining will be able to withdraw as cash
Once you have met the FRS, you will only be allowed to draw anything above FRS.
BRS are only allowed for people who do not meet the FRS.