Asked by You Hock Tan

Is it possible to transfer your CPF OA to another CPF OA?

My dad retired 4 years ago but the HDB mortgage loan was not fully paid. His CPF OA account was emptied and we had to fork out quite a sum of cash every month to repay the mortgage. We cannot be added as a Co-owner as well. Please help

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  • Yixiong Chang
    Yixiong Chang
    Level 5. Genius
    Answered on 14 Jan 2019

    Your dad can use his RA in excess of the basic retirement sum to pay mortgage for HDB.

    If the RA is below the BRS, u can appeal to CPF board. CPF board had upon appeal, allowed CPF members to use their RA savings that originated from their OA to pay for their housing, even if their RA savings are below their Basic Retirement Sum. ​

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  • Kenneth Lou
    Kenneth Lou
    Level 8. Wizard
    Answered on 14 Jan 2019

    Hi You Hock, nope this is not possible... at least to my knowledge.

    You can transfer:

    1) From OA to SA

    2) From Cash to SA

    However, would be interested to know what others think about this problem as well. And what other work arounds there are for this situation.

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  • Alan Kor
    Alan Kor
    Level 4. Prodigy
    Answered on 14 Jan 2019

    It may soon be easier for Singaporeans to transfer money to the Central Provident Fund accounts of their parents and grandparents, giving the recipients more flexibility to plan for retirement.

    Under proposed changes to the CPF Act tabled by the Ministry of Manpower in Parliament on Monday (Oct 2), CPF members will be allowed to transfer their savings to their parents and grandparents, as long as they have the required Basic Retirement Sum (currently S$83,000) in their own accounts and a sufficient property pledge or charge to make up the rest of the full sum.

    Currently, those aged below 55 need to have the Full Retirement Sum of at least S$166,000 in their accounts, before they are able to transfer their Ordinary Account savings to their parents and grandparents.

    Those aged 55 and above now need to meet the sum that is applicable to their cohort.

    With the proposed changes, those aged 55 and above can transfer savings above their applicable Basic Retirement Sum from their Ordinary Account, Special Account and Retirement Account, provided they have met certain conditions for the Full Retirement Sum applicable to their cohort.

    For those aged below 55, Ordinary Account savings can be transferred after they set aside the Basic Retirement Sum in their Ordinary Account and Special Account, with sufficient property pledge or charge to make up the current Full Retirement Sum.

    In another proposal, members can apply to be exempted from setting aside their Full Retirement Sum, if their own private insurance or pension scheme pays out the same amount as what they would receive monthly under the Retirement Sum Scheme.

    The CPF’s Retirement Sum Scheme provides its members with a monthly income to support a basic standard of living during retirement.

    Amendments will also provide greater clarity and efficiency in the administration of the CPF system.

    More details will be released when the Bill is read for the second time next month.

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