FINANCIAL SERVICES | Staff Reporter, Singapore

CPF Board sets the record straight on RSS payout age

The payout eligibility age for its retirement sum scheme still remains at 65, and not 70.

The Central Provident Fund (CPF) Board clarified that circulating social media posts and messages claiming that the government had shifted the payout age for the Retirement Sum Scheme (RSS) to 70 are not true.

In a post on its Facebook page, the CPF Board shed light on four facts about the CPF payout eligibility age, citing that any members born from 1954 onwards or aged 65 are eligible to start receiving their monthly payouts. “This was announced in 2007 and has not changed,” CPF highlighted.

Also read: Prudential scraps retirement age for employees

“Before members reach their payout eligibility age (PEA), they will receive a letter from the CPF Board informing them that they can start their monthly payouts using the enclosed application form or applying online,” it added. Members are also reminded through their yearly statement of account.

Prior to 2018, if members did not apply to start their RSS payouts from age 65, the payouts would not start as there was no automatic start age for payouts and as a result, some members did not start their payouts even after age 70, CPF noted. Consequently, the Board introduced automatic payouts for members turning age 70 in January 2018 to simplify the activation process.

“The automatic start age of 70 applies to CPF LIFE members who turn age 55 from July 2015 if they have not informed us of their wish to start their payouts between the ages of 65 and 70,” the CPF Board added. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.