CPF closes special accounts for members aged 55 and above

Members' savings up to their cohort's Full Retirement Sum will be transferred to their Retirement Account.

The Central Provident Fund (CPF) has closed the Special Accounts of members aged 55 and above.

Members' savings up to their cohort's Full Retirement Sum will be transferred to their Retirement Account.

Any remaining savings in the Special Account will be moved to their Ordinary Account, where they will earn 2.5% interest annually.

Members also have the option to transfer these savings from their Ordinary Account to their Retirement Account, up to the enhanced Retirement Sum for the year, in order to earn a higher interest rate of 4% annually. This transfer is irreversible and must be processed by January this year.

Members will be notified of their Special Account closures through physical letters, emails, or SMS starting 20 January.

The CPF also cautioned members to be vigilant against scammers impersonating CPF staff, government officials, or bank agents. These scammers may ask for personal details, pretend to advise on CPF or CPF-related insurance schemes, or offer ways to earn higher returns through investments.

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