Monday, 18 February 2019

CPF 'retirement payout age' shifted to 70 - updated

Social media posts and messages claiming that the Government has shifted the payout age for the Retirement Sum Scheme (RSS) to 70 are "not true", the Central Provident Fund (CPF) Board clarified in a Facebook post on Saturday (Jan 19).

"You may have recently come across social media posts and messages that claim that the Government has quietly shifted the 'retirement payout age' to 70 for the Retirement Sum Scheme," said the CPF Board.

"This is not true and here are the facts," the board said.

In its post, the board clarified that the payout eligibility age for the RSS is 65 for those born from 1954 onwards. This was announced in 2007 and has not changed.

Read more @ 
1) https://www.channelnewsasia.com/news/singapore/claims-that-cpf-retirement-payout-age-shifted-to-70-not-true-cpf-11145456
2) https://www.channelnewsasia.com/news/singapore/cpf-board-can-do-better-in-communicating-messages-on-payouts-11252326

Notes:
1) 6 months before one reaches 65, CPF board will send the member an application form to confirm when he/she wishes to start receiving his/her payout (should be between 65 to 70). If the form is not returned, CPF board will only start paying the member at 70, hence the news CPF payout starts at 70 years old.

2) This is an opt-in rather than opt-out requirement.

You may want to read 
1) Forum:Don't blame the people for CPF rumour
2) CPF Board can do better in communicating messages on payouts: Josephine Teo

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