CPF Withdrawals for Annual Premiums of Endowment Policies Going Back to CPF upon Maturity

21 Mr Patrick Tay Teck Guan asked the Minister for Manpower whether the CPF Board can allow withdrawals after an account holder reaches 55 years of age for their payment of annual premiums of endowment policies which will go back to CPF upon maturity.

Mrs Josephine Teo: Endowment policies with regular premium payments were available for sale under the CPF Investment Scheme (CPFIS) before 2001. CPF members age 55 and above who had purchased such policies can continue to pay for their premiums using their savings in the Ordinary Account after setting aside their cohort Full Retirement Sum, or Basic Retirement Sum if they have a sufficient property charge or pledge.

For members who have not set aside the required Retirement Sum, CPF Board will consider allowing them to use their CPF savings to pay the endowment policy premiums on a case by case basis.