Grace Period before Transfer of CPF Savings to Retirement Account for Those Aged 55 to Secure New HDB Flats

49 Ms Carrie Tan asked the Minister for Manpower with regard to citizens who have reached 55 years old and intend to apply for a HDB flat but are constrained by the high demand and current limited supply of Built-To-Order (BTO) and Sale of Balance Flats (SBF), whether they can be allowed a grace period to secure a HDB flat before their CPF monies are transferred to their Retirement Account.

Dr Tan See Leng: When CPF members turn 55, savings from the Special Account (SA) and Ordinary Account (OA) are transferred to the Retirement Account (RA) to form their retirement sums. The retirement sum provides the members with monthly CPF payouts to meet retirement expenses.

To help members plan ahead, members who intend to reserve their CPF OA savings for housing payments beyond age 55 may submit a request to CPF Board before the monies are transferred to the RA.

For members who still face difficulties financing their housing purchases, the CPF Board and HDB will continue to exercise flexibility on a case-by-case basis.