Impact of Recent CPF Changes on Number and Amount of CPF Top-ups

38 Ms Foo Mee Har asked the Minister for Manpower what has been the impact of recent CPF changes on the number and amount of CPF top-ups that CPF members can make to (i) their own CPF accounts and (ii) their family members' CPF accounts.

Mr Lim Swee Say: Since January 2016, Central Provident Fund (CPF) members can transfer CPF savings above the Basic Retirement Sum (BRS) to their spouse's Special or Retirement Account. Previously, they could only do so when their CPF savings were above their Full Retirement Sum (FRS).

There were over 400 transfers of CPF savings to spouses in January 2016, about two and half times more than the same month last year. These transfers to spouses totalled $12 million. About one in 20 of these transfers was made by members with CPF savings above their BRS but below their FRS. We expect more CPF members to benefit from this change over time.

Since January 2016, CPF members above the age of 55 can have their Retirement Account topped-up to the current Enhanced Retirement Sum, instead of the FRS previously. In the month of January 2016, there were 1,700 such top-ups, with a total top-up sum of $80 million.