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CPF Board Building
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Singapore News
1 min.Read

CPF closes Special Account for about 1.4 million members aged 55 and above

Mary Alavanza
By Mary Alavanza

SINGAPORE: On Sunday, Jan 19, the Central Provident Fund (CPF) announced that it had closed the Special Accounts (SA) of around 1.4 million CPF members aged 55 and above. The SA closure was announced in Budget 2024.

This means the members’ savings have been moved to their Retirement Accounts (RA) up to their Full Retirement Sum (FRS). From January 2025, these savings will continue to earn the long-term interest rate.

Any remaining savings have been transferred to the members’ Ordinary Accounts (OA), where they will earn 2.5 per cent interest per year. Members can also withdraw these savings whenever they need to.

Members who want to continue earning the higher interest rate of 4 per cent per year and increase their retirement payouts can move the OA savings to their RA. However, this transfer is permanent, and if members want the higher interest from January, they must make the transfer by the end of January 2025.

Members will be notified via letter, email, or SMS on Jan 20. They can also check the amounts transferred to their RA and/or OA by logging into their CPF account online or using the CPF Mobile app.

The CPF Board has also warned members to be “extra vigilant” of scammers pretending to be CPF staff, government officials, bank/insurance agents, or those who claim they were appointed by the CPF Board.

In their released statement, they said that fraudsters’ tactics include requesting personal information by pretending to offer advice on CPF matters or CPF-related insurance schemes or by claiming to provide opportunities for higher returns through investments.

Calls from CPF Board staff will only come from 6227 1188 or 6202 3388. Members should hang up immediately if they receive a call from any other number.

If they miss a call, they will receive a follow-up message from a government email address ending in @cpf.gov.sg or @e.cpf.gov.sg with details for calling back. If unsure, members can contact the ScamShield helpline at 1799 or reach out to the CPF Board for assistance. /TISG

Read also:  Singaporean asks, “Should we plan to retire by 55?” since no more CPF Special Account from 2025 onwards

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