CPF Special Account closed for those aged 55 & above on Jan. 19

It's official: the Special Accounts (SA) for CPF members aged 55 and above have been closed on Jan. 19, 2025.

Savings from the SA have been transferred to the Retirement Account (RA), up to members' cohort Full Retirement Sum (FRS), where they will continue to earn the long-term interest rate from January onwards.

Any remaining SA savings have been transferred to their Ordinary Account (OA) where they will earn 2.5 per cent interest per annum, and can withdraw the money when needed.

Members will be notified through a hardcopy letter, as well as an email or SMS where applicable, on the closure of their SA from Jan. 20, 2025.

The closure, which applied to approximately 1.4 million CPF members, was announced during Budget 2024.

Members can transfer their OA savings to their RA

A quick search on the CPF app by Mothership confirmed that the SA for someone aged 55 and above was closed.

In a press release on Jan. 19, 2025, CPF said if members would like to continue earning the higher interest rate of four per cent per annum and enjoy higher retirement payouts, they can transfer these OA savings to their RA up to the current year’s Enhanced Retirement Sum (ERS).

"This transfer is irreversible, and can be made anytime, but if members wish to earn the higher interest from January onwards, the transfer must be processed by January 2025," CPF added.

Members can also view the amounts transferred to their RA, OA, or both in their online Transaction History by logging in to their CPF account at cpf.gov.sg or using the CPF Mobile application.

Beware of scammers

CPF also warned members to be "extra vigilant" against scammers who may pose as staff, government officials, bank employees, insurance agents, or claim to be appointed by the CPF Board.

Scammers may ask members for personal details, under the guise of advising on CPF or CPF-related insurance schemes or offering ways to earn higher returns through investments.

"Members should note that calls from CPF Board will be made only from 6227 1188 or 6202 3388, and should immediately end calls from any other number claiming to be from the CPF Board," said CPF.

For missed calls from CPF Board, members will receive a gov.sg SMS, or an email from an address ending with @cpf.gov.sg or @e.cpf.gov.sg with callback details.

Those unsure may call the 24/7 ScamShield anti-scam helpline via 1799, and approach CPF Board at cpf.gov.sg/service/contact-us.

They may also refer to cpf.gov.sg/antiscamtips for more information.

Raised Enhanced Retirement Sum

On Jan. 1, 2025, the ERS was raised from three to four times the Basic Retirement Sum (BRS), providing CPF members aged 55 and above the option to voluntarily top up more to their RA to receive even higher monthly payouts in retirement.

The ERS in 2025 is S$426,000 for all members aged 55 and above.

Those turning 55 in 2025 can receive CPF LIFE monthly payouts of up to S$3,300 for life from age 65 if they choose to top up to the ERS of S$426,000 in 2025.

Members can also make further top-ups every year to further boost their payouts and may refer to cpf.gov.sg/retirement for the Retirement Sum amounts from 2025 to 2027.

Enhanced Matched Retirement Savings Scheme

The Matched Retirement Savings Scheme (MRSS), launched in 2021, has the Singapore government match every dollar of cash top-ups made to the RA of eligible members, aged 55 to 70, with a maximum of S$600 per year for each member.

This age cap of 70 was removed from Jan. 1, 2025, with the matching grant also increased to S$2,000 per year, with a S$20,000 cap over an eligible member’s lifetime.

Now, more than 740,000 members are eligible for MRSS in 2025, almost double those eligible in 2024.

Members eligible for MRSS in 2025 will receive a notification via email or hardcopy letter from February to March.

They can check their eligibility anytime in their Retirement dashboard at cpf.gov.sg/retirement or via the MRSS eligibility checker at cpf.gov.sg/mrsschecker.

Top image via CPF website and Canva.