CPF Special Accounts for those aged 55 and above were officially closed on January 19th as part of the government’s efforts to better support the retirement needs of seniors in Singapore. The closure of the Special Account marks a significant change for around 1.4 million CPF members. According to the CPF Board, members will be notified about this transition starting from January 20th through a combination of channels including letters, emails, and SMS.
In a media release, the CPF Board highlighted the importance of being cautious against potential scammers targeting members during this critical period. The Board warned members to watch out for fraudulent attempts from individuals posing as CPF officials or financial experts. They emphasized, “… asking for personal details, under the guise of advising on CPF or CPF-related insurance schemes or offering ways to earn higher returns through investments”.
To ensure authenticity, the CPF Board provided specific contact information for members to verify communications: “Calls from the CPF Board will be made only from 6227 1188 or 6202 3388”, and members should promptly end calls from any other unfamiliar numbers. In case of missed calls from CPF Board, members can expect follow-up details through a gov.sg SMS or an email from designated CPF addresses.
With the closure of the Special Account, savings will now be transferred to the Retirement Account, potentially reaching the Full Retirement Sum. The CPF Board confirmed that members will continue to earn the long-term interest rate starting from January. Additionally, savings in the Special, MediSave, and Retirement Accounts will now earn a floor rate of 4 per cent per annum up to March 31, 2025.
Regarding the Enhanced Retirement Sum, the CPF Board announced an increase effective January 1st this year, offering more flexibility for members aged 55 and above. The Enhanced Retirement Sum for 2025 stands at S$426,000, empowering members to voluntarily top-up their Retirement Account for enhanced monthly payouts in retirement.
The Matched Retirement Savings Scheme has also undergone enhancements, with the age cap being removed and an increased matching grant of S$2,000 per year with a lifetime cap of S$20,000 per eligible member. This change aims to assist senior Singaporeans in building more savings and boosting their retirement funds, with more than 740,000 members becoming eligible for the program this year.
