FAQs on Closure of Special Account

Q1     I have set aside my Full Retirement Sum with a mixture of property and cash. With the closure of Special Account (SA), which account will my SA savings be transferred to?

Q2     Can I choose to transfer more savings from the Special Account to the Ordinary Account since I am still servicing my housing loan/education loan etc.?

Q3     My Retirement Account (RA) savings are below my Full Retirement Sum. Why were my Special Account (SA) savings transferred to my Ordinary Account instead of my RA upon SA closure?

Q4     How much savings in my Special Account (SA) are withdrawable and will be transferred to my Ordinary Account when my SA is closed?

Q5     I do not want my Special Account savings to be transferred to either the Retirement Account or the Ordinary Account. Can I withdraw it?

Q1     I am aged 55 and above. How much interest will I earn on the Special Account (SA) savings that were transferred to my Retirement and Ordinary Accounts when my SA was closed?

Q2     Am I losing interest because the Special Account closure took place in the middle, instead of at the end of the month?

Q3     After the Special Account has been closed, why does the amount transferred to the Ordinary Account not earn 4% interest from 1-19 January 2025?

Q4     My Special Account (SA) savings were transferred to the Ordinary Account (OA) after SA closure, as I have set aside the Full Retirement Sum. With the OA having lower interest, what can I do to earn the interest that the SA pays? 

Q5     My Special Account (SA) will be closed when I turn age 55 in the middle of the year. If I have the Full Retirement Sum, where does interest earned on my SA (before SA closure) go? Do I lose any interest for the remaining months till the end of the year?

Q1    Will the closure of my Special Account affect how much I can withdraw from my CPF?

Q2    My Special Account has been closed and savings were transferred to my Ordinary Account. How can I withdraw these savings?

Q3    Does the closure of my Special Account affect the retirement sum that I need to set aside?

Q4    What can I withdraw from my CPF after the closure of my Special Account?

Q5    If I have not fully withdrawn the $5,000 that I could withdraw unconditionally when I reached age 55, what will happen when my Special Account is closed?

Q6    If I own a property, can I still withdraw the Special Account (SA) savings that have been transferred to my Retirement Account when my SA is closed?

Q7    I belong to the generation born before 1958 and can withdraw a portion of my Special Account (SA) savings even though I have not set aside my Full Retirement Sum. Will I continue to be able to withdraw after my SA is closed?

Q1      How does the closure of my Special Account affect my retirement payouts?

Q2     How much higher will my CPF payout be if I transfer my Ordinary Account savings to my Retirement Account?

Q1    With the closure of the Special Account and the raising of the Enhanced Retirement Sum, how much is the maximum amount that I can have in my Retirement Account?

Q2    How does the closure of my Special Account affect the amount of tax relief that I can earn when I top up my Retirement Account in cash?

Q3    With the closure of my Special Account, can I have the option to top up more than the raised Enhanced Retirement Sum (ERS)?

Q4    I am age 55 and above. How will the closure of Special Account (SA) affect my eligibility to voluntarily transfer my CPF savings to top up my own/loved ones' retirement savings?

Q1      I am aged 55 and above. What happens to my CPF Investment Scheme-Special Account after my Special Account is closed?

Q2      I am currently holding investments under the CPF Investment Scheme-Special Account (CPFIS-SA). Do I need to do anything?

Q3      Where will proceeds from my CPF Investment Scheme-Special Account (CPFIS-SA) investments go to after my Special Account has been closed?

Q4      My Special Account (SA) will be closed in the second half of January 2025. Can I still apply to use my SA savings under CPF Investment Scheme-Special Account from now till before my SA is closed?

Q1    I am below age 55. How does the closure of Special Account affect me?

Q2    With the closure of the Special Account for CPF members aged 55 and above, which account will my CPF contributions be allocated to?

Q3    How does the closure of Special Account affect my voluntary top-ups to my three CPF accounts?

Q4    How does the closure of my Special Account affect my eligibility for government support schemes such as the Matched Retirement Savings Scheme, Silver Housing Bonus and Lease Buyback Scheme?

Q5    I am under the Reduced Life Expectancy scheme and heard that my Special Account has been closed. What is this about?

Q6    If I am currently using my Special Account (SA) for Dependants' Protection Scheme premiums, how would I be impacted by the closure of SA?

Q7    My Home Protection Scheme cover is pending renewal or issuance due to insufficient savings in my Ordinary Account to pay the premium. How will I be affected by the closure of my Special Account?