Important notes - Apply for exemption from setting aside a retirement sum [RSS/8]

Exemption from setting aside a Retirement Sum

1. To apply for an exemption from setting aside your retirement sum, please provide the following documents:
   1. For Pensioner: Original Pension letter bearing the Pension Office’s letterhead, dated within six months stating:
      1. you are receiving a guaranteed monthly pension amount;
      2. the pension is payable for life;
      3. the conditions which the pension may be revoked or terminated; and
      4. the amount of guaranteed lifelong monthly pension you are receiving.
   2. For Annuity Policy Holder: ​Original annuity policy(ies) by MAS-registered providers (bought using cash or CPF monies under CPF Investment Schemes) bearing the provider's letterhand, dated within six months, stating:
      1. you are receiving a guaranteed monthly pension amount;
      2. the pension is payable for life;
      3. the conditions which the pension may be revoked or terminated;
      4. amount of guaranteed lifelong monthly pension you are receiving; and
      5. you are the sole policy holder and insured person of the annuity.
   3. Singapore Identity Card/Malaysian Identity Card/Foreign Passport
2. You may be required to produce further evidence or supporting documents to support your application.
3. If you do not have a bank account with CPF Board or would like to change your bank details, you can update your bank account details via my cpf digital services - Account settings with your Singpass. 
4. If you have any outstanding tax liabilities, part or all of the payment due to you will be forwarded to the Inland Revenue Authority of Singapore for the settlement.
   
5. If you are under the Combined Retirement Sum Scheme, you will not be eligible for an exemption.
6. Your monthly payout rate may be reduced accordingly if you are eligible for a partial exemption

Exemption from CPF LIFE

1. ​For members who have a CPF LIFE policy:
   1. If you are fully exempted from setting aside a retirement sum and you are not covered under CPF LIFE Income Plan, a letter will be sent to you to decide whether to:
      1. Terminate your CPF LIFE policy and receive a refund of the unused annuity premium¹; or
      2. Retain your CPF LIFE policy and receive monthly payouts for as long as you live.
      
      ¹The unused annuity premium is the premium paid for the annuity policy less any monthly CPF LIFE payment that has been made.
   2. Termination of your CPF LIFE policy is subject to CPF Board’s approval. There will be no refund if you are covered under the CPF LIFE Income Plan or if your unused annuity premium is zero.
   3. If you are partially exempted from setting aside the retirement sum, you will continue to receive monthly payouts under CPF LIFE for as long as you live.
2. For members who do not have a CPF LIFE policy
   If you are placed on CPF LIFE but have not yet been issued a CPF LIFE policy:
   1. You will be excluded from CPF LIFE if you are fully exempted from setting aside a retirement sum
   2. You will remain in CPF LIFE if you are partially exempted and will set aside a lower retirement sum. We will write to you on the options on CPF LIFE.

Service Standard

1. Payment (if any) will be processed generally within 7 working days upon receipt of verified information on your Pension/Annuity policy and approval of application.
2. We may take a longer time than stated above to process your application if, for example, we need more information/document from you or to check outstanding tax liabilities with IRAS, and etc.
3. You may log on to cpf.gov.sg with your Singpass to check your statement online.