CPF Withdrawal: 2 Ways
August 25th, 2007
There are 2 ways to withdraw from CPF. Each can be viewed as “easy” or “hard” depending on how you look at it. 
Let’s first talk about the more straightforward one:
You work diligently and both you and your employer contribute to your CPF accounts (as mandated by law).
Then at age 55, you can withdraw from your Ordinary and Special accounts after setting aside the Minimum Sum, which currently stands at $99,600 but will go up to $120,000 in future. (See Q&A in CPF website.) [Added 1 Sep 2007: You also need to set aside the Medisave Required Amount, which is now $11,500 but will be increased to $25,000 in 2013.]
Then you retire. At what age? It’s been proposed that the official retirement age should be 67. Maybe it’ll be 70 by the time we get older. I don’t know.
It’s only when you reach this official retirement age that you can start to draw down from the Minimum Sum. In effect, you will receive a monthly payout of a few hundred dollars until the balance runs out in about 20 years or so. The government is now considering having a “tail-end” annuity component to help those who, er, continue to live after the balance is emptied.
So what’s easy and what’s hard? In my view, the first withdrawal at age 55 seems “easy”. What is “hard” is the slow stretched-out withdrawal of the remaining Minimum Sum starting at age 62 (or 65, or 67, depending on when the new policies kick in).
Did I say there’s a second way?
Ha. It’s meant to be a tongue-in-cheek “solution”. I believe most of us will not even seriously consider it. Here it is:
Renounce your Singapore citizenship (or permanent residency). That is, emigrate to Australia, US, UK, or wherever. Leave Singapore for good. Only then can you withdraw your CPF in full. (See page on leaving Singapore in CPF website.)
DK Says:
August 25th, 2007 at 12:37 am
Another method is go die and your children will help you withdraw the money. Haha…
Seriously, I’m not expecting to see those money. They are more like for my children only.
xanatos Says:
August 25th, 2007 at 9:27 am
Among my band of friends (those born in the 70’s),we are just waiting to renounce our Singapore citizenship.
All of us have worked and lived in another country and understand what the government is trying to do by toying with the CPF.
What is holding us back is our parents. Once their Singapore citizenship “expire”, its time we renounced ours.
leaving Says:
August 25th, 2007 at 11:21 pm
there are quitters who are hailed as heroes when they come back. they got all their money in CPF and yet are honoured as `good boys’ who come back to serve (read:work in) Singapore. i want to be like one of them.
s1gen Says:
August 26th, 2007 at 9:05 am
In the roulette of trying to live past 85 years old, it is unfair to force everyone to contribute to it.
For most people, renouncing your citizen is not really a choice, but seems to be the ONLY choice as time goes by.
It is easy to get the press to support why it is good for most. It is easy to set policies to get more to hire older workers. The problem is one of how many really live past 85 and how many employers really hire older workers.
We live in a competitive old, no business exists for the good of humanity. Grow up and stop painting castles in the air.
Let the hard working people draw their money. Stop denying them the fruits of their labour.
If we must do something, why not use the huge reserves to do it? Use the interest/dividend income to fund the “Live pass 85 years old lucky draw”.
Chong Says:
September 11th, 2007 at 6:56 am
Before the new policy, CPF make money by being one of the biggestt bank in Singapore. Now, it will be a bank and an insurance company that operate one of the biggest annuity program in the country. Well done the scholars in the public services to come up with this great idea.
PS: The new policy prompted us to apply for Australia Citizenship now.
cpf_q Says:
July 22nd, 2008 at 1:30 pm
is it possible to withdraw 100% from my cpf if we quit our citizenship or PR? I heard from someone that they allow you to withdraw only some % of total CPF fund. Does anyone has more info on this?
Is it possible to withdraw money in full from Medisave account as well if we quit our citizenship or PR?
Chong Says:
July 23rd, 2008 at 4:44 pm
Yes. 100%, everything, including medisave, whatever investment in CPF (insurance/shares etc)….
patriot Says:
July 24th, 2008 at 7:51 am
is it possible to withdraw everything except the medisave in order to carry on with the medical insurance rather than letting it lapse? thanks.
Bernadette Says:
October 28th, 2008 at 4:14 pm
Does anyone know how easy or difficult it is for us to renounce our citizenship? Does the relevant govt body make the whole process unduly prolonged and awkward? We desperately need to access our hard earned CPF funds. Please help with advice.
Bernadette Says:
October 28th, 2008 at 4:14 pm
Can someone please tell me where we go to to apply for renouncement of our Singapore citizenship? Thanks heaps.
Kan Says:
October 30th, 2008 at 8:04 am
Application to renounce of Singapore Citizenship
You MUST a Citizen of another country first before you can even give it up.
The process is about 6 to 8 weeks upon reciept of application. So in order to answer whether it is hard or easy, depends on where you stand. You can wait until about you are to die to get the money or you can wait 6 to 8 weeks to get your money.
Follow the following link:
http://www.mfa.gov.sg/sanfrancisco/...
for information how to renounce it. Follow procedures exactly
By the way to those who wish to return to Singapore as a Pernament resident or Citizen, you must pay back every cent that you have withdraw from the CPF.
It is better to renounce it and come back as a “Foreign Talent” and get paid something like a 6 figure salary.
Kan Says:
October 30th, 2008 at 8:09 am
In addition follow this link for application to CPF to withdraw your money
http://mycpf.cpf.gov.sg/NR/rdonlyre...
Low Says:
November 26th, 2008 at 11:43 pm
Does anyone know whether there’s a tax imposed when we draw CPF money and leave Singapore for good?
I heard in some countries, the govt will consider the money you take from retirement acct as income and thus taxable… not sure here. Thanks.
Kan Says:
December 13th, 2008 at 5:13 am
Yes, some countries do consider your superannuation as income and thus taxable. You will be needing to find out the tax laws of different countries to find out.
What do you prefer? To pay the tax and get your money or not to get your money at all? None of the Singaporeans will get to see their money at all. A few miserable hundred dollar every month, it is not enough to buy peanuts in Singapore!
johnkee Says:
March 17th, 2009 at 5:55 pm
I say CPF is offering quite attractive interest in today’s environment. So leave it there unless you are in need of money like I do. Bottom line, leave Singapore and draw down your own money. The question is when. The minimum sum scheme is designed to let you feed yourself in old age. So any old age withdrawal by renunciation of citizenship is definitely welcomed in the context of Singapore. I wonder why we pay our taxes for?
Han Says:
April 9th, 2009 at 6:22 am
Does anyone know whether there’s tax imposed on remittance of CPF to UK? Thanks.
jimmy Says:
April 9th, 2009 at 2:34 pm
I don’t think CPF will allow you to remit your CPF money directly from your CPF accounts. If somehow you can withdraw from your accounts in cash, then you can remit to wherever you want. The usual remittance fees apply of course.
Shan Says:
August 10th, 2009 at 8:49 pm
This is great advice but is it easy to obtain citizenship in another country be it Thailand or Australia ?
Lewis Says:
August 10th, 2009 at 9:41 pm
It’s easy if you’re a professional or have relatives there, not so if you’re in the poorer segment.
But why did you ask right after National Day? Don’t you have that tingly feeling that
“This is Home, truly
Where I know I must be
Where my dreams wait for me
Where that river always flows
This is home, surely
As my senses tell me
This is where I won’t be alone
For this is where I know it’s home”
BH Says:
August 11th, 2009 at 5:44 am
Hi, I have two sons who left Singapore when they were 8 and 4 respectively. We have citizenship in another country. However, the boys have been black-listed for not returning to do their NS. My husband and I are about to apply to renounce our citizenship. Does anyone know if our boys’ status will affect our application to renounce our citizenship? We need to extract our funds from CPF so that we can clear our mortgage. Mortgages are absolute killers! I would appreciate advice on this situation. Thanks very much.
anon Says:
August 11th, 2009 at 8:29 am
There’s a pianist who came back and only got “slapped” with a small fine for not serving NS. You can get a lawyer to argue about fairness if your boys got worse than a slap, but then again I don’t think your boys are pianists are they?
BH Says:
August 11th, 2009 at 9:37 am
Hi Anon, thanks for the response. Sadly, my boys are not professional pianists although one has fared very well on the local circuits. Still, I would love any feedback or advice if anyone has any regarding the likelihood of the Singapore govt using our boys’ status against us and hence, refusing to accept our applications for renunciation of citizenship.
I look forward to hearing more from the forum. Many thanks.
kimtan Says:
August 11th, 2009 at 1:16 pm
Hi BH, do you mind sharing how you obtained your new citizenship? Thanks and I wish you success in renouncing your Singapore citizenship – it’s relatively worthless (PRs and “new citizens” are first class here)
BH Says:
August 11th, 2009 at 2:52 pm
Hi KimTan
My family and I applied for NZ PR many years ago & moved here to live. Subsequently, we were granted citizenship. Now that we have made our home here we do not see ourselves moving back to live in Singapore.
boy Says:
August 12th, 2009 at 1:28 am
BH, if you haven’t done so already, try asking at this excellent emigration forum (as with all forums, ignore the noise):
http://www.sammyboy.com/forumdispla...
boy Says:
August 12th, 2009 at 1:33 am
BH, this thread should help:
http://www.sammyboy.com/showthread....
BH Says:
August 12th, 2009 at 9:52 am
I am not sure what you are recommending but my internet watchdog warns that the site you have asked me to visit is classified as a porn site. I am not impressed!
boy Says:
August 12th, 2009 at 1:10 pm
That particular forum is not what your watchdog says it is. Try viewing that thread I recommended and you’ll know. If indeed it’s not what you want and the info is rubbish, then just close your browser.
I’m just trying to help.
boy Says:
August 12th, 2009 at 1:23 pm
The following is an excerpt from the thread, which has lots more good info in my opinion (nothing of the sort your watchdog says):
“NS Obligations
Those with boy migrating and who leave these shores before their boys reach the age 11 yrs (the boys) are not obliged to do NS but have to follow the necessary procedures to get exemption. Passports expire at the age of 11 and that should be an indicator.
Once you have left, do not renew the password, apply for NRIC etc as one is deemed to (have) enjoyed the privileges of citizenship and NS become mandatory.
At age 13, apply to CMPB for exit visa stating that your family has migrated and the kids (are) enrolled in a school in the new country. No bond is required. CMPB uses an outsourced agency to handle call centre matters and they have no clue about migrant cases. Go directly to CMPB.
At age 16.5, you need to register for NS (an interesting term as you are actually seeking deferment). You can do it by post to CMPB again citing that you have migrated, acquired new citizenship and the kids (are) schooling. You will be given deferment until the age of 21 where the kid must decide if they want to hold on (to) their Singapore citizensip. If they do, (then) NS must be served. If not, exemption (is) for ever.
All Singaporeans, male and female cannot renounce their citizenship until age 21, and if they have acquired new citizenship, they will be dual citizens….”
AND LOTS MORE there. Judge for yourself. I’m not impressed with your watchdog.
boy Says:
August 12th, 2009 at 1:28 pm
More excellent info from that “undesirable” site:
“Dual Citizenship
With many countries moving towards retaining talent, previous restrictions on holding more than one citizenship by a number of governments around the world has been set aside.
Australia which prior to April 2002, had it in law where Dual Citizenship was explicitly prohibited now allows it and they have gone one step further by allowing ex-citizens to re-apply their citizenship which they previously renounced.
There is no law in Singapore that prohibits dual citizenship. The law however provides the govt to take it away from you for reasons best known to them. No one has been prosecuted for having dual citizenship. Since there is no law prohibiting it, there is no law allowing for punishment…”
BH Says:
August 12th, 2009 at 3:02 pm
Hi Boy
It would seem that I owe you an apology. I am sorry that there seems to be a misunderstanding within the watchdog that we use regarding the site. I am very grateful that you have taken the initiative to set out the excerpts. I have had a rather nasty experience with porn being inadvertently found while searching for seemingly innocent material. Consequently, we have everything filtered at the highest level.
This information seems rather helpful although it’s always a potential concern when dealing with citizenship type issues in Singapore. We are unable to get clear indications sometimes and am just a tad nervous about the whole proceedings from the time of our application to renounce our citizenship. We have little contact with Singapore and don’ know what red tape measures are in place.
Appreciate your efforts and the advice. Thanks.
boy Says:
August 12th, 2009 at 3:34 pm
Hi BH, no worries. As I said, I’m just trying to help. Hope you find my info useful.
BH Says:
April 15th, 2010 at 7:22 pm
Hi Boy
Just wanted to let you know that the application to renunciation and subsequent CPF withdrawal went smoother than I could have ever anticipated. Thanks for the support and advice from everyone on this blog. I would like to encourage those who are thinking of going down the same path, to give the matter serious consideration before doing it and then to proceed with confidence when they are sure. Thanks to one and all.
solo Says:
April 20th, 2010 at 3:46 pm
Those that had sons must be careful. If your boy did not go thru NS, don’t come back less they may get themselves arrested. Better to migrate 1st than give birth.
Danial Says:
July 11th, 2010 at 1:27 am
Hi…can I know what is the first step I shall take to renounce my Singapore Citizenship as I intent to move elsewhere? What is the process and the duration time? Thank You
Han Says:
July 11th, 2010 at 5:59 am
Danial, have you obtained citizenship elsewhere already? If not, you can’t apply for renunciation. In my case, I find the process relatively simple. Mine was approved within 6 weeks (done last year).
I assume you already residing overseas. Contact the overseas Singapore consular office or Singapore embassy. Request for the application form for renunciation of citizenship. That application form will tell you what documents required.
renouncier Says:
July 11th, 2010 at 1:14 pm
Danial, useful info for you:
http://www.mfa.gov.sg/sanfrancisco/...
http://www.guidemesingapore.com/sin...
Danial Says:
July 11th, 2010 at 11:32 pm
Ok…Thank you Han and Renouncier for your help…Ya I currently residindg in overseas and had citizenship here.
Danial Says:
July 11th, 2010 at 11:45 pm
Hi…do you have any idea about the CPF withrawal ? As I’m not so clear abt the Notary Public or the High Comm offical seal. Where to get that? I have to get it in Singapore or I can do it overseas?
Han Says:
July 12th, 2010 at 8:17 am
Danial,
You can find the form for CPF withdrawal in the CPF Board website FAQ section, select ‘Can I withdraw my CPF…..’.
It can be done overseas. In my case, it’s also a lot cheaper to use the Singapore High Commission consular service. Just need to pre-book appointment and bring all necessary documents along. Of course you can also go to your solicitor but not every law firm got notarial service. So you need to check.
You need to get your application for renunciation approved first then can apply to withdraw CPF.
Ravin Says:
August 12th, 2010 at 3:51 pm
I (Malaysian) used to work in Spore, btw 1993/95, and had made contributions under the CPF scheme. I am now working in Kuala Lumpur, and have no intentions on returning to Spore to work. Is it possible to fully withdraw my CPF saving balance?