CPF savings transfer to parents and grandparents

Cur­rently, CPF mem­bers can only trans­fer sav­ings from their CPF accounts to their par­ents or grand­par­ents after set­ting aside the full retire­ment sum. How­ever, mem­bers can soon do the trans­fer after set­ting aside the basic retire­ment sum if they have prop­erty pledges or charges to meet the full retire­ment sum, after the CPF Amend­ment Bill is passed in par­lia­ment soon.

Note that for those turn­ing 55 in 2017, the full retire­ment sum is S$166,000, so the basic retire­ment sum is half at S$83,000.