There are currently two channels to top-up your Special Account (SA) and Retirement Account (RA).
They are :-
a) Voluntary Contributions (VC) to a member’s Retirement Account (RA); and
b) Top-ups made under the Ordinary Account-to-Special Account (OA-to-SA) Transfer scheme.
The above two will be merged into the existing Minimum Sum Topping Up (MSTU) Scheme. This simplification will align the top-up limit and terms and conditions so that it is less confusing to the member.
The New Aligned Top-Up Limits
For top-ups into the SA, members who are less than 55 years old will be able to receive top-ups up to the prevailing Minimum Sum, minus the sum of their SA cash balance and SA savings which they have used for investment.
For top-ups into the RA, members who are 55 years old or older will receive top-ups up to the prevailing Minimum Sum, minus their RA cash balance. The RA cash balance excludes amounts such as interest earned, government grants received and amounts that members have withdrawn.
Tax Relief extended to parents-in-law and Grandparents-in-law
Anyone who makes a cash top-up to his own CPF account and/or receives a cash top-up from his employer will receive up to $7,000 of tax relief, and up to another $7,000 for cash top-ups to eligible family members in a calendar year. Eligible family members currently refer to parents, grandparents, spouses and siblings. This will be extended to parents-in-law and grandparents-in-law from 1 January 2013. For members who make top-ups to their spouse or siblings, they are eligible for the tax relief if their spouse or siblings have an annual income below $4,000 or are handicapped.