CPF Withdrawals for Annual Premiums of Endowment Policies Going Back to CPF upon Maturity

Debated in Parliament on 11 Feb 2019.

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Patrick Tay asked if CPF members aged 55 and above can withdraw from their CPF accounts to pay annual premiums for endowment policies that will return funds to CPF upon maturity.
Josephine Teo explained that such endowment policies were sold under the CPF Investment Scheme before 2001 and that members aged 55 and above can continue paying premiums from their Ordinary Account after meeting the Full or Basic Retirement Sum requirements.
She added that for members who have not set aside the required Retirement Sum, the CPF Board will consider allowing premium payments on a case-by-case basis.

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Patrick Tay Teck Guan

Mr Patrick Tay Teck Guan asked the Minister for Manpower whether the CPF Board can allow withdrawals after an account holder reaches 55 years of age for their payment of annual premiums of endowment policies which will go back to CPF upon maturity.

Mrs Josephine Teo

Endowment policies with regular premium payments were available for sale under the Central Provident Fund (CPF) Investment Scheme before 2001. CPF members aged 55 and above who had purchased such policies can continue to pay for their premiums using their savings in the Ordinary Account after setting aside their cohort Full Retirement Sum, or Basic Retirement Sum, if they have a sufficient property charge or pledge.

For members who have not set aside the required Retirement Sum, CPF Board will consider allowing them to use their CPF savings to pay the endowment policy premiums on a case-by-case basis.

Summary written by AI (learn more)

Patrick Tay asked if CPF members aged 55 and above can withdraw from their CPF accounts to pay annual premiums for endowment policies that will return funds to CPF upon maturity.
Josephine Teo explained that such endowment policies were sold under the CPF Investment Scheme before 2001 and that members aged 55 and above can continue paying premiums from their Ordinary Account after meeting the Full or Basic Retirement Sum requirements.
She added that for members who have not set aside the required Retirement Sum, the CPF Board will consider allowing premium payments on a case-by-case basis.

Questions identified by AI (learn more)

CPF Withdrawals for Annual Premiums of Endowment Policies Going Back to CPF upon Maturity | PAPERCUTS

CPF Withdrawals for Annual Premiums of Endowment Policies Going Back to CPF upon Maturity

Debated in Parliament on 11 Feb 2019.

Summary written by AI (learn more)

Patrick Tay asked if CPF members aged 55 and above can withdraw from their CPF accounts to pay annual premiums for endowment policies that will return funds to CPF upon maturity.
Josephine Teo explained that such endowment policies were sold under the CPF Investment Scheme before 2001 and that members aged 55 and above can continue paying premiums from their Ordinary Account after meeting the Full or Basic Retirement Sum requirements.
She added that for members who have not set aside the required Retirement Sum, the CPF Board will consider allowing premium payments on a case-by-case basis.

Questions identified by AI (learn more)

Full Transcript

Patrick Tay Teck Guan

Mrs Josephine Teo

For members who have not set aside the required Retirement Sum, CPF Board will consider allowing them to use their CPF savings to pay the endowment policy premiums on a case-by-case basis.

Summary written by AI (learn more)

Patrick Tay asked if CPF members aged 55 and above can withdraw from their CPF accounts to pay annual premiums for endowment policies that will return funds to CPF upon maturity.
Josephine Teo explained that such endowment policies were sold under the CPF Investment Scheme before 2001 and that members aged 55 and above can continue paying premiums from their Ordinary Account after meeting the Full or Basic Retirement Sum requirements.
She added that for members who have not set aside the required Retirement Sum, the CPF Board will consider allowing premium payments on a case-by-case basis.

Questions identified by AI (learn more)

CPF Withdrawals for Annual Premiums of Endowment Policies Going Back to CPF upon Maturity

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Questions Identified

Full Transcript

Patrick Tay Teck Guan

Mrs Josephine Teo

Summary

Questions Identified

CPF Withdrawals for Annual Premiums of Endowment Policies Going Back to CPF upon Maturity

Summary

Questions Identified

Full Transcript

Patrick Tay Teck Guan

Mrs Josephine Teo

Summary

Questions Identified