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Guides / CPF and retirement income

The CPF Special Account closure at 55, and what to do with your money now

Updated 1 October 2026

On 19 January 2025, CPF closed the Special Accounts of about 1.4 million members aged 55 and above. If you were 55 or older then, your SA is gone. If you turn 55 now, yours closes shortly after your birthday.

For most people the change was quiet. For anyone who had built up a large SA balance, it moved money around and lowered the interest on part of it. This post explains what happened, and the choices you still have.

What happened to the money

Before 2025, many members aged 55 and above kept money in their SA because it earned the higher long-term rate and could be withdrawn when needed. That arrangement no longer exists.

When the SA closed, CPF moved your SA savings into your Retirement Account, up to your cohort's Full Retirement Sum. That money keeps earning the long-term interest rate. Any SA savings above the Full Retirement Sum went into your Ordinary Account, where they earn 2.5% a year and can be withdrawn.

If you turn 55 from now on, the same steps happen at once. On your 55th birthday CPF creates your Retirement Account and moves in savings from your SA first, then your OA, up to your Full Retirement Sum. For members turning 55 in 2026, that's $220,400. Your SA then closes, and anything left in it moves to your OA.

If you had invested SA money under the CPF Investment Scheme and sell those investments after the closure, the proceeds go to your RA if you haven't reached your Full Retirement Sum, or to your OA if you have.

The interest difference

For October to December 2026:

  • The Retirement Account earns 4% a year. The Government has extended this 4% floor to 31 December 2027.
  • The Ordinary Account earns 2.5% a year.
  • If you're 55 or older, you also get an extra 2% on the first $30,000 of your combined balances and an extra 1% on the next $30,000, with no more than $20,000 from the OA counting.

So money that moved from the SA to the OA now earns 1.5 percentage points less a year, before extra interest.

Your three choices for money in the OA

If the closure left you with money in your Ordinary Account, you have three broad options. None is right for everyone.

Move it to your Retirement Account

From 55 you can transfer OA savings, or top up in cash, to your RA up to the current Enhanced Retirement Sum. In 2025 the ERS was raised from three to four times the Basic Retirement Sum. In 2026 it's $440,800.

Money in your RA earns the higher rate and raises your CPF LIFE payouts. CPF estimates that a man turning 55 in 2026 with $440,800 in his RA, on the Standard Plan, would receive about $3,440 a month from 65.

The catch is that this is a one-way move. Transfers and top-ups to your RA can't be withdrawn. The money only comes back as monthly payouts. Cash top-ups up to your Full Retirement Sum may qualify for tax relief. CPF transfers from your OA don't.

Leave it in your Ordinary Account

Your OA still earns at least 2.5%, and you can withdraw from it at any time after 55. You can also use OA money for housing. If you plan to keep paying a housing loan from your OA after 55, you can ask CPF to reserve the amount you need before it moves to your RA. Apply within six months before your 55th birthday, and give CPF at least five working days.

Leaving it in the OA gives up some interest in exchange for keeping your options open.

Withdraw it

You can withdraw OA savings above your Full Retirement Sum. Some people use the money to clear debt or to invest elsewhere. Remember that whatever you withdraw no longer earns CPF interest and no longer adds to your CPF LIFE payouts. The default online withdrawal limit is $2,000 a day, which you can adjust, so plan ahead for larger amounts.

Questions to settle before you move anything

  • How much cash do you want to keep within reach for emergencies and big expenses?
  • Do you need OA money for a housing loan or a future home?
  • What monthly payout do you want from CPF LIFE, and how close does your current RA get you?
  • Would you be comfortable never taking a lump sum out of that money again?

Your answers decide how much belongs in each place. You can also split it, with some in the RA for higher lifelong payouts and some left in the OA for flexibility.

Watch for scams

When the SA closed, CPF Board warned members about scammers posing as CPF staff, government officials or bank and insurance agents, who may claim to advise on CPF matters or offer ways to earn higher returns. If a call about your CPF feels off, hang up and check the official numbers on the CPF website before you call back.

You can see exactly what moved where in your CPF transaction history, through the CPF website or app.

If you'd like help deciding how much to keep in your OA and how much to move to your RA, book a free retirement review. Bring your latest CPF statement.

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