What is the purpose of CPF (Central Provident Fund)?

CPF (Central Provident Fund) is a retirement fund. Its main purpose is to help you (Singaporeans and Singapore PRs) meet your financial needs in your retirement.

You can withdraw your CPF savings after turning 55. You need to set aside your CPF MS (Minimum Sum) before you withdraw your CPF savings. The MS can be further used for three main purposes:

• You can use it to buy a life annuity.
• You can place it with one of the participating banks.
• Or, you can leave it with CPF Board in your Retirement Account.

From the age of 62, you will start to get payments on a monthly basis from your CPF MS. It helps you meet your basic needs in retirement.