Announcement
February 28, 2024
Budget 2024 CPF Changes 2: SA Account Closure
Dear Users,
We are pleased to inform you that our platform has been updated to reflect the changes to the CPF System recently announced in the Singapore Budget 2024.
For further details regarding these changes, please refer to the official announcement on the CPF website: Budget Highlights 2024.
As part of this update, we have implemented the following adjustments:
- SA Account Closure: Effective from 2025, all SA accounts for clients aged 55 and above will be automatically closed.
- Allocation of SA Funds: Any items related to SA will be automatically distributed between RA or OA accounts based on the achievement of Full Retirement Sum (FRS).
- Enhanced Option: We have introduced an option allowing you to automatically transfer OA funds into RA, even if you have already achieved FRS (and selected ERS under retirement settings). This feature is designed to help you assess the impact of the new CPF changes on your RA account.
We trust that these updates will streamline your CPF management experience and provide clarity regarding your retirement savings. Should you have any questions or require further assistance, please do not hesitate to reach out to us.
Thank you for your continued trust and support.
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