CPF members will be notified when their Special Account is closed through a hard copy notification, as well as an email or SMS where applicable. - PHOTO: ST FILE
SINGAPORE (The Straits Times/ANN): The closure of the CPF Special Account (SA) for members aged 55 and above will take place from the second half of January 2025 onwards, after changes to the CPF Act were passed in Parliament on Oct 14.
The closure, which was debated extensively earlier in 2024 after it was announced in Budget 2024, will result in members’ SA savings being transferred to their Retirement Account (RA), up to the Full Retirement Sum (FRS) for their cohort. The remainder will be transferred to their Ordinary Account (OA).
