Navigating Central Provident Fund or CPF for Married Couple in Singapore

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All articles are for education purposes only, and not to be taken as advice to buy/sell. Please do your own due diligence before committing to any trade or investments.


All articles are for education purposes only, and not to be taken as advice to buy/sell. Please do your own due diligence before committing to any trade or investments.

A content married couple walks through the bustling streets of Singapore, engaged in a conversation that suggests they're discussing their future, possibly exploring the benefits and considerations of the Central Provident Fund (CPF) as they plan for a secure financial life together.

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Introduction – CPF for Married Couple in Singapore

Navigating the CPF as a married couple in Singapore can be complex. The Central Provident Fund (CPF) is vital for ensuring financial stability for retirement and significant life events, including housing loans.

This guide will walk you through using your CPF savings to pay for your home and how the Home Protection Scheme can safeguard you. From marriage-related adjustments to retirement planning, we’ll help you streamline your CPF management. Prepare to demystify the CPF experience!

Key Takeaways

  • Make sure to update your CPF nomination after getting married to ensure your funds are distributed according to your wishes.
  • Understand the rules and requirements for using CPF savings for property purchases, including eligibility criteria and refund processes.
  • Stay informed about upcoming changes to CPF contributions, such as increased rates for senior workers and a higher Ordinary Wage (OW) ceiling, which can impact your retirement planning.
  • Consider monetizing your home through CPF options like the Silver Housing Bonus scheme to boost your retirement income.

A close-up image featuring a shiny 2013 Singaporean coin resting atop a collage of Singaporean currency notes, symbolizing the financial planning and savings for married couples within the framework of Singapore's Central Provident Fund (CPF).

CPF and Marriage

Understanding the Central Provident Fund (CPF) scheme is crucial for couples in Singapore, particularly in relation to marriage and turning 55.

CPF nomination upon marriage

In Singapore, it is essential to be aware that your existing CPF nomination will be revoked at the time of purchase of a marital status. As such, you should be familiar with the following terms and conditions related to CPF savings for your property:

  1. The act of marriage will nullify any CPF nomination previously made, and it’s crucial to recognize this automatic revocation as you enter into this new chapter of your life.
  2. Should you wish to notify the CPF Board of your post-marital wishes, it is critical to make a new CPF nomination to ensure your CPF savings are allocated according to your latest intentions.
  3. Under Singaporean law, the revocation of a prior CPF nomination due to marriage is an automatic process mandated by the state.
  4. Upon the establishment of a new CPF nomination after your marriage, the designated beneficiaries will legally receive your CPF savings upon your passing.
  5. Failure to make a new CPF nomination after your marriage means that, without such an updated directive, the CPF Board will be obliged to disperse your CPF assets according to the default intestacy laws in Singapore.
  6. Nomination for your CPF savings is a simple procedure, with options to complete it digitally or by visiting a CPF Service Center, to ensure your CPF savings for your property are correctly apportioned.
  7. Importantly, there is no fee involved in the process of submitting your CPF nomination.
  8. It is advisable to regularly review and, if necessary, amend your CPF nomination to mirror any significant life events e.g marriage or childbirth, as this will enforce your preferences concerning the terms and conditions associated with your CPF savings.

CPF withdrawal after divorce

Tackling the CPF after divorce can be tough. Here are some key points:

  1. CPF funds may count as shared assets in a divorce.
  2. No rule says an ex-spouse gets a share of CPF money after divorce.
  3. If you’re under 55, you can’t just pull out your CPF cash after a divorce.
  4. Couples often argue over money, not CPF funds, in a split-up because it’s hard to turn these savings into cash.
  5. Even after divorce, your CPF nominations don’t get tossed out. You might still want to care for your ex-wife or husband and kids.
  6. The CPF Board could pay an amount ordered by the court to one spouse when the other can take out their CPF or if they pass away.
  7. In Singapore, during a breakup, your CPF money might also be seen as common assets.

The facade of a Singaporean public housing complex, HDB (Housing and Development Board) flats, with numerous balconies displaying an array of hanging laundry and potted plants. This image exemplifies the utilization of the Central Provident Fund (CPF) in Singapore for the purchase of practical and affordable homes within the city.

Using CPF for Housing Purchase

In the context of marriage in relation to CPF, the housing scheme is a pivotal consideration for couples planning to purchase property in Singapore. This includes determining eligibility for HDB flat purchases, utilizing Ordinary Account (OA) savings for the downpayment, and the subsequent refund of OA savings upon the sale of the property.

Eligibility for HDB flat purchase

When looking to purchase an HDB flat, you must comply with certain housing limits and criteria established by the Development Board. Notably, the combined total age of the couple and the remaining lease on the property must equal or exceed 80 years at the time of purchase. An HDB Flat Eligibility (HFE) letter is a requisite document that informs you whether you are qualified to acquire a house or what loan options are available to you, based on the value of the property you intend to buy.

For first-time purchasers, there is an opportunity to apply for financial assistance through the Enhanced CPF Housing Grant (EHG), which can significantly subsidize the cost of either new or resale flats. Your savings can also be used to buy your home, providing additional financial leverage.

The Development Board may require verification that the market value of the flat aligns with your financial capacity and grant eligibility to ensure fair and equitable distribution of housing resources.

Using OA savings for a downpayment

When it’s time to purchase your dream home in Singapore, you can tap into your CPF Savings to buy it. These funds can cover the down payment and other costs like the monthly installment and stamp duty, subject to the type of property you choose.

Here are some important points to know:

  • CPF OA savings can be used to pay the down payment.
  • The down payment for a property is usually 25% of the purchase price.
  • Up to 20% of the down payment can be paid with CPF OA savings.
  • The remaining 5% must be paid in cash.

Refund of OA savings when selling property

In Singapore, home buyers who utilize their OA (Ordinary Account) Savings for housing needs must remember that when selling their property, they are required to refund the CPF savings used for the property purchase. This ensures that their CPF funds continue to grow and can be used for future needs.

Here are important points to know about the refund process:

  • The refund includes the principal amount that was withdrawn from the CPF Ordinary Account (OA) for the property purchase.
  • Accrued interest on the refunded amount will also be included in the refund.
  • Refunding CPF savings allows individuals to continue enjoying CPF interest rates on their remaining savings.
  • The amount of CPF savings to be refunded depends on the individual’s age at the time of selling the property.
  • Individuals aged 55 and above who are eligible for CPF withdrawals will have their refunded savings used to top up their Retirement Account (RA) to reach their Full Retirement Sum (FRS).
  • When selling or transferring a property, individuals must inform the CPF Board and provide the necessary documents for the refund process.
  • Failure to refund CPF savings when selling a property may result in penalties or legal consequences.

A close-up image of a 'RETIREMENT PLAN' document on a clipboard, accompanied by a pair of round-framed glasses and a fountain pen, symbolizing the strategic planning involved in preparing for retirement. This visual emphasizes the importance of using Central Provident Fund (CPF) savings as a cornerstone in financial planning for a secure and comfortable retirement in Singapore.

Retirement Planning with CPF

CPF contributions are instrumental for retirement planning among Singaporean married couples, forming a cornerstone of the social security system. For CPF members, these contributions, alongside top-ups, help ensure that essential needs like a fully paid-up home, healthcare, and a secure lifelong retirement income are adequately covered.

CPF contributions and retirement income

CPF contributions play a crucial role in retirement planning for married couples in Singapore. These contributions are part of the social security system and help to cover essential needs such as a fully paid-up home, healthcare, and a lifelong retirement income.

Aspect Description
CPF Contributions CPF contributions are mandatory for all Singaporeans and permanent residents. These are designed to cover basic needs like a fully paid-up home, healthcare, and lifelong retirement income.
Retirement Income The CPF provides a monthly payout and the option for retirement withdrawals for immediate cash needs. Planning for retirement essentially involves this crucial component.
CPF Interest Rates CPF offers attractive interest rates to boost the savings of its members. The interest earned from the CPF is often higher than that of local banks.
Purpose CPF can be used for other purposes like home ownership and medical insurance. It offers flexibility to its members to utilize their savings according to their needs.
Statistics Key statistics on CPF account balances, contributions, and member withdrawals are regularly updated and available for reference. This assists both investors and traders in making knowledgeable choices.

Upcoming changes to CPF contributions

It’s crucial for traders and investors to stay updated with the upcoming changes to CPF contributions, as these modifications can significantly impact their financial planning. Here are the key changes to expect:

Change Effective From Impact
The rates of CPF contributions for senior employees will see an increase 2022 and 2023 This change will enhance the retirement adequacy of senior workers by increasing their CPF savings. It could lead to a higher total sum of money available for retirement, which is essential for traders and investors, who often use their CPF savings to support their trading and investment activities.
The Ordinary Wage (OW) ceiling will be increased. 1st September 2023 The increase in the OW ceiling from $6,000 to $8,000 by 2026 means that more of a worker’s wage will attract CPF contributions. This will result in higher CPF savings, allowing traders and investors to have additional funds to allocate towards their investment strategies.

Monetizing your home for retirement income

In Singapore, augmenting your retirement income can be achieved by capitalizing on the property you own at the time. By leveraging the Central Provident Fund (CPF), you have the means to monetize your home, such as through the Silver Housing Bonus scheme, which bolsters additional income for retirees.

The CPF also facilitates monthly payouts and permits retirement withdrawals to cater to immediate cash requirements. However, depending exclusively on CPF funds might fall short of meeting all your financial needs during retirement, underscoring the need for a personalized retirement strategy.

Furthermore, Singapore’s distinctive housing finance model permits homeowners to utilize their CPF savings for their property. This includes using CPF to offset the housing loan taken when you buy or build private residential property, thereby potentially increasing your retirement income based on the property’s valuation.


In conclusion, it’s vital for couples registered with the Singapore Registry of Marriages to grasp the nuances of navigating the Central Provident Fund (CPF) for effective financial management. From revising CPF nominations after marriage to making strategic property purchases and retirement planning, a deep understanding of CPF intricacies enables married couples in Singapore to make prudent financial choices.

Couples are strongly encouraged to make use of the resources provided by the Central Provident Fund Board (CPFB) and to remain abreast of the latest CPF policies. This can include understanding the legal fees involved in property transactions and being aware of the maximum amount of CPF savings that can be used for your property, which can significantly influence financial outcomes and ensure a robust financial foundation for the future.

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Bryan Ang

Bryan Ang is a financial expert with a passion for investing and trading. He is an avid reader and researcher who has built an impressive library of books and articles on the subject.

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