Historical policy record
This article explains the CPF Advisory Panel’s 2015/2016 document. Amounts, account arrangements, projections and recommendations below belong to that publication, not current CPF entitlements, interest quotations or an investment offer. Check current CPF Board rules for an individual decision.
Retirement choices proposed in 2015
The panel proposed starting with desired lifelong income, then relating it to a retirement sum. The figures below are for the 2016 cohort and report assumptions, not current thresholds.
| Sum | 2016 amount | Purpose |
|---|---|---|
| Basic | S$80,500 | Basic payout with qualifying property charge/pledge; report target about S$650–S$700 monthly. |
| Full | S$161,000 | Twice Basic for members without a home/property pledge. |
| Enhanced | S$241,500 | Three times Basic as the proposed voluntary top-up ceiling. |
Property and individual income
The panel recognised a qualifying existing CPF property charge instead of requiring a redundant pledge, while sums above Basic remained conditional on property arrangements. It encouraged each member, including a non-working spouse, to have CPF LIFE income and proposed transfers of excess savings to a spouse. Members below Basic would still have lower monthly payouts, but might need assistance beyond CPF.
Deferring payouts
The report proposed deferral up to 70, estimating a 6%–7% permanent increase for each year deferred. These male Standard Plan illustrations assume the report’s interest/annuitisation parameters; they are not present quotations.
| Balance at 55 | Start 65 | 66 | 67 | 68 | 69 | 70 |
|---|---|---|---|---|---|---|
| S$80,500 | 680 | 720 | 760 | 800 | 850 | 900 |
| S$40,000 | 360 | 390 | 410 | 440 | 460 | 490 |
| S$20,000 | 180 | 190 | 200 | 220 | 230 | 250 |
Higher savings and later cohorts
Recommendation 5 proposed cash/CPF top-ups up to the then-Enhanced cap; the panel also supported reviewing the wage ceiling. Recommendations 6–7 linked future sums to inflation and some improvement in living standards, with 3% annual increases for the 2017–2020 cohorts and longer notice. Retirement planning should be revisited at milestones; these proposals must not be applied as today’s caps.
Expenditure evidence behind the Basic Payout
Annex 2-A uses the 2012/2013 Household Expenditure Survey. Retiree households consist entirely of non-working people aged 60 or over, ranked by expenditure per member excluding owner-occupied imputed rent. Health costs are net of insurance, subsidies and assistance. The 2026 row is a historical projection using 2% inflation, not observed 2026 expenditure. All figures are dollars per household member per month.
| Item | All | 1st–20th | 21st–40th | 41st–60th | 61st–80th | 81st–100th percentile |
|---|---|---|---|---|---|---|
| Food and beverages | 286.2 | 134.9 | 202.8 | 256.4 | 341.8 | 495.2 |
| Housing and utilities | 169.2 | 86.5 | 108.0 | 128.3 | 165.3 | 358.0 |
| Furnishings/equipment/routine maintenance | 71.0 | 6.6 | 36.9 | 73.8 | 77.9 | 160.0 |
| Health | 141.2 | 26.1 | 43.2 | 96.4 | 147.1 | 393.4 |
| Transport | 70.8 | 6.6 | 14.8 | 23.0 | 70.0 | 239.9 |
| Communication | 35.4 | 13.6 | 19.9 | 32.5 | 37.6 | 73.1 |
| Recreation and culture | 86.2 | 3.7 | 23.8 | 29.8 | 64.9 | 308.9 |
| Miscellaneous goods/services | 151.9 | 38.8 | 68.2 | 80.1 | 150.5 | 421.9 |
| Total | 1,012.1 | 316.7 | 517.7 | 720.4 | 1,055.1 | 2,450.6 |
| Projected 2026 total at 2% inflation | 1,309.3 | 409.7 | 669.7 | 931.9 | 1,364.9 | 3,170.1 |