CPF turnabout

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As stated back in 2016, the applicable rule on withdrawal of CPF was:

" Withdrawal of CPF by Malaysians residing in West Malaysia

Who is eligible?

You can withdraw your CPF in full if you meet all the following conditions:

i.   You are a Malaysian Citizen and have left Singapore permanently to reside in West Malaysia.
ii.  You do not hold a valid Singapore Work Permit/Employment Pass and have renounced your Singapore Permanent Residency (if applicable).
iii. You are either:
     a. 55 years old and above; or
     b. Below 55 years old but above 50 years old and have not worked in Singapore in the last two years before your application; or
     c. Physically or mentally incapacitated from ever continuing any employment or is found to be of unsound mind. "

I also blogged my trust issue with CPF.

Back in 2016, I was already heavily considering closing the account but I couldn't because of the criteria above, which is applicable only to Malaysians residing in West Malaysia. However, over the years, I appreciate the relatively high CPF interest rate (Singapore is one of the very few countries with AAA credit rating from all 3 top credit rating agencies) and thus have been treating it as the bond allocation part of my investment portfolio.

Then at the start of this year, I received news that CPF Board want to close all non-resident CPF accounts and is going out of its way to make it easier for me to do so. Lol. What a huge turnabout.

On 1st April 2024, my account will be automatically closed.

" Any remaining savings will stop earning the prevailing CPF interest. As a concession, these savings will earn interest similar to commercial bank interest rates until 31 March 2027. Thereafter, no interest will be paid. You can still transfer the remaining savings to your bank account, at any time. "

" You can still transfer your CPF savings to your bank account at any point in time. "

I didn't rush to close it because I want to earn more interest i.e. a year more of interest. I plan to apply for closure in January 2024.

Thereafter, if the Singapore 6-month Treasury bill's yield is still close to 4% p.a., I probably will move the CPF money there.

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