The CPF Board has been stepping up its efforts to help Singaporeans better understand the options they have.
Here are some of the ways that CPF members can ensure they are well informed and actively plan for their retirement.
YEARLY STATEMENT OF ACCOUNTS (YSOA)
Last year, the YSOA was enhanced by introducing an illustrated summary. CPF members would have received their YSOA over January and February, and the accompanying illustrated summary which is meant to help members better understand their CPF savings.
Features include a snapshot of the various contributions to their CPF savings in the year, as well as how they have used their CPF savings for important needs, such as housing, healthcare and retirement. Targeted financial tips on how they can grow their CPF savings are also included.
But there is still room for improvement as some CPF members have been confused when they did not see the amounts that had been deducted from their Retirement Account (RA) as premium deductions for the CPF Life scheme.
FOR THOSE WHO HAVE NOT ATTENDED THE CPF RETIREMENT PLANNING SERVICE (CRPS)
These members can learn about their options by visiting the CPF website and the various social media channels. Members are also encouraged to drop by the CPF Mobile Service Centres (SCs) introduced last year. The Mobile SCs help reach out to heartland members.
At the centres, members can make inquiries and perform a range of CPF-related transactions, such as apply for CPF Life, make changes to their housing repayment and top-ups to their CPF accounts.
Members can even opt to have their CRPS session at Mobile SCs. Look out for the Mobile SCs at Bukit Merah Community Centre from now until April 28, and at Anchorvale Community Centre from May 2 to June 30.
This year, the CPF Board rolled out a new "Call Authentication" service which allows members to receive personal information using SingPass 2-Factor Authentication (2FA) over the phone securely. This means the customer service executive will be able to provide personalised guidance to the member based on his confidential information.
This provides greater convenience to members, as well as reduces the need for them to visit the CPF Service Centres or write in to the board.
NEW MAXWELL SERVICE CENTRE
The former CPF Service Centre in Robinson Road was relocated to The URA Centre on Feb 20. The design of the new centre incorporates elements, such as the use of colours to differentiate counters for different services.
You will also find pod-like sitting counters and panels between standing counters to provide privacy for members while they are being served. The SMS system is deployed so that you can run personal errands before your number is called.
The Jurong Service Centre was upgraded last year and there will be progressive upgrading of all CPF Service Centres over the next few years.
For CPF members who are interested to find out more about CPF as they approach 55, there is a LIFE@55 talk on May 24 from 7pm to 8.30pm at 480 Lorong 6 Toa Payoh, HDB Hub, Basement 1, Auditorium. To register, visit cpf.gov.sg/memberevents.