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Hi, I have parents aged 55 and above as well as a brother aged 33 years old. In regards to this, can i enquire if my parents are allowed to transfer their cpf contributions to my brother so that he can purchase a 4 room flat in sembawang with the price of $355,000?
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1 Answer

Lori Chin
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Hi Ms. Eeqaa,

Firstly after 55 y.o., your parents need to maintain the minimum CPF sum in their retirement account. This coming July, a minimum sum of $161,000 needs to be in their retirement account, since they are over 55 years of age.

Even if your parents' CPF account exceeded the minimum sum, it was never known that CPF can be transferable in a person's lifetime.

Sorry that my answer didn't help much in your family endeavour. But nevertheless, wish you and your loved ones well and happy...

Lori Chin
 9690-3750  Read More
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