13.

Currently, under the Minimum Sum Scheme, the Minimum Sum may be left with CPF Board, deposited with an approved bank or used to purchase an annuity. CPF savings in excess of the Minimum Sum can be withdrawn at age 55. To encourage more prudent financial planning with CPF savings, the current tax exemption for annuities bought with the Minimum Sum will be extended to annuities bought with CPF savings beyond the Minimum Sum. The tax treatment will similarly be accorded to interest income arising from the deposits of CPF savings beyond the Minimum Sum deposited with approved banks. Several conditions, such as those of the Minimum Sum Scheme will apply. Details will be released by CPF Board in due course.