CPF Investment Scheme (CPFIS) Calculator
Calculate how much of your CPF Ordinary Account is investable under CPFIS-OA — accounting for the first SGD 20,000 reservation and asset-class sub-limits.
What Is CPFIS?
The CPF Investment Scheme (CPFIS) lets you invest your CPF Ordinary Account (CPFIS-OA) and Special Account (CPFIS-SA) balances in a curated list of approved investments. The intent: opportunity for higher returns than the guaranteed CPF rate (currently 2.5% on OA, 4% on SA). The trade-off: you bear investment risk and may underperform.
CPFIS-OA allows investment of OA balance above SGD 20,000 (the first SGD 20K must stay in OA earning 2.5%). Asset-class sub-limits apply: 35% maximum in individual stocks, 10% maximum in gold. Unit trusts, ETFs, and bonds have no sub-limit. Source: cpf.gov.sg CPFIS guidelines 2026. Last updated: May 2026.
Should You Use CPFIS?
The historical record is sobering. Studies by MAS and CPF Board (1996-2018) found that nearly 80% of CPFIS-OA investors underperformed the guaranteed 2.5% OA rate after fees. Two main reasons: (1) high management fees (1.5-2.5% per year for unit trusts), and (2) poor timing / behavior (buying high, selling low).
CPFIS makes sense if you have (1) a 10+ year horizon, (2) discipline to buy and hold low-cost index funds (Lion Phillip S-REIT ETF, Phillip ETF Track Sigma, Nikko AM SGD Investment Grade Corporate Bond), and (3) belief that equities will outperform 2.5% over the period. Otherwise, leave OA in the CPF default and capture the guaranteed 2.5%.
CPFIS-SA — More Restrictive
CPFIS-SA is even more conservative — only certain low-cost funds (mostly bonds) are SA-investable. The SA guaranteed rate is 4% (plus 1% bonus on first SGD 60K), which is hard to beat with bonds. Few investors should use CPFIS-SA — the math rarely works out. Source: cpf.gov.sg CPFIS-SA approved fund list 2026.
Withdrawing CPFIS Investments
CPFIS investments must remain inside CPF — you can buy and sell within CPFIS-OA freely, but proceeds return to OA (or back to other approved investments). You cannot withdraw CPFIS proceeds in cash until normal CPF withdrawal age (65 currently). When you do withdraw at retirement, sale proceeds flow to your Retirement Account first to meet your Full Retirement Sum requirement, then become withdrawable.