Singapore CPF Investment Scheme CPFIS 2026 Calculator

CPFIS Eligibility and Self-Awareness

To invest CPF OA, you must be 18+, hold at least S$20,000 in OA (the first S$20k is locked from investing), and pass the CPFIS Self-Awareness Questionnaire (SAQ). The SAQ tests basic investment knowledge and is required since 2018 to discourage low-knowledge investors from losing money. Beyond OA, CPFIS-SA exists for Special Account with stricter rules — but most retail investors stick to CPFIS-OA.

The 35% Stock Limit and 10% Gold Limit

Within the investable portion, only 35% can be deployed to individual stocks (CPFIS-Included shares) and only 10% to physical/ETF gold. The remainder (~55%) must go to unit trusts, government bonds, or insurance policies. This limit was tightened over time after retail investors lost money on speculative stocks during the dot-com and 2008 cycles. ETFs that track stocks (like STI ETF) sit in the 35% stock bucket.

The 2.5% Breakeven Bar

The Ordinary Account pays 2.5% guaranteed interest (sometimes more under bonus rates for the first S$60k). CPFIS investments must outperform 2.5% net of fees to be worthwhile. Most actively managed unit trusts charge 1.5-2% fee — meaning they need 4-4.5% gross return just to match OA. Studies show 60-70% of CPFIS investors underperform OA, mostly due to fees and panic selling.

Strategic Use: ETFs and Long Horizons

For investors who do choose CPFIS, low-cost ETFs (STI ETF, S&P 500 ETF) with 0.3-0.5% fees give the best chance of beating OA over 10+ years. Short horizons (under 5 years) rarely beat OA because of market volatility and fees. The 2.5% guaranteed return on OA is one of the world's best risk-free retirement instruments — outperforming it consistently requires discipline most retail investors lack.

Sources: cpf.gov.sg, iras.gov.sg, mom.gov.sg, hdb.gov.sg. Last updated: May 2026.