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Transferring Australian superannuation to my CPF account
Posted: Wed, 29 Jun 2011 3:59 am
by Splatted
Does anyone know whether Aussie super's can be transferred into CPF account?
Would be handy if I could use the funds to 'buy' a hdb flat.
Posted: Wed, 29 Jun 2011 4:21 am
by Mad Scientist
Hey mate !!
Long no time no hear and see. How ya being ?
Yes you can top up your CPF or your spouse if you are PR or local.
http://mycpf.cpf.gov.sg/Members/Top-Up_LO.htm
Posted: Fri, 01 Jul 2011 3:46 am
by Splatted
Thanks Mad Scientist,
Sorry for not replying earlier.
I've been ok. Lots happening behind the scenes so haven't been around much. How have you been?
Re my initial question, it's the rolling over bit that I think there's a problem. I don't think it's possible to access funds from my superannuation until I reach retirement age, unless I renounce my australian citizenship.
I was hoping someone might have already explored this and found a legal way of transferring the savings to CPF
Posted: Fri, 01 Jul 2011 3:53 am
by Mad Scientist
Oops my bad.
Yeah you cannot touch your own OZ super until retirement age or renounce OZ citizenship. One way you can do is apply for SG citizenship , renounce OZ then reapply
Read
http://www.citizenship.gov.au/current/resumption/
BTw don't you have your own private super in OZ
Posted: Fri, 01 Jul 2011 1:02 pm
by OkLah
I checked with an accountant in Sydney. According to him, even renunciation of citizenship will not entitle one to withdraw his/her superannuation. He said that it used to be allowed but the ATO has apparently wised up to the loophole that allows resumption of citizenship. So, it is now a blanket no unless you can prove that you are in severe hardship or permanently unable to work.
Posted: Fri, 01 Jul 2011 10:24 pm
by Splatted
nah, my main reason for wanting to w/d it is that it's dead money sitting in superannuation.
I hardly earn anything, and I don't know squat about stock market to change the investment plan.... and in the mean time, fees eat into the super while it sits there.
At least in Singapore you can do something useful with the money like buy a hdb flat.
Ok , you can buy
property also in Australia with super, by setting up a self-managed super fund... but that's all confusing for me, and apparently you have to have over $200,000 in savings for it to be worth the fees...
Oh, well.....