CPF Changes from 1st April 2009

These are the changes to the CPF from 1st April 2009. Seems like now there are changes every year.

1. From 1st April 2009, the member can only make top-ups using their CPF savings if the sum of their ordinary and special account balances (net balances), including the amount withdrawn under the CPF-IS scheme, is more than the prevailing minimum sum (no longer 1.5x). The maximum amount for top-up will be (net balances + CPF-IS withdrawn amount) - prevailing minimum sum.
   
   That means the amount available for top-up will be lesser.
   
   
2. From 1st May 2009, the first $30,000 of the member's Special Account (SA) will no longer be allowed to use for investments. This is in addition to the $20,000 that is locked in the member's Ordinary Account (OA).
   
   
3. From 1st Aug 2009, the member can use their CPF savings to top-up for their parents and grandparents, regardless of age.
   
   
4. Changes are made to the CPF-Life annuity plans. Read more of the details here. More details will be out on September 2009.
   
   
5. From YA2009, a member can receive 2 separate tax reliefs - up to $7,000 for minimum sum cash top-ups by the member or his employer to his own CPF and up to $7,000 for cash top-ups to the CPF of family members. (For tax relief on cash top-ups for spouses or siblings, the recipient must have earned $2,000 or less in the preceding year). Both reliefs will apply regardless of the age of the recipient when the top-ups are made. Employers who make the cash top-ups will receive full tax deduction for the top-ups made.
   
   
6. From 1st Jan 2011, all CPF-IS funds must meet the strict admission criteria that was set in February 2006.