Transfer of Accrued Benefits

CPF Individual Accounts

An individual account of the non-mandatory central provident fund system is composed of three sub-accounts, which includes a government-managed sub-account, a contribution sub-account and a preserved sub-account. Employees/individuals can apply for the transfer of funds between the sub-accounts.

Individual Sub-account	Function
Government-managed sub-account	Primarily for recording and managing the funds allocated by the government and balance transferred by other sub-accounts. To be managed by the FSS
Contribution sub-account	Primarily for recording and managing the contributions of the contribution scheme. To be managed by the fund management entity
Preserved sub-account	Primarily for recording and managing the balance transferred from the contribution sub-account due to termination of a labour relationship. To be managed by the fund management entity

Scenario 1

Upon termination of a labour relationship, the employee should give instruction on the handling of the balance in the contribution sub-account to the fund management entity. Four options are available as below:

Roll over the benefits into the preserved sub-account opened by the original fund management entity (default option when no instruction is given)	Transfer the benefits to the other contribution sub-accounts in the original fund management entity
Transfer the benefits to the contribution sub-account / preserved sub-account in other fund management entities under the non-mandatory central provident fund system for integration	Transfer the benefits to the government-managed sub-account

Scenario 2

Employees / Individuals can apply for the transfer of balance from the government-managed sub-account to the contribution sub-account for investment.