Retirement Calculator

Project your savings at retirement by using FNPF Retirement Calculator .

Disclaimers

  • This is a projection model, not a prediction.
  • The results from this calculator are based on the information that you have provided and assumptions made about your contributory future. The amounts projected are estimates only provided by this model and are not guaranteed.
  • This calculator cannot predict your final balance at retirement with certainty because this will depend on your personal circumstances including unexpected events in your life and external factors such as investment earnings, tax and average annual wage growth.
  • This calculator assumes that you can make steady, predictable contributions and that all assumptions including these external factors will operate at set, steady rates for the period up to and until your specified retirement age, even if events turn out differently from what is assumed. These assumptions are essential so the calculator can show the effect of things you may be able to control, such as making additional contributions and/or partial/early withdrawals.
  • Do not rely solely on this calculator to make decisions about your retirement as there may be other factors to take into account. Consider your own retirement objectives, financial situation and needs. The calculator is designed to be an informational and educational tool only. It does not constitute investment or financial advice. You should consider talking to one of our pension officers or to seek the counsel of a financial services professional before making any type of retirement savings decision.
  • We also encourage you to review your savings strategy periodically as your financial circumstances change. You should then consider getting an updated projection provided by this model regularly by changing the assumptions as your circumstances change. The calculations provided in this calculator are hypothetical and are provided for illustration purposes only.
  • The FNPF will not be responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this tool.  Furthermore, FNPF is not responsible for any human or mechanical errors or omissions.

Assumptions

The calculator works for Compulsory Members, Voluntary members – both for adult and minor members.

Presentation of Results

Projection results are shown in today’s dollars, which means they are adjusted for the effect of general wage growth over the projection period.

General Wage Growth Rate, Salary Growth (for individuals) Assumptions

The following default assumptions are adopted in the projection (you can change these assumption under the ‘settings’ under the ‘More about You’ section):

  • salary growth rate: your wage is assumed to increase at a default rate of 3% per annual.
  • general wage growth rate: defaulted at 3% p.a.
  • promotion in wage at younger ages is also assumed to happen
  • average annual FNPF crediting rate: 5% p.a.

Contributions

The following contribution rates published in the Parliament gazette are used for the specified periods:

  • From 1 Jul 2021 – 31 Dec 2021, the default total contribution rate is 10%
  • From 1 Jan 2022 – 31 Dec 2022, the default total contribution rate is 12%

After 31 Dec 2022, the default total contribution rate is assumed to take on the pre-COVID levels – [Employer contribution rate – 10% and Employee contribution rate – 8%].

The calculator parameters will be updated if there is any change to the above.

The projection calculates the applicable contribution amounts from the salary estimated for the year and assumes that contributions will be consistently made over the defined working period.

Partial withdrawal

The calculator allows users to simulate a scenario taking into account a partial withdrawal at any age within the projection period. The partial withdrawal is assumed to be accessed at the start of the financial year the user attains the specified age if any.

The calculator does not simulate any repayment of any partial withdrawal access.

Learn more on  Partial Withdrawal

Housing withdrawal

The calculator allows users to simulate a scenario taking into account a housing withdrawal access at any age within the projection period. The housing withdrawal is assumed to be accessed at the start of the financial year the user attains the specified age.

When simulating this scenario, the indication that the housing withdrawal is a first access avails 30% of the estimated Preserved Account balance for housing withdrawal. If the access is not a first housing withdrawal, then only the entire General Account balance is available for access.

When inputting an amount that is in excess of the eligible Housing withdrawal amount, the calculator will rewrite that amount with the eligibility amount.

For first access housing withdrawals, repayment of any amount accessed from the Preserved Account will need to be prioritized by all future contributions, until this is repaid or 5 years have expired since the year of access. In other words, all future contributions (mandated, additional and voluntary) are allocated fully to the Preserved Account until the debt is repaid or 5 years have expired. This is required under section 48(4) of the FNPF Act.

When the amount accessed from the Preserved Account for housing withdrawal has been repaid or the 5-year period has expired, allocation of contributions will then revert back to normal.

Learn more on  Housing Withdrawal

Tax

FNPF contributions deducted from your wages or salary are not tax deductible. We assume that this will remain so.

We also assume that your employer’s contributions will not be tax deductible and will remain this way as well.

Results are shown at 1 July

Your projected member account balance is shown at 1 July after you reach the indicated age on the chart. For example, the member account balance shown for age 35 is the balance at 1 July after your 35th birthday.

Investment return /Interest Crediting Assumptions

We make the following default assumption for the annual FNPF interest crediting rate:

  • We are assuming that your FNPF savings will grow at a rate equal to the average annual interest crediting rate which is currently set at 5% per annum

Fees

We make the following default assumptions for fees:

  • There will be no annual Administration fees charged on or deducted from your member account.
  • There will be no annual Investment fees charged on or deducted from your member account.

SDB premiums

We make a default special death benefit premium assumption that $35 will be deducted from your General Account on the 1st of July every year unless you indicate that you are a re-entrant member (under ‘More about You’ section).

Further information

  • Your FNPF contributions will remain at FNPF until you have met a condition of withdrawal.
  • You will need to refer to your latest FNPF member account statement.