6 March 2017
The following highlights are from Minister for Manpower Mr Lim Swee Say’s speech during the FY2017 Committee of Supply Debate in Parliament on 6 March 2017.
CPF Investment Scheme (CPFIS)
The Board will be working on three areas to better serve the interests of CPF members who wish to invest under CPFIS. More details will be announced later in the year.
- Introduction of a self-assessment tool
A self-assessment tool will be introduced to help CPF members determine if CPFIS is suitable for them.
- Lower the cap on sales charge
The cap on sales charge will be lowered to discourage financial intermediaries from proactively selling products to CPF members. The cap may also reduce investment churning which could erode investment returns.
- Review the types of asset classes offered under CPFIS
The types of asset classes offered under CPFIS will be reviewed to see if they are appropriate for growing retirement savings.
CPF LIFE Escalating Plan
A new CPF LIFE plan with escalating payouts will be introduced in January 2018. The CPF LIFE Escalating Plan gives members the option of starting with a lower initial payout which will escalate at 2% a year. This new plan will be in addition to the two current plans – Standard and Basic. There will be a one year period for members on other CPF LIFE plans to switch to this new plan if they wish. More details will be provided later this year.
CPF Retirement Planning Service
The CPF Retirement Planning Service offers 1-on-1 sessions for members who are reaching age 55 to better understand the options available to them. The service was previously offered on a pilot basis and members have found it useful. It will be available to all CPF members turning 54 this year to help CPF members make more informed choices about their retirement.
Contact information
For more information:
Hotline: 1800-227-1188 (Mondays to Fridays: 8am to 5.30pm)
Email: Write to us
