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3 August 2016


The CPF Advisory Panel was appointed by the Ministry of Manpower in September 2014 to study:

  1. How the Minimum Sum should be adjusted beyond 2015 in order to meet the objective of delivering a basic monthly retirement payout for life.
  2. How to enable CPF members to withdraw more as a lump sum upon retirement, and the circumstances for their doing so, taking into consideration the impact on retirement adequacy for different groups.
  3. How to provide an option for members who prefer CPF payouts that are initially lower but rise with time to help with increases in the cost of living; and
  4. How to provide more flexibility for members who wish to:
    1. Seek higher returns while balancing the higher investment risks involved, through private investment plans.
    2. Invest in private annuities when they retire as an alternative to CPF LIFE.


The Government has accepted Part Two of the Panel’s recommendations covering the last two terms of reference by introducing:

- A new CPF Life plan with escalating payouts to address increases in the cost of living.

- A new Lifetime Retirement Investment Scheme that is simple and low-fee.


The Panel’s recommendations aim to provide additional choices to cater to varying needs in retirement, while maintaining simplicity as a core design principle for the CPF system. The Ministry of Manpower and Central Provident Fund Board will work towards implementing the recommendations under Part Two in stages. Part One of the Panel’s recommendations, which were accepted by the Government in February 2015, have been implemented from January 2016.


Executive Summary of Part Two of the Panel’s Report (PDF, 0.3MB)

Read the full details of the Panel’s recommendations