Written Answer to PQ on Reason Behind Delay in Lifetime Retirement Investment Scheme Rollout

NOTICE PAPER NO. 2401 OF 2023 FOR SITTING ON 22 NOVEMBER 2023
QUESTION NO. 5229 FOR WRITTEN ANSWER

NCMP: Mr Leong Mun Wai

To ask the Minister for Manpower (a) what are the reasons behind the delay in rolling out the Lifetime Retirement Investment Scheme that was proposed by the CPF Advisory Panel in 2016; and (b) what is the expected timeline for setting up this Scheme.

Answer

There are headwinds in the global investment environment. Against the backdrop of inflationary pressures, tighter monetary and fiscal policies in the global economy have slowed economic growth and increased financial market stresses. Hence, we need to carefully study and update our planning assumptions to strike the right balance between risk and return in the design of the Lifetime Retirement Investment Scheme, in order to safeguard CPF members’ retirement adequacy. We will provide updates when ready.