National Longevity Insurance Committee

A National Longevity Insurance Committee has been formed to recommend to the government the design of a National Longevity Insurance Scheme that will provide basic, affordable and flexible plans for longevity protection for CPF members. Chaired by Professor Lim Pin, the Committee comprises representatives from the unions, academia, grassroots as well as private and public sectors. The full composition of the Committee is at Annex A.

2.   The Terms of Reference of the Committee are:

 

a)  To recommend the design of a National Longevity Insurance Scheme to ensure that CPF members make adequate financial provision in case they live longer than expected.

This scheme should:

• provide basic and affordable longevity protection;
  
• provide flexibility for members to choose from a range of plans to meet their needs;
  
• apply to CPF members who are aged 50 years and below now, but allow others to opt-in; and
  
• leverage on the CPF system to keep basic premiums affordable, by using a small part of members' Retirement Account to purchase longevity insurance when they are 55 years old.

b) The Committee should consult widely and establish channels to obtain inputs from Singaporeans. It should engage and consult industry experts to determine fair and cost-efficient ways to provide protection.

3.   The Committee's Report is expected to be ready within six months.

 

---

Annex A

 

Members of the National Longevity Insurance Committee

 

Chairman

1.   Professor Lim Pin                              Chairman, National Wages Council

 

Members

2.   Mr Seng Han Thong                          Assistant Secretary-General, National Trades Union Congress (NTUC)        

3.   Mr Terry Lee                                    Member, NTUC Central Committee and President, Singapore Insurance Employees Union

4.   Mr G Rajendran                                President, Chemical Employees Union

5.   Mr Zulkifli Baharudin                         Managing Director of Global Business Integrators

6.   Mr Patrick Lee                                  Executive Chairman of Sing Lun Holdings

7.   Mr Law Song Keng                            Former Managing Director and CEO, Overseas Assurance Corporation Ltd

8.   Ms Teresa Lim                                  Managing Director, IBM Singapore Pte Ltd

9.   Dr Mary-Ann Tsao                            President and CEO, Tsao Foundation

10. Mr S Vivakanandan                           CEO Ang Mo Kio - Thye Hua Kwan Hospital

11. Mr Ong Yew Huat                              Auditor, Tanjong Pagar Community Club Management Committee

12. Mr Johari Bin Mohamed Rais              Vice-Chairman, Punggol Community Club Management Committee

13. Mr Sarjit Singh s/o                            Chairman, Finance Committee, Central Singapore

Sarmukh Singh                                      Community Development Council

14. Professor Chia Ngee Choon               Associate Professor, National University of Singapore

15. Mr Leo Yip                                        Permanent Secretary, Ministry of Manpower

16. Mr Liew Heng San                             Chief Executive, Central Provident Fund Board

17. Mr Ng Wai Choong                            Deputy Secretary, Ministry of Finance

18. Mr Low Kwok Mun                             Executive Director, Monetary Authority of Singapore