CPF Advisory Panel to Hold Focus Group Discussions to Seek Views On Enhancing CPF System

9 November 2014

1. At his National Day Rally Speech in August 2014, PM announced that a CPF Advisory Panel will be formed to study enhancements to some key aspects of the CPF system, to make it more flexible to meet the needs of Singaporeans and provide additional options in retirement.
2. To help the Panel better understand these needs, we had invited public comments and feedback to be submitted to cpf_panel@mom.gov.sg. Further, a series of focus group discussions (FGDs) will be convened to gather views from the public in these areas under the Panel’s Terms of Reference:
   
   a. How the Minimum Sum should be adjusted beyond 2015, in order to meet the objective of delivering a basic monthly retirement payout for life;
   
   b. 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;
   
   c. 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
   
   d. How to provide more flexibility for members who wish to
   
   i. Seek higher returns while balancing the higher investment risks involved, through private investment plans;
   
   ii. Invest in private annuities when they retire as an alternative to CPF LIFE.
3. The FGDs will be conducted over the next few months. More details of the sessions (such as the dates and how to sign up) are available at www.cpfpanel.sg. We seek understanding that should the FGDs be over-subscribed, we would not be able to accommodate all who have signed up. The Panel also welcomes feedback from the public on the areas being studied at cpf_panel@mom.gov.sg.