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Title: Redesigning Retirement Investing: Fixing the Central Provident Fund Investment Scheme in Singapore
Authors: Leong Yoke Leng
Keywords: Social Security
Retimement Adequacy
Issue Date: 17-Mar-2019
Citation: Leong Yoke Leng (2019-03-17). Redesigning Retirement Investing: Fixing the Central Provident Fund Investment Scheme in Singapore : 1-17. ScholarBank@NUS Repository.
Series/Report no.: LKYSPP Case Writing Competition; 2018
Abstract: Against a backdrop of rapidly aging population, increasing average life expectancy, and higher cost of living, policymakers have been actively searching for ways to help Singaporeans grow their retirement savings. The Central Provident Fund (CPF) is the cornerstone of Singapore’s social security system and its Investment Scheme (“CPFIS”) for members provides them with the option to invest their monies in various financial instruments. Yet, it was reported that more than 80% of members who invested their CPF savings via the CPFIS over the past 10 years would have been better off leaving their money in the default CPF Account and not the CPFIS. About 45% made losses over the same period. In a 2016 speech, DPM Tharman Shanmugaratnam described the CPFIS as not “fit for purpose” and announced that the government will review the scheme. This case study explores the challenges of ensuring retirement adequacy in our rapidly ageing city-state and examines the role of the CPFIS scheme in helping boost pension accumulations. Three broad dimensions are addressed: (i) what went wrong with the CPFIS; (ii) how investment performance through the scheme is measured and whether in accordance with international practice; and (iii) what the CPF Board may do to improve the scheme for future generations of Singaporeans.
DOI: 10.25818/rps8-4m38
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Students Publications

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