Wednesday, March 08, 2006

CPF revamp has started, finally.

Finally, the much-needed revamp of CPF has started. Frankly, it just could not have come sooner. I had mentioned in 1 of my previous post on the woes that had befallen on our much vaunted social security system and I still stand my words.

Dominic Soon, our very own budding economist, had too written on CPF. He too suggests that CPF funds could get better returns if it undergoes some restructuring.

Interestingly, WP seems to have some similar ideas with Dominic and me on how to better manage the CPF funds so as to maximize its returns so as to increase its members’ retirement funds.

So Let us just hold our breath and wait to see if the International CPF Advisory Panel could produce an effective solution to this teething problem

Time is GMT + 8 hours
Posted: 08 March 2006 1746 hrs

CPF panel formed to advise on enhancing investment returns
By S Ramesh, Channel NewsAsia

SINGAPORE : An International CPF Advisory Panel, chaired by CPF Board Chairman Koh Yong Guan, has been formed to advise the institution on ways to enhance the returns on investments made by members using their CPF savings.

Announcing this in Parliament, Manpower Minister Ng Eng Hen said the improvements that Singapore needs to make to the CPF system will have significant implications for all members.

It is therefore important to learn from the experience of others and take the advice of local and foreign experts in pension funds and investment management.

Dr Ng also told the House that the CPF Board is presently studying the Prime Minister's suggestion last year of a default pension plan which is optimised for the needs of a CPF member.

He emphasised that it was important that Singaporeans struck the right balance between using CPF funds for housing and saving for retirement.

In this regard, public education was important.

Dr Ng said, "Through its website, CPF Board helps members understand the financial implications of using CPF and taking a loan for housing by providing comprehensive information and the use of calculators. In addition, CPF Board has been working with partners from the private and public sectors to organise talks and seminars to increase awareness on the need to save and be prudent in managing CPF savings.

"On its part, HDB also provides financial counselling to potential flat buyers to help them decide on their housing option, based on their ability to service their mortgages." - CNA /ct


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