CPF LIFE Singapore s National Annuity Scheme

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1 CPF LIFE Singapore s National Annuity Scheme Don Yeo Deputy Chief Executive Officer Central Provident Fund Board, Singapore

2 Singapore Demographics Chart 1: Life Expectancy at Birth/ at Age Age 55 Source: Department of Statistics, Singapore, Demographic Indicators. 2

3 Central Provident Fund Contributions Employee 20% Employer 16% Fully-funded Defined Contribution Individual Accounts Benefits Housing Old-age Medical 3

4 Projected CPF Retirement Balances Table 1: Projected CPF Retirement Balances for Active CPF Members Age 55 in 2013 Percentile Projected CPF Retirement Balances 20 th US$25, th US$70, th US$170,000 4

5 The Need for Annuities At age 55, members can draw down via programmed withdrawal scheme Only provides payouts for approximately 20 years Low rate of voluntary annuitisation Only 1.6% in

6 National Life Annuity Scheme Basic and Affordable Fair Affordable premiums, refundable upon death Steady income for life Premiums/ payouts actuarially determined & periodically reviewed Payouts proportional to amount committed Flexible Provision of options 6

7 CPF LIFE (Lifelong Income For The Elderly) Steady income for life (entry age at 55) Refund provided upon death Actuarially fair premiums and payouts Financially sustainable over long-term Operated by trusted administrator (CPF Board) Extensive public education 7

8 CPF LIFE (Lifelong Income For The Elderly) Mandatory for members aged 55 from 2013 with US$32,000 Coverage: 70% of the first cohort and Reduces adverse selection Economies of scale 8

9 Risks Investment CPF monies backed by special Singapore Government Securities Pegged to 10-Year Singapore Government Securities plus 1% Expense Mortality Non-profit government administrator Idiosyncratic: Auto-inclusion ensures effective risk-pooling Systemic: Payouts not guaranteed but designed to be stable Payouts adjusted to reflect actual investment returns & mortality 9

10 Choice of Plans Plan Monthly Payout Non-refundable Refundable (A) Income (B) Plus (C) Balanced (D) Basic Highest High Medium Low Low Medium High Bequest No bequest

11 Estimated CPF LIFE Payouts 55-year old male member with US$70,000 Plan Income Plus Balanced Basic Monthly Payout* US$680 US$640 US$607 US$569 *Assuming an interest rate of 4%. Actual payouts might vary. 11

12 CPF LIFE for Older Members Available for opt-in from Sep 2009 Over 60,000 opt-ins to CPF LIFE Significant compared to 72,000 private annuities sold to date Almost US$3 bn committed to the scheme Approximately 9-10 cents per premium dollar Compared to average of 6 cents per premium dollar from private annuities 12

13 Website: 13

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