Open Access. Powered by Scholars. Published by Universities.®

Social and Behavioral Sciences Commons™

Open Access. Powered by Scholars. Published by Universities.®

Singapore Management University

2017

Asian Studies

Inflation risk

Articles 1 - 2 of 2

Full-Text Articles in Social and Behavioral Sciences

Singapore’S Life Program: Actuarial Framework, Longevity Risk And Impact Of Annuity Fund Return, Koon Shing Kwong, Yiu Kuen Tse, Wai-Sum Chan May 2017

Singapore’S Life Program: Actuarial Framework, Longevity Risk And Impact Of Annuity Fund Return, Koon Shing Kwong, Yiu Kuen Tse, Wai-Sum Chan

Research Collection School Of Economics

The Central Provident Fund (CPF) is a defined-contribution savings plan forming the key pillar of the pension system in Singapore. The CPF Lifelong Income For the Elderly (LIFE) program, which provides lifetime income for retirees, is a mandatory pension scheme for all Singapore residents. In this paper we construct an actuarial framework to analyze the LIFE program. We use this framework to study the plan payout outcomes with respect to changes in mortality and annuity fund return assumptions. We also examine the effects of some possible changes in the program on the payouts and bequests.

Go to article

Enhancing Singapore’S Pension Scheme: A Blueprint For Further Flexibility, Koon Shing Kwong, Yiu Kuen Tse, Wai Sum Chan Apr 2017

Enhancing Singapore’S Pension Scheme: A Blueprint For Further Flexibility, Koon Shing Kwong, Yiu Kuen Tse, Wai Sum Chan

Research Collection School of Economics

Building a social security system to ensure Singapore residents have peace of mind in funding for retirement has been at the top of Singapore government’s policy agenda over the last decade. Implementation of the Lifelong Income For the Elderly (LIFE) scheme in 2009 clearly shows that the government spares no effort in improving its pension scheme to boost its residents’ income after retirement. Despite the recent modifications to the LIFE scheme, Singapore residents must still choose between two plans: the Standard and Basic plans. To enhance the flexibility of the LIFE scheme with further streamlining of its fund management, we …

Go to article