CPF can stop CPF Life payment unless the fund is solvent

[Goldbug]

 

The remark was directed at Madam Halimah, chairman of the Government Parliamentary Committee for Manpower, who noted that the law allows the CPF Board to stop CPFLife payments unless the Lifelong Income Fund is solvent. 'While I can understand the legal basis for this provision, I find it quite disturbing to have it reflected in the Bill,' she said.

There are similar clauses for commercial insurance companies, she noted, but added: 'The relationship between the CPF Board and the CPF members, however, is not just a legal contract but... a social contract as the board has a social responsibility to manage CPF funds prudently in order to help Singaporeans meet their retirement needs.' She wanted to know what are the safeguards for protecting CPF members against the risk of the fund's insolvency.

[RadX]

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