CPF Members Owning Private Annuities and Exempted from CPF LIFE

Debated in Parliament on 10 Jan 2024.

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Melvin Yong asked the Ministry of Manpower for the annual number of CPF members exempted from CPF LIFE over the last five years due to owning private annuities.
Tan See Leng explained that members with qualifying private annuities bought using cash can apply for full exemption if their annuity payouts are at least as good as their cohort's Full Retirement Sum payouts under CPF LIFE.
The CPF Board approves such exemptions if the conditions are met.
Over the last five years, no member has applied for this exemption option from CPF LIFE.

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Melvin Yong Yik Chye

Mr Melvin Yong Yik Chye asked the Minister for Manpower in the last five years, what is the annual number of CPF members who have been exempted from CPF LIFE, due to them owning private annuities.

Tan See Leng

CPF members who are required to join CPF LIFE1, can apply to the CPF Board to be fully exempted from setting aside their CPF Retirement Sum and joining CPF LIFE if they are receiving lifelong monthly payouts from qualifying2 private annuities bought using cash. The Board approves of such exemptions, if their qualifying private annuities' payouts are no worse off than the member's cohort Full Retirement Sum payouts under the CPF LIFE Standard Plan3. Over the last five years, no member has applied for this option to be exempted from CPF LIFE.

CPF Members Owning Private Annuities and Exempted from CPF LIFE | PAPERCUTS

CPF Members Owning Private Annuities and Exempted from CPF LIFE

Debated in Parliament on 10 Jan 2024.

Summary written by AI (learn more)

Melvin Yong asked the Ministry of Manpower for the annual number of CPF members exempted from CPF LIFE over the last five years due to owning private annuities.
Tan See Leng explained that members with qualifying private annuities bought using cash can apply for full exemption if their annuity payouts are at least as good as their cohort's Full Retirement Sum payouts under CPF LIFE.
The CPF Board approves such exemptions if the conditions are met.
Over the last five years, no member has applied for this exemption option from CPF LIFE.

Questions identified by AI (learn more)

Full Transcript

Melvin Yong Yik Chye

Mr Melvin Yong Yik Chye asked the Minister for Manpower in the last five years, what is the annual number of CPF members who have been exempted from CPF LIFE, due to them owning private annuities.

CPF Members Owning Private Annuities and Exempted from CPF LIFE

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Questions Identified

Full Transcript

Melvin Yong Yik Chye

Tan See Leng

Summary

Questions Identified

CPF Members Owning Private Annuities and Exempted from CPF LIFE

Summary

Questions Identified

Full Transcript

Melvin Yong Yik Chye

Tan See Leng

Summary

Questions Identified