CPF Life Annuity

Hello Mr. Tan
I am 59 years of age and am interested in participating in the CPF annuity scheme. As I have full faith in our government and when given the choice, I will always opt for a government managed program than a private company's.

However, I have been told by a CPF counter staff that the details are still being finalised and that this program will only start in 2013. I am not sure if the staff has given me the right information - why would the government take such a long time to start this program? I wouldn't know if 2013 will be too late for me.

REPLY
The CPF Lfe Annuity scheme is intended for people who reach age 50 in a few years time. You exceed this age. So, it is not intended for you.

You can leave your money in the CPF retirement fund to be drawn down in installments. It will earn an attractive rate of interest, currently at 4% plus 1% bonus on $40,000.

You can buy a life annuity from a private insurance company with your personal savings.