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Coffeeshop Chit Chat - Lan Lan cannot opt out!!!</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>pylae <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>9:17 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>30057.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>CPF Life for those with $60,000 at age 65
CENTRAL Provident Fund (CPF) members with $60,000 in their retirement accounts when they turn 65 will be automatically included in the CPF Life annuity scheme, Manpower Minister Gan Kim Yong announced yesterday.
He disclosed the refinement when responding to Mr Sam Tan (Tanjong Pagar GRC), who asked if there was anything that could be done to help those previously not eligible for the scheme - which provides a steady stream of retirement income for life.
Currently, CPF Life will apply automatically to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account.
Those without that amount are left out. But with the announcement, this group will now be included automatically should their CPF savings increase to $60,000 by the time they turn 65.
The CPF savings of such individuals may continue to grow by age 65 if they continue to work or receive refunds from the sale of property, Mr Gan said.
Such was the level of interest in CPF Life that it was opened up last September to Singaporeans and permanent residents aged 55 and older. Since then, some 37,000 people have signed up, committing a total of $1.7 billion.
Mr Gan yesterday also announced other CPF-related changes:
Currently, savings above $30,000 in the Special Account can be invested under the CPF Investment Scheme.
But given the higher interest rate of the Special Account, and the volatility of the returns under the Investment Scheme, a more conservative approach was needed, Mr Gan told the House.
So the threshold will be raised to $40,000 from July. Existing investments are unaffected until they are liquidated.
Another change is to the Minimum Sum top-up scheme to allow for higher payouts each month, provided these can last for at least 20 years, or at least another five years from the time of an application, whichever ends later.
Nomination rules will also change. From next year, members can choose to transfer their CPF monies directly to their nominees' CPF accounts rather than have the payout made in cash when they die.
Cai HaoXiang
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CENTRAL Provident Fund (CPF) members with $60,000 in their retirement accounts when they turn 65 will be automatically included in the CPF Life annuity scheme, Manpower Minister Gan Kim Yong announced yesterday.
He disclosed the refinement when responding to Mr Sam Tan (Tanjong Pagar GRC), who asked if there was anything that could be done to help those previously not eligible for the scheme - which provides a steady stream of retirement income for life.
Currently, CPF Life will apply automatically to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account.
Those without that amount are left out. But with the announcement, this group will now be included automatically should their CPF savings increase to $60,000 by the time they turn 65.
The CPF savings of such individuals may continue to grow by age 65 if they continue to work or receive refunds from the sale of property, Mr Gan said.
Such was the level of interest in CPF Life that it was opened up last September to Singaporeans and permanent residents aged 55 and older. Since then, some 37,000 people have signed up, committing a total of $1.7 billion.
Mr Gan yesterday also announced other CPF-related changes:
Currently, savings above $30,000 in the Special Account can be invested under the CPF Investment Scheme.
But given the higher interest rate of the Special Account, and the volatility of the returns under the Investment Scheme, a more conservative approach was needed, Mr Gan told the House.
So the threshold will be raised to $40,000 from July. Existing investments are unaffected until they are liquidated.
Another change is to the Minimum Sum top-up scheme to allow for higher payouts each month, provided these can last for at least 20 years, or at least another five years from the time of an application, whichever ends later.
Nomination rules will also change. From next year, members can choose to transfer their CPF monies directly to their nominees' CPF accounts rather than have the payout made in cash when they die.
Cai HaoXiang
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