The CPF Advisory Panel was formed to study possible enhancements to key aspects of the CPF system. The aim is to make CPF more flexible to meet the needs of more Singaporeans and to provide more options in retirement.
The CPF Advisory Panel is chaired by Professor Tan Chorh Chuan, President of the National University of Singapore. The Panel members include academics, financial industry practitioners, and community representatives from the unions, social sector and grassroots, to provide a broad diversity of views on the enhancements under consideration.
View the full list of Panel members
Terms of reference
The CPF Advisory Panel was set up to study these areas:
- How the Minimum Sum should be adjusted beyond 2015 in order to meet the objective of delivering a basic monthly retirement payout for life.
- How to enable CPF members to withdraw more as a lump sum upon retirement, and the circumstances for their doing so, taking into consideration the impact on retirement adequacy for different groups.
- How to provide an option for members who prefer CPF payouts that are initially lower but rise with time to help with increases in the cost of living.
- How to provide more flexibility for members who wish to:
- Seek higher returns while balancing the higher investment risks involved, through private investment plans.
- Invest in private annuities when they retire as an alternative to CPF LIFE.
Focus group discussions
The Panel has consulted various groups of Singaporeans, through a series of Focus Group Discussions (FGDs), to gather feedback on the CPF system and study possible enhancements to key aspects of it.
View pictures and videos of the focus groups