Singapore’s LIFE program: Actuarial framework, longevity risk and impact of annuity fund return

Singapore’s LIFE program: Actuarial framework, longevity risk and impact of annuity fund return

The Central Provident Fund (CPF) is a defined-contribution savings plan forming the key pillar of the pension system in Singapore. The CPF Lifelong Income For the Elderly (LIFE) program, which provides lifetime income for retirees, is a mandatory pension scheme for all Singapore residents. In this p...

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Bibliographic Details
Main Authors: KWONG, Koon Shing, TSE, Yiu Kuen, CHAN, Wai-Sum
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2017
Subjects:
Life annuity
inflation risk
investment returns
longevity risk
Asian Studies
Behavioral Economics
Econometrics
Online Access:https://ink.library.smu.edu.sg/soe_research/2110
https://ink.library.smu.edu.sg/context/soe_research/article/3110/viewcontent/s0217590817500199__1_.pdf
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Institution: Singapore Management University
Language: English
Description
Summary:The Central Provident Fund (CPF) is a defined-contribution savings plan forming the key pillar of the pension system in Singapore. The CPF Lifelong Income For the Elderly (LIFE) program, which provides lifetime income for retirees, is a mandatory pension scheme for all Singapore residents. In this paper we construct an actuarial framework to analyze the LIFE program. We use this framework to study the plan payout outcomes with respect to changes in mortality and annuity fund return assumptions. We also examine the effects of some possible changes in the program on the payouts and bequests.

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