SINGAPORE - The Central Provident Fund (CPF) has set up an international panel that will advise the fund's board on strategic issues and aims to improve members' retirement sums.
The Central Advisory Panel (CAP) will also look at ways to enhance the returns on investments made by members using their CPF savings, and will be comprised of both local and foreign experts from the financial and pension industry.
The 11-member CAP will be chaired by the CPF board chairman Koh Yong Guan. All will serve a term of two years.
Guan said the CPF system had been successful over the past 50 years, but stressed the need for retirees to be self-sufficient and build up their retirement savings going forward to account for increasing life expectancy and decreasing family sized.
“I am confident that the panel will be able to offer the Board useful insights and suggestions on how we can build on the CPF system to help Singaporeans save for a secure retirement,” said Guan.
The CAP will hold its inaugural meeting in Singapore on 20-21 March 06.
By Damian Clarkson
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