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SINGAPORE’S LIFE PROGRAM: ACTUARIAL FRAMEWORK, LONGEVITY RISK AND IMPACT OF ANNUITY FUND RETURN

Koon-Shing Kwong (), Yiu-Kuen Tse and Wai-Sum Chan ()
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Koon-Shing Kwong: School of Economics, Singapore Management University, 90 Stamford Rd, Singapore 178903, Singapore
Yiu-Kuen Tse: School of Economics, Singapore Management University, 90 Stamford Rd, Singapore 178903, Singapore
Wai-Sum Chan: Department of Finance, The Chinese University of Hong Kong, 12 Chak Cheung St, Sha Tin, Hong Kong

The Singapore Economic Review (SER), 2021, vol. 66, issue 05, 1355-1371

Abstract: 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.

Keywords: Life annuity; inflation risk; investment returns; longevity risk (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1142/S0217590817500199

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