SINGAPOREâ€™S LIFE PROGRAM: ACTUARIAL FRAMEWORK, LONGEVITY RISK AND IMPACT OF ANNUITY FUND RETURN
Koon-Shing Kwong (),
Yiu-Kuen Tse and
Wai-Sum Chan ()
Additional contact information
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
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)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:wsi:serxxx:v:66:y:2021:i:05:n:s0217590817500199
Ordering information: This journal article can be ordered from
Access Statistics for this article
The Singapore Economic Review (SER) is currently edited by Euston Quah
More articles in The Singapore Economic Review (SER) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().