IDEAS home Printed from https://ideas.repec.org/a/wsi/serxxx/v66y2021i05ns0217590817500199.html
   My bibliography  Save this article

Singapore’S Life Program: Actuarial Framework, Longevity Risk And Impact Of Annuity Fund Return

Author

Listed:
  • 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)

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.

Suggested Citation

  • Koon-Shing Kwong & Yiu-Kuen Tse & Wai-Sum Chan, 2021. "Singapore’S Life Program: Actuarial Framework, Longevity Risk And Impact Of Annuity Fund Return," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 66(05), pages 1355-1371, September.
    • Handle: RePEc:wsi:serxxx:v:66:y:2021:i:05:n:s0217590817500199
    DOI: 10.1142/S0217590817500199
    as

    Download full text from publisher

    File URL: http://www.worldscientific.com/doi/abs/10.1142/S0217590817500199
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1142/S0217590817500199?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:serxxx:v:66:y:2021:i:05:n:s0217590817500199. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscinet.com/ser/ser.shtml .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.