CPF Members Owning Private Annuities and Exempted from CPF LIFE

39 Mr Melvin Yong Yik Chye asked the Minister for Manpower in the last five years, what is the annual number of CPF members who have been exempted from CPF LIFE, due to them owning private annuities.

Dr Tan See Leng: CPF members who are required to join CPF LIFE¹, can apply to the CPF Board to be fully exempted from setting aside their CPF Retirement Sum and joining CPF LIFE if they are receiving lifelong monthly payouts from qualifying² private annuities bought using cash. The Board approves of such exemptions, if their qualifying private annuities' payouts are no worse off than the member's cohort Full Retirement Sum payouts under the CPF LIFE Standard Plan³. Over the last five years, no member has applied for this option to be exempted from CPF LIFE.