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Anonymous
It has been more than 4 years since the scheme was proposed and accepted by the government.
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Albert Tan
26 Apr 2021
Financial Literacy & Solutions at MoneyOwl
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Tan Choong Hwee
25 Apr 2021
Solutions Specialist at Providend
Yes, it had been a long while and there is no news on when it is going to happen. I believe Covid had disrupted their roll out plan if any.
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Lifelong Retirement Investment Scheme (LRIS) was briefly mentioned alongside the announcement of CPF LIFE Escalating payout plan. It was meant to be an in between option for people who were not quite satisfied CPFOA interest rates, but were too averse to CPFIS risk. The focus was on a low cost, long term, passive instrument. However it fizzled out subsequently.
The difficulty lies in the implementation and sustainability. It's not difficult to find low cost instruments these days. The ability to provide a guarantee of at least 2.5% returns p.a. is a liability few want to undertake in the long run.
It seems CPFIS will remain with 0% sales charge for the foreseeable future.βββ