We hear that CPFIS will soon be removed/changed into an enhanced scheme. What can we look forward to?
Will it be an expansion of more investment products available, even lower investment costs? And would we see the various Robo Advisor options having the opportunity to manage CPF monies as well?
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Albert Tan
15 Jul 2019
Financial Literacy & Solutions at MoneyOwl
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Luke Ho
14 Jul 2019
Founder and Director at CFX Money Maverick Pte Ltd
It's primarily related to the lower investment costs. There may be a few more investment products available as well.
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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 instrument 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.