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.

In its efforts to tackle the challenges associated with a rapidly ageing population, the Singapore government has been actively formulating and implementing a comprehensive array of social and welfare policies since the 1980s. This chapter charts the development of ageing policies over the past three decades within the key areas of financial support; employment, human capital development and active ageing; healthcare systems; as well as housing and the social integration of seniors. By examining the social policy landscape through the analytical lens of the welfare mix, we aim to elucidate the characteristics of the state’s adoption of the ‘many helping hands’ approach in facilitating, combining, and coordinating the roles of various sectors involved in the provision of welfare for seniors. We also highlight the need for Singapore’s ageing policies to continue recognizing and adapting to certain trends – such as declining average family sizes and greater diversity in the preferences and profiles of seniors – that serve to increasingly underscore the limits of the family in supporting their elders.