CPF has unique features that work for Singapore

IN its recent report, The Global Savings Gap, the International Longevity Centre UK (ILC-UK) compared the adequacy and sustainability of pension systems across 28 OECD economies, as well as Singapore and Hong Kong. It reported that Singapore's pension system did not perform well relative to other places in terms of retirement income adequacy since there are no basic pension or significant safety net for the poorest. However, they do not recognise the unique features of Singapore's retirement system and I have to disagree with this conclusion.

At the most basic level, we need to have three "things" in retirement:

In Singapore, this is achieved holistically through our Central Provident Fund system, supported by other government schemes.