Raising withdrawal age for CPF may not be right or needed move

THE Central Provident Fund (CPF) is often studied for its efficacy in meeting the retirement needs of Singaporeans. One of the more regular studies is the annual Melbourne Mercer Global Pension Index, which benchmarks and ranks global retirement income systems.

For 2018, the index puts Singapore's pension system as the best in Asia - for the 10th consecutive year - and seventh best globally. Singapore scored a B grade overall. Only two countries - the Netherlands and Denmark - were graded an A.

Mercer's director of strategic research for growth markets, Garry Hawker, said the overall index value for the Singaporean system could be further increased by reducing the barriers to establishing tax-approved group corporate retirement plans and opening CPF to non-permanent residents. They mirror recommendations that were made from 2014 to 201…