Could you provide the source so I can pursue further?
U read the FAQ first, below was what I posted before to help K:
Q What should I take note of when applying to be exempted from setting aside a retirement sum in my Retirement Account (RA)?
A
Please note the following when applying for exemption:
- You must be 55 and above to apply for an exemption.
- The use of investment instruments such as endowments and bonds for exemption is not allowed.
- You must be in receipt of the monthly payment from your annuity policy/pension which pays you for as long as you live.
- If an exemption is granted and you surrender or terminate your annuity policy, the retirement sum withdrawn plus the accrued interest have to be refunded to your Retirement Account (RA).
- The annuity policy cannot be pledged for granting you a loan as the Board needs to secure the refund of the retirement sum plus the accrued interest upon termination of the policy.
- You must be both the policy holder and the sole insured person of the annuity policy.
- You can use multiple annuity policies to seek exemption.
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The amount you may withdraw from your RA excludes any monies topped up to your RA under the Retirement Sum Topping-Up Scheme and the interest earned on it.
- Upon exemption, you will not be eligible to receive top-ups under the Retirement Sum Topping-Up Scheme unless you opt to join the CPF LIFE Scheme.
- You cannot choose to only withdraw an amount which is lower than the amount payable to you upon exemption.
U not only look at the mthly payouts > CPF Life payout, u also have to look at the "returns" and if the insurer can survive u.
My little research/reading shows no insurer can beat CPF Life/RA returns. If your can, pls share the insurer and name of policy.
But I will not pursue this route because there are more disadvantages than advantages. But it is your choice.
(note: he can replicate but not always all correct, do your due diligence)
(note highlighted in red, on RA, not SA
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