PwC calls for extra tax breaks on Singapore's CPF booster

Restrictive, inefficient and high cost - three major flaws in the city''s new retirement scheme proposal.

Singapore's proposed supplementary retirement scheme SRS is in need of a major rethink if it is to be an effective way for Singaporeans to top up their retirement savings, says a leading actuary.

David Richardson, director of actuarial benefits and insurance of PricewaterhouseCoopers, has recently told a gathering of investment professionals that while a pension top-up scheme is needed, some features proposed by the government in the SRS may be regarded by the investment industry as unworkable.

The government announced in the budget earlier this year that a new pension scheme was being considered to supplement the present central provident fund CPF system that many pension experts have argued will not be able...

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