<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Which is really looking after Sporns' retirement needs? Which is really after Sporns' $?
</TD></TR></TBODY></TABLE>
http://72.14.235.132/search?q=cache...nt+fund"+british+singapore&hl=en&ct=clnk&cd=5
Brief History
<NOBR>The Central Provident Fund (CPF) scheme was in-</NOBR>
<NOBR>troduced as the national funded pension scheme on</NOBR>
<NOBR>1 July 1955 under the British colonial government.</NOBR>
<NOBR>Although it was evidently a pension fund for retire-</NOBR>
<NOBR>ment, it was not meant to be the single social security</NOBR>
<NOBR>system that it is today. Just before Singapore achieved</NOBR>
<NOBR>self-government in 1959, a plan was in place to intro-</NOBR>
<NOBR>duce a social insurance cum public assistance scheme</NOBR>
<NOBR>to cater to the needy. At first, the scheme covered all</NOBR>
<NOBR>employees in Singapore except those working in the</NOBR>
<NOBR>civil service or contributing to other approved provi-</NOBR>
<NOBR>dent funds.</NOBR>
<NOBR>1</NOBR>
<NOBR>This plan was later scrapped, however,</NOBR>
<NOBR>as the first local government in 1959 believed it would</NOBR>
<NOBR>take “available capital resource from other even more</NOBR>
<NOBR>pressing needs.”</NOBR>
<NOBR>2</NOBR>
<NOBR>While the CPF scheme has re-</NOBR>
<NOBR>mained as Singapore’s national funded pension</NOBR>
<NOBR>scheme over the past four decades, its character has</NOBR>
<NOBR>substantially changed. It retains its primary role as a</NOBR>
<NOBR>pension fund for retirement, but its functions have</NOBR>
<NOBR>been expanded to include funding medical expenses</NOBR>
<NOBR>as well as property and financial investments. Today,</NOBR>
<NOBR>the CPF Board (Central Provident Fund Board is the</NOBR>
<NOBR>official name) is more like a mandatory savings bank,</NOBR>
<NOBR>a significant portion of whose assets can be channeled</NOBR>
<NOBR>to “desirable” activities like home ownership.</NOBR>
<NOBR>The evolution of the CPF scheme was not acciden-</NOBR>
<NOBR>tal. The scheme came about through a calibrated series</NOBR>
<NOBR>of measures designed to exploit a critical pool of funds</NOBR>
<NOBR>in a small developing country. However, one overrid-</NOBR>
<NOBR>ing principle that has not changed over the years is</NOBR>
<NOBR>individual responsibility for one’s own future. The</NOBR>
<NOBR>emphasis on individual decision making and responsi-</NOBR>
<NOBR>bility has always been the central tenet in the manage-</NOBR>
<NOBR>ment of CPF savings and had a significant influence in</NOBR>
<NOBR>the development of the securities markets in Singapore.</NOBR>
<NOBR>Central Provident Fund as a</NOBR>
<NOBR>Financing Tool</NOBR>
<NOBR>There are two landmark events in the development</NOBR>
<NOBR>of the CPF scheme. The first took place in 1968,</NOBR>
<NOBR>three years after Singapore became independent</NOBR>
<NOBR>from the Malaysian Federation, when CPF savings</NOBR>
<NOBR>were allowed to be withdrawn for the first time but</NOBR>
<NOBR>limited to the purchase of government flats. This</NOBR>
<NOBR>was the first policy measure wherein the govern-</NOBR>
<NOBR>ment used CPF savings to achieve national objec-</NOBR>
<NOBR>tives. This period of the nation’s history was</NOBR>
<NOBR>marked by political and social turmoil. Singapore</NOBR>
<NOBR>did not become independent by choice and was</NOBR>
<NOBR>largely considered economically unviable. Popu-</NOBR>
<NOBR>lated largely by immigrants, it faced the risk of an</NOBR>
<NOBR>exodus, which would have made the country’s col-</NOBR>
<NOBR>lapse a self-fulfilling prophecy. The government</NOBR>
<NOBR>thus decided that home ownership was the way to</NOBR>
<NOBR>make its citizens cast their lot with the new nation.</NOBR>
<NOBR>With little surplus and private savings, the funds</NOBR>
<NOBR>in the CPF accounts were identified as a source of</NOBR>
<NOBR>valuable financing. Figure 1 shows how CPF sav-</NOBR>
<NOBR>ings have been used to fund the development of</NOBR>
<NOBR>government housing projects.</NOBR>
</TD></TR></TBODY></TABLE>
http://72.14.235.132/search?q=cache...nt+fund"+british+singapore&hl=en&ct=clnk&cd=5
Brief History
<NOBR>The Central Provident Fund (CPF) scheme was in-</NOBR>
<NOBR>troduced as the national funded pension scheme on</NOBR>
<NOBR>1 July 1955 under the British colonial government.</NOBR>
<NOBR>Although it was evidently a pension fund for retire-</NOBR>
<NOBR>ment, it was not meant to be the single social security</NOBR>
<NOBR>system that it is today. Just before Singapore achieved</NOBR>
<NOBR>self-government in 1959, a plan was in place to intro-</NOBR>
<NOBR>duce a social insurance cum public assistance scheme</NOBR>
<NOBR>to cater to the needy. At first, the scheme covered all</NOBR>
<NOBR>employees in Singapore except those working in the</NOBR>
<NOBR>civil service or contributing to other approved provi-</NOBR>
<NOBR>dent funds.</NOBR>
<NOBR>1</NOBR>
<NOBR>This plan was later scrapped, however,</NOBR>
<NOBR>as the first local government in 1959 believed it would</NOBR>
<NOBR>take “available capital resource from other even more</NOBR>
<NOBR>pressing needs.”</NOBR>
<NOBR>2</NOBR>
<NOBR>While the CPF scheme has re-</NOBR>
<NOBR>mained as Singapore’s national funded pension</NOBR>
<NOBR>scheme over the past four decades, its character has</NOBR>
<NOBR>substantially changed. It retains its primary role as a</NOBR>
<NOBR>pension fund for retirement, but its functions have</NOBR>
<NOBR>been expanded to include funding medical expenses</NOBR>
<NOBR>as well as property and financial investments. Today,</NOBR>
<NOBR>the CPF Board (Central Provident Fund Board is the</NOBR>
<NOBR>official name) is more like a mandatory savings bank,</NOBR>
<NOBR>a significant portion of whose assets can be channeled</NOBR>
<NOBR>to “desirable” activities like home ownership.</NOBR>
<NOBR>The evolution of the CPF scheme was not acciden-</NOBR>
<NOBR>tal. The scheme came about through a calibrated series</NOBR>
<NOBR>of measures designed to exploit a critical pool of funds</NOBR>
<NOBR>in a small developing country. However, one overrid-</NOBR>
<NOBR>ing principle that has not changed over the years is</NOBR>
<NOBR>individual responsibility for one’s own future. The</NOBR>
<NOBR>emphasis on individual decision making and responsi-</NOBR>
<NOBR>bility has always been the central tenet in the manage-</NOBR>
<NOBR>ment of CPF savings and had a significant influence in</NOBR>
<NOBR>the development of the securities markets in Singapore.</NOBR>
<NOBR>Central Provident Fund as a</NOBR>
<NOBR>Financing Tool</NOBR>
<NOBR>There are two landmark events in the development</NOBR>
<NOBR>of the CPF scheme. The first took place in 1968,</NOBR>
<NOBR>three years after Singapore became independent</NOBR>
<NOBR>from the Malaysian Federation, when CPF savings</NOBR>
<NOBR>were allowed to be withdrawn for the first time but</NOBR>
<NOBR>limited to the purchase of government flats. This</NOBR>
<NOBR>was the first policy measure wherein the govern-</NOBR>
<NOBR>ment used CPF savings to achieve national objec-</NOBR>
<NOBR>tives. This period of the nation’s history was</NOBR>
<NOBR>marked by political and social turmoil. Singapore</NOBR>
<NOBR>did not become independent by choice and was</NOBR>
<NOBR>largely considered economically unviable. Popu-</NOBR>
<NOBR>lated largely by immigrants, it faced the risk of an</NOBR>
<NOBR>exodus, which would have made the country’s col-</NOBR>
<NOBR>lapse a self-fulfilling prophecy. The government</NOBR>
<NOBR>thus decided that home ownership was the way to</NOBR>
<NOBR>make its citizens cast their lot with the new nation.</NOBR>
<NOBR>With little surplus and private savings, the funds</NOBR>
<NOBR>in the CPF accounts were identified as a source of</NOBR>
<NOBR>valuable financing. Figure 1 shows how CPF sav-</NOBR>
<NOBR>ings have been used to fund the development of</NOBR>
<NOBR>government housing projects.</NOBR>
