CPF BOARD FORMS AN INTERNATIONAL ADVISORY PANEL

News Release by: Central Provident Fund Board 8 March 2006 --

The CPF Board has formed an international CPF Advisory Panel (CAP) to advise the Board on broad strategies to enhance the retirement adequacy of CPF members, as well as ways to enhance the returns on investments made by members using their CPF savings. The CAP will be chaired by the CPF Board’s Chairman, Mr Koh Yong Guan. This 11-member panel, comprising local and foreign experts from the financial and pension industry, will serve a term of two years. Please refer to Annex A for the list of the CAP members. The CAP will hold its inaugural meeting in Singapore on 20-21 March 06. Said Mr Koh Yong Guan: “The CPF system has served us well over the last 50 years. Going forward, it will be important for retirees to be self-sufficient and build up their retirement savings, given the increasing life expectancy of Singaporeans and decreasing size of families in Singapore. These trends are not unique to Singapore, and are experienced by developed countries elsewhere. I am confident that the panel will be able to offer the Board useful insights and suggestions on how we can build on the CPF system to help Singaporeans save for a secure retirement.” Please click here for Panel Members' Profile.

Annex A

Panel members

Chairman 1. Koh Yong Guan   Chairman of Central Provident Fund Board     Members 2. Bart Broadman   Managing Director of Alphadyne Asset Management Pte Ltd     3. Christina Lindenius   Director General of the Premium Pension Authority (PPM), Sweden     4. Dirk Witteveen   Executive Director, Dutch Central Bank     5. Greg Seow   Chairman of Investment Management Association of Singapore     6. Hauw Soo Hoon   Former Executive Director of Insurance Department, Monetary Authority of Singapore     7. John Palmer   Member of Accounting and Corporate Regulatory Authority (ACRA)     8. Jon Robinson   Managing Director of Vanguard Investments (Singapore)     9. Michael Dee   Managing Director of Morgan Stanley’s Investment Banking Division (Houston)     10. Olivia Mitchell   International Foundation of Employee Benefit Plans Professor; Professor of Insurance and Risk Management; Executive Director, Pension Research Council, Wharton School, University of Pennsylvania     11. Ross Jones   Deputy Chairman of Australian Prudential Regulation Authority (APRA)