National Life-long Income Scheme instead of National Longevity Insurance Scheme.

Premiums will be refundable for those who die early. Money to be returned to their families.

People to be given choice on when to start receiving payouts.

If they fail to make a choice, the default plan is that they will start getting their payout from age 80, instead of 85 as proposed earlier.

CPF Board to administer the scheme instead of a private-sector company, as it is a 'trusted partner' and can absorb the administrative costs.