It is suggesting to the Government that the annuity plan be made more flexible and to allow for refunds.

Let Singaporeans who die before reaping the full sum of what they had paid in premiums, get back the remainder, the 18-member committee has suggested. Return the money to their families, it added.

Also, give Singaporeans the choice of deciding at what age they want to start getting money from their annuity.

The monthly amount will then be adjusted accordingly.

These are among the five key recommendations from the Government-appointed committee, chaired by Professor Lim Pin, who gave a preview on Wednesday of the probable shape of the scheme.

Another recommendation is to let the CPF Board administer it.

Yet another idea is to rename Longevity Insurance as Life-Long Income, to underscore its mission: to give Singaporeans a regular income for as long as they live.

Most of these recommendations were hinted at last month, when Manpower Minister Ng Eng Hen and Professor Lim told The Straits Times that the committee was mulling over them.

With the latest disclosures, Prof Lim believes that people's unhappiness will be alleviated. 'My fellow Singaporeans can now be assured of a lifelong income,' he said.

The annuity plan, however, is not compulsory for everyone. People who do not have enough in their CPF Minimum Sum for retirement need not buy it.

The committee, following feedback, is also recommending exemptions for the medically unfit, people with private annuity plans and civil servants with pensions.

More details, such as the premium and payout amounts and the scheme's starting date, will be revealed in a full report on Feb 12.

The recommendations were drawn up after three months of consultation with people from across Singapore society and specialists.

In all, the views of more than 600 people were collected, from face-to-face dialogues, e-mails, phone calls, as well as feedback from financial experts and the Singapore Actuarial Society.