No more 'shielding' of CPF soon?

The Board says there are risks involved in doing shielding, and advisers who fail to highlight these to their clients should be taken to task.
The Board says there are risks involved in doing shielding, and advisers who fail to highlight these to their clients should be taken to task.PHOTO: ST FILE

The days of exploiting loopholes in the national retirement scheme could be over soon, after the Central Provident Fund (CPF) Board posted a warning on its website.

In particular, it is taking aim at the act of "shielding", which is promoted by some financial advisers to circumvent the transfer of funds from members' Special Account (SA) to their Retirement Account when they hit 55.

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