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Payouts from private annuities are not and are dependent on the financial performance of the provider.
PHOTO: ST FILE
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Central Provident Fund (CPF) members were long able to use their funds to buy investment products such as annuities that would provide them a monthly payment for life, but that investing landscape all changed in 2009.
That was the year the CPF Board introduced its own life-long annuity scheme - CPF Life - and similar private products that were once sold to members slowly disappeared from the market.
