Allow members to opt out of CPF Life

To CPF 
I note that for those age below 54, they will automatically be enrolled in CPF life when they turn 55.  While I think CPF Life is a good scheme to ensure Singaporeans have some savings they can tap on when they are old, it may not be an efficient way of allocating hard earn money for some members.  


I am a Certified Financial Planner since 2006 and have been in the investment management industry for 20 years. I have a well diversified portfolio and I am comfortable that my wife and I can retire from active work life anytime we may chose to do so.  We think we can do better in allocating the CPF monies we have accumulated. 


I am sure many members have their retirement plan well thought out and executed. Some members might want to use the CPF monies to start their own small business to provide income for their future. Some may see investing in their kids education a better alternative.  I understand perfectly that the CPF Life scheme requires the law of large numbers for it to work but I think it is not fair to force members to be in the scheme if they have better uses and needs for their monies. 


I think the scheme should allow for opt out, as long as members can argue for their decisions.  To attract more members to stay with the scheme, perhaps the government should chip in to make the scheme attractive (compared to say members investing in private sector annuity scheme).  Failing which, the government should set up a fund to provide for any shortfalls of the scheme.  Please do not use hard earned monies of some members to fund other members, which I see the CPF Life scheme is all about.


HCM