KUALA LUMPUR, Oct. 22 -- Singapore's Central Provident Fund Board (CPFB) deputy CEO (services) Wong Yan Jun said Singapore's CPF - the equivalent of Malaysia's EPF - had in 1987 introduced a phased withdrawal scheme.

The Retirement Sum Scheme (RSS) splits up monthly payouts of a Singaporean's retirement savings over a fixed duration of 20 years to make it last longer.

This was because the government realised the lump sum withdrawal option at age 55 was less suited to support retirement over many years, as Singaporeans were living longer.

Singapore in 2007 recognised that more than half of Singaporean men and women would live past 82 and 85 respectively, which led to the 2009 introduction of the national longevity insurance annuity sche...