Over breakfast, while reading the Sunday Times, we talked about the CPF Life annuities scheme. My wife and I realised that we had several nagging questions since the CPF Life annuities scheme was announced last week.

So we discussed what’s all these 12 options of CPF Life is about and ended up with heated argument on the various Refund options. We are both confused!

Does CPF Life Give You 12 Options?

Do you really have 12 options? Not really, the men get 7 options and the women get 5 options.

If you are a man, you get options: No Refund 65, Refund 65, Refund 70, Refund 75, Refund 80, Refund 85 and Refund 90.

If you are a woman, you get options: Refund 65/70, Refund 75, Refund 80, Refund 85 and Refund 90. For women, the annuity will pay you $590 monthly for both Refund 65 and Refund 70.