The pension scheme for most civil servants was scrapped more than 30 years ago. Strangely, the PAP government retained the scheme for MPs (till 1995) as well as thousands of PAP elites.
After the loss of a GRC in 2011, PAP was forced to review this self-enrichment scheme, putting an end to it in 2012.
With an increasing number of pensioners dying every year, pension liabilities should have been decreasing.
Instead, Pension Fund balance has increased by $1.8 billion since 2004, hitting $13.2 billion in 2016 (table below, data from statements of assets and liabilities).
(Statement of Assets and Liabilities)
In 2014, the government disclosed there were 32,000 pensioners. This is likely to have fallen below 30,000 in 2018. Need for more pension funds?
The PAP government should clarify and assure Singaporeans there was a need for the $1.8 billion Pension Fund increase despite decreasing liabilities.