I held a dialogue with our annuitants. 400 people attended.
We discussed the various series of annuities issued by NTUC Income during the past years. There was a lively Q&A session. It went well.
I told the annuitants about how the annuity pool works. All of the annuity investments are put into a pool. We invest the pool prodently to earn a fairly attractive return. Most of the surplus are used to declare bonus to the annuitants.
When we declare the bonus, our aim is to be fair to all parties. Annuitants who bought the annuity earlier and enjoyed a higher guaranteed return, will earn a lower rate of bonus. The annuitants who enjoy a lower rate of guranteed return, will enjoy a higher rate of bonus.
Our aim is to be fair to all the annuitants. We do not want to favour any group of annuitants at the expense of another group. This is the concept of pooling of risks.
The annuitants generally appreciate that we have done our best to be fair to all annuitants, and to give the best possible return to them.
The dialogue went well. It was also attended by journalists from two papers. I hope that they will cover the event.
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