I refer to the Special Needs Trust Company’s reply “Public Trustee’s involvement invaluable to SNTC” (Straits Times Forum, Apr 7) to Madusoodanan Janardanan Pillai’s letter “Have CPF Board manage SNTC funds, instead of Public Trustee’s Office” (Apr 4).
It states that “Putting aside whether the Central Provident Fund Board has the proper mandate to manage funds for persons with special needs, I would like to highlight that the Public Trustee’s fees are substantially lower than those of any commercial fund manager.”
As to “In addition, the Public Trustee’s involvement provides parents with the confidence that their funds will be properly managed and are free from bankruptcy risk” – are we saying that funds with the CPF Board are subject to “bankrupt
cy risk”?The reply also does not answer the question asked – “The management fees levied by the Public Trustee is between 2 per cent and 6 per cent of the amount put into the trust.
This gives the perception of a negative return in real terms, considering the low interest earned and inflation.”
Leong Sze Hian