Leong Sze Hian » Less interest: ‘Why are the parents of eligible special-needs children still being advised to place funds with the Public Trustee’s Office?’

Less interest: ‘Why are the parents of eligible special-needs children still being advised to place funds with the Public Trustee’s Office?’

Posted on May 17th, 2012 under Articles, Others, Welfare Comments Off

Straits Times Forum

May 17, 2012

MR LEONG SZE HIAN: ‘The article (‘Special-needs kids plan: 98 sign up’; May 4) states that the Special Needs Trust Company, ‘which entrusts the funds with the Public Trustee’s Office, has made an average interest payout of about 3 per cent over the last four years’. As funds disbursed from the nominee Central Provident Fund (CPF) account earn interest of up to 4 per cent a year, with an extra 1 per cent on the first $60,000, why are the parents of eligible special-needs children still being advised to place funds with the Public Trustee’s Office, which pays 1 to 2 percentage points less than the CPF’s Special Needs Savings Scheme?’