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

May 17, 2012

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?’

About the Author

Leong

Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional qualifications.