Let’s take a break from talking about the CPF.

There are times when we can learn much from reading about the government public or private pension systems in other countries.

Most people think it is about money.

It is about money but its more than that.

Its about managing money for a group of diverse group of people with the objective for a diverse group of people. And this is a difficult proposition.

A good example will be if you are task to manage the net worth of all 100 of your relatives. It is not about putting into the highest return things, because when each of your relative needed the money can vary. Some high returns products have rather volatile asset value.

You cannot tell them you will keep their money forever, but only to provide a stream of cash flow over time. They will start suspecting whether you …