CHANGES to the Central Provident Fund Act were tabled in Parliament yesterday to provide for the proposed establishment of the CPF Life scheme and the Housing Board's new Lease Buyback Scheme.

The CPF (Amendment) Bill is to allow for the setting up of a LifeLong Income Fund, which will be used to collect premiums and also make payments under the Lifelong Income Scheme, or CPF Life.

This scheme, which will begin in 2013, seeks to provide CPF members from age 65 with a regular stream of income for the rest of their lives.

The Bill also includes changes relating to the Lease Buyback Scheme, which allows elderly owners of smaller flats to sell to the HDB the tail-end of their lease at market price.

The proceeds will be used to buy an annuity from the CPF Board.

Other amendments will further refine the Mental Health (Care and Treatment) Act and the Mental Capacity Act.

Both were passed last September and are expected to take effect later this year.

The two laws aim to protect patients with mental disorders from potential abuses and help them plan ahead their personal and financial affairs, should they lose their mental capacity.

Other proposed changes include tweaks to allow CPF members, whose parents or grandparents have not reached 55 years of age, to transfer money from their CPF accounts to the Special Accounts of these elders.

This article was first published in The Straits Times.