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SINGAPORE: Caregivers of people with special needs can now set up a trust account with as little as S$5,000. This has been made possible with the start of the Special Needs Trust Company (SNTC), the only non-profit trust company in Singapore.
The low set-up amount is made possible through the Public Trustee, which will also act as the investment manager and custodian trustee for the SNTC trust funds.
The SNTC trust funds are held by the Public Trustee in a common fund and invested in low-risk income-earning investments, in order to provide sustainable and long-term care for the beneficiaries.
SNTC was launched by the Minister for Community Development, Youth and Sports Vivian Balakrishnan at the National Council of Social Service (NCSS) Members' Conference on Thursday.
Professor Lim Pin, who is chairman of the National Wages Council, has been appointed chairman of the SNTC Board, together with 11 other professionals from various fields such as the medical, legal and finance sectors.
Prof Lim noted that many caregivers have expressed concern that they do not have other family members who can handle the financial needs and physical care of persons with special needs. Others have also voiced their fears of loved ones mismanaging their finances after their demise.
With the launch of the SNTC, Prof Lim said the right infrastructure, expertise and safeguards are put in place to manage the monies for loved ones with special needs.
The SNTC Trusteeship Scheme will also take some weight off the shoulders of these caregivers. Furthermore, annual reviews will be carried out to ensure that any changing needs of the beneficiaries are updated.
The trusteeship scheme was one of the key recommendations made by the Parents Workgroup on Enhancing the Financial Security of Persons with Special Needs, formed by the Ministry of Community Development, Youth and Sports in 2006.
The ministry had ascertained that there was a low awareness and application of financial planning amongst caregivers for their loved ones with special needs.
With this new trusteeship scheme, caregivers can now be assured of the financial security of their loved ones, and more importantly, the continual care of persons with special needs upon their own demise.
- CNA/so
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