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SINGAPORE: Trust funds have long been the domain of the rich. But from next year, parents of special needs children will get affordable professional help to ensure their children's long-term financial needs are met, long after their caregivers are gone.
A company has been specially set up for this purpose, capping years of appeals by these parents for affordable trust services.
28-year-old Jaspreet Kaur Sekhom teaches dancing, gives talks and has been working at Maris Stella Kindergarten for nine years.
Her father, Dr Balbir Singh, who has been championing the interests of special needs individuals, has been hoping for an affordable trust fund since she was three.
He said: "If you have the family support, that's usually not an issue. But for those who may not have these things to fall back on, then I think this is really god-given to have a trust company available as a back-up."
At the National Council of Social Service (NCSS) annual conference on Thursday, Community Development, Youth and Sports Minister Dr Vivian Balakrishnan announced the long-awaited Special Needs Trust Company (SNTC).
Dr Balakrishnan said: "This is a collaborative effort by MCYS, NCSS and the Movement for the Intellectually Disabled of Singapore (MINDS).
"This comes on the heels of a new law passed in September to allow Singaporeans to appoint someone to take care of matters before they become mentally incapacitated.
"Parents can tap on this change in the law to appoint a representative to make decisions for their intellectually disabled children."
With the help of the company, parents can tailor a package to cover their children's needs, like training and healthcare.
MINDS, which serves more than 2,000 intellectually disabled beneficiaries, has been gathering feedback from parents while the new scheme is being worked out.
Keh Eng Song, CEO, MINDS, said: "Another concern for them is whether there will be a place for them to stay and whether this scheme will cover that as well."
Ling Yin Fong, GM, Special Needs Trust Company (SNTC), said: "It's basically a savings scheme. The parents are setting aside a sum and regularly topping up so that they will have sufficient amount to provide for the beneficiary."
While local banks normally require at least S$1 million to start a trust fund, some have suggested a lower minimum of about S$5,000 for this new set-up.
The company will work with the Public Trustee's Office, which will then invest the pooled sums into fixed deposits and bonds. Annual reviews will be carried out.
The new company, which was incorporated as a public company limited by guarantee in June, was also given Institution of a Public Character (IPC) status in July.
This means it will also be allowed to collect tax-exempt donations. This is significant.
As the company works out the details of the scheme, one of the ideas proposed is for an endowment fund to be set up with donations so that this can go towards caring for the disabled from really poor families who cannot afford to set up trust funds of their own.
For the Sekhoms, this has been another milestone in a long journey.
Dr Balbir Singh continued: "Yes, my daughter has come a long way. We have come a long way. We're very grateful for what she's able to do and (knowing that Jaspreet will be in good hands) is very reassuring."
Dr Vivian Balakrishnan also announced a new shared service office for seven Voluntary Welfare Organisations, including SNTC. They will be co-located at Tiong Bahru Central Plaza from early next year in a S$1 million refurbished facility.
At Thursday's event, awards were also given out to social service professionals and students. These included the VWO-Charities Capability Fund Scholarship launched in 2002. - CNA/vm
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