Singapore, June 12 2009 - The Council for Third Age (C3A), an independent organisation that promotes active ageing in Singapore, and POSB, fondly known as The People’s Bank, have teamed up to better serve the financial needs of baby boomers and older Singaporeans.

Under a strategic partnership agreement announced today, the two organisations will leverage each other’s expertise, experience and network to provide financial products and services, as well as other relevant programmes, to help this group of Singaporeans enjoy health, wealth and financial freedom in their later years.

POSB is proud to serve generations of Singaporeans in the last 131 years, including the 1.25 million Singaporeans who are aged 45 and above.

Pointing to the significance of the tie up, Mr Gerard Ee, Chairman of C3A said: “It is critical for every individual to have a personal strategy for ageing successfully, and this necessarily includes having a plan to ensure income security later in life. With the research that C3A has been active in creating, combined with our ongoing interaction with seniors and senior organisations, we are glad to be able to provide insights into this segment, their needs and how to engage them, so as to help them become financially prepared for their later years.

“POSB, the bank that senior Singaporeans recognise and identity with, is a choice banking partner for this segment. This partnership provides an opportunity to create senior-targeted products and services that are relevant, and which clearly speak to their needs,” he added. 

Agreeing, Mr Koh Boon Hwee, chairman of DBS Group Holdings, said: “POSB is privileged to serve over 3.5 million Singaporeans from all age groups, including those aged 45 and above. We treasure the strong affinity that our customers have with POSB and are committed to meeting the evolving financial needs of Singaporeans, both young and old. We believe POSB and the Council for Third Age are well placed to help Singaporeans attain financial peace-of-mind in their golden years.”

The strategic partnership between C3A and POSB will kick off with three initiatives:
• POSB Active Neighbours Programme
• Financial Literacy for Seniors
• Ageing has Its Privileges
 
POSB Active Neighbours
The POSB Active Neighbours programme acknowledges that seniors can and want to continue to contribute to society after their retirement. It also provides a platform for seniors to stay engaged in the community after they stop working full time

For the pilot programme, POSB is looking to recruit about 60 seniors to help out at its branches, two days a week, up to five hours each time. Their tasks would include assisting other seniors with their banking transactions and encourage them to use self-service banking services for greater convenience.

Based on POSB’s experience, one in two customers above 50 years old prefer doing their banking over-the-counter, compared to one in four for those aged below 50. With POSB Active Neighbours engaging their peers and explaining the use of self-service banking services, the bank believes that more seniors would be open to using self-service
banking services.

Interested seniors can register for the programme at any POSB branches from today.  The bank will provide the necessary training. It is expected that the pioneer batch of POSB Active Neighbours will start work before the end of third quarter.

Financial Literacy for Seniors
It is encouraging to note that half the respondents under 50 in C3A’s “2008 Study on Public Perception and Attitudes towards Ageing and Seniors” have a financial plan to ensure financial security in their later years. But the fact that the other half do not showed that a lot more needs to be done to help Singaporeans better prepare for their old age financially. 

Under the partnership, C3A and POSB will reach out and educate Singaporeans on planning ahead for their retirement as well as equip seniors with knowledge on everyday financial security and needs, covering savings, loans, insurance, financial planning and inter-generational wealth. Moving forward, C3A and POSB will work together to deepen and broaden the scope of the Financial Literacy for Seniors programme to serve the different and evolving needs of seniors segment.

Ageing Has Its Privileges
C3A and POSB also recognise the invaluable contributions of seniors to the nation and community. In this regard, and in conjunction with the Great Singapore Sale, the two organisations launched Ageing Has Its Privileges Programme. Having worked hard to provide for their families, it is now time for the seniors to enjoy the fruits of their labour.

The reward programme will help seniors stretch their dollars while doing the things they enjoy. Starting today, for the month of June, POSB seniors customers will receive vouchers entitling them to special benefits ranging from dining and travelling, to cooking and exercise classes. POSB’s senior customers can expect more of such privileges throughout the year.

For many years now, POSB has given seniors special attention. It is the only bank that waives fall-below fee for personal savings accounts held by senior citizens above the age of 62, the official retirement age in Singapore.

Since October last year, POSB branches have also had counters dedicated to serving customers over 50 for the first three opening hours each Tuesday. Dubbed “50-Plus Special Tuesdays”, those customers are also served with snacks and drinks as they wait to perform their banking transactions. POSB also offer 50-Plus Care, a specially designed personal accident plan for seniors. 50-Plus Care is well-received by customers who appreciate the extra protection as they may become more accident-prone with age.

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