When deriving the new Retirement Sum scheme to replace the Minimum Sum of the Central Provident Fund, SMU Lee Kong Chian School of Business Associate Dean and Professor of Finance Benedict Koh, who is also one of the 13-member advisory panel, said that they thought about how people normally plan their savings. He said: "Most people plan by saying, ‘How much do I need per month for expenditure? And given... the expected expenditure per month, then we work backwards and say, ‘What should be the required amount that you need to save?’.”