I was disgusted by last week's announcement that the Employees Provident Fund (EPF) is studying plans to discontinue withdrawals up to one-third of accumulated contributions at age 50.

Personally, I have no objection to EPF's role in safeguarding our contribution in return for the dividend. Many contributors have objected the reduction of contribution from 11 percent to 9 percent in the two years it was implemented, saying this would unnecessarily reduce our savings for our old days.

With lessons learned from the economic turbulence over the years, many working individuals should be disciplined enough to save surplus income. We are all adults.

At 50, many responsible parents will be making withdrawals for their children's education. If EPF implements the changes, parents will have to resort to education loans at high interest rates. This will not affect the higher income group who are able to liquidate their additional investments.

EPF pays a dividend of four to six percent, while a much higher interest rate is levied on bank borrowings. It is not too difficult for the public to rationalise and understand that contributors are at the losing end. EPF should just keep up with the growing withdrawals of people reaching 50 years of age.

By the age of 55, the children of most retirees would have already completed their education. This is past those crucial years where money is needed most.

I believe in a simple rule if we have earned the money, we deserve the ultimate right over what to do with it. I pray that the annuity scheme will not be eventually made compulsory, for I know we are in no power to decide on or to oppose such considerations.