I applaud the government's move to temporarily suspend the Employees Provident Fund (EPF) annuity scheme pending a re-study by some consultants beginning today. There are two possible outcomes from this study. One is to cancel the scheme altogether while another is to modify the scheme and relaunch it.

In my opinion, most probably it will be the latter. I would like to suggest that the promotion methods of the scheme be included in the modifications.

Most of us would have encountered overzealous insurance agents pushing the scheme in supermarkets and shopping malls. These are not the right venues to sell a financial product, especially when it involves a big sum of money.

All these insurance agents are only looking after their self-interests, taking advantage of getting clients from such places where people would not have sufficient information nor the time to study the scheme before committing themselves to it.

My suggestion is that this scheme can only be sold at EPF offices only. Those interested should walk in to the EPF office and apply directly, indicating their choice of insurance company. They should not be hounded by the agents all day long.

Anyway, most of the agents selling this scheme do not know the scheme in detail. I have tested a few of them and they failed miserably to answer to my queries. However, not all of us (consumers) are that questioning.

Most of those who have signed up do not know what they have committed themselves to, thanks to the inexperienced insurance agents!

This scheme should be sold only by professionals and not by some agents who cannot even understand the concept of compounding interest! One insurance agent even had the gall to ask me to invest about RM6,000 (according to the table he showed me), guaranteeing a return of RM12,000! To an ordinary layman, this is a great deal!

(RM6,000 will buy me one unit, which guarantees RM100 per month for a minimum of 10 years, which equals to RM12,000 at the end of a decade.)

Of course, he purposely forgets to tell you that this RM6,000 if remained in EPF would have grown to more than RM12,000 by the time I am 55!

I urge the government to seriously review how this scheme is promoted.

Ban their promotion and sale in supermarkets, shopping malls or pasar malam (night markets). Financial products like this must be sold in a professional manner. Let EPF be the agent for these insurance companies.