don’t, if I give you the full $200,000 to take out at age 55, some of you, you will take the money and you will go Batam. Some of you will go Tanjung Pinang. Some of you suddenly got a lot of relatives popped up then you don’t know how to say no because you’re so nice. Then after a while, we have no money left.”'. As a result, Singaporean employees now automatically receive a pension income for life in retirement from CPF life. The EPF on the other hand has never been able to successfully introduce a decumulation solution. Reports produced by the EPF show that 90% of EPF savers have spent all of their savings within 18 months of reaching retirement age. Solutions Following the UK's successful by introducing Automatic enrolment in 2012 based upon behavioural economic theory the Department for Work & Pensions has now proposed new legislation which enables the creation of risk-sharing decumulation solutions such as Collective Defined Contribution schemes and Tontine pension schemes the latter of which also benefits from behavioural economic effects according to Adam Smith in his book The Wealth of Nations. Criticisms Other sources of income Some claim that the pensions crisis does not exist or is overstated, as pensioners in developed countries faced with population aging are often able to unlock considerable housing wealth and make returns from other investments or employment. These claims, certainly in the UK, are unfounded as Government employee guaranteed final salary pension schemes have massive deficits (£53 billion in 2008) and, regardless of the equity in their employees homes, they are still contracted to pay retired staff an agreed amount, which they are increasingly unable to do. Demographic transition Some argue that the crisis is overstated, and for many regions there is no crisis, because the total dependency ratio – composed of aged and youth – is simply returning to long-term norms, but with more aged and fewer youth: looking only at aged dependency ratio is only one half of the coin. The dependency ratio is not increasing significantly, but rather its composition is changing. In more detail: as a result of the demographic transition from "short-lived, high birth-rate" society to "long-lived, low birth-rate" society, there is a demographic window when an unusually high portion of the population is working age, because first death rate decreases, which increases the working age population, then birth rate