This CPF Clause Should Set Off Alarm If Government Guarantee CPFLife Payout

[xingguy]

Source: Singapore Statutes Online

Excerpt from The Online Citizen
July 29 2009

Since Manpower Minister Gan Kim Yong has given his assurance in Parliament that the monthly payouts will be paid for life — despite the provision in the new law which allows the CPF Board to stop CPFLife payments unless the Lifelong Income Fund is solvent — then why have this provision in the first place?

Years down the road, the law will prevail, regardless of what the minister said in a past Parliamentary debate.

Moreover, as “the minister cannot make changes at will but must base his decisions on sound actuarial principles to ensure that fund solvency will not be compromised”, is this not somewhat self-contradictory?

As how then can the fund become insolvent and thus stop payouts?

I understand that historically, no country in the world has ever had to stop pension payouts due to fund insolvency.

Even insurance companies’ annuity contracts are contractually backed by the full faith and credit, and assets of the insurance company, and are not subject to the solvency of the pooled annuity fund.

So, why is CPFLife so different?

 

[xingguy]

*** Image removed ***
Excerpt from The Online Citizen
July 29 2009

Since Manpower Minister Gan Kim Yong has given his assurance in Parliament that the monthly payouts will be paid for life — despite the provision in the new law which allows the CPF Board to stop CPFLife payments unless the Lifelong Income Fund is solvent — then why have this provision in the first place?

Years down the road, the law will prevail, regardless of what the minister said in a past Parliamentary debate.

Moreover, as “the minister cannot make changes at will but must base his decisions on sound actuarial principles to ensure that fund solvency will not be compromised”, is this not somewhat self-contradictory?

As how then can the fund become insolvent and thus stop payouts?

I understand that historically, no country in the world has ever had to stop pension payouts due to fund insolvency.

Even insurance companies’ annuity contracts are contractually backed by the full faith and credit, and assets of the insurance company, and are not subject to the solvency of the pooled annuity fund.

So, why is CPFLife so different?

...............................

 

[xingguy]

CPFLife is compulsory!!

Do you feel safe when there is such a clause ""the Board shall not make any payment under this Part unless the Lifelong Income Fund is solvent"?

Remember, even Lehman Bros, a 150 year old bank, also claims nothing is wrong before it collapse.

 

[HK14K]

CPFLife is compulsory!!

Do you feel safe when there is such a clause ""the Board shall not make any payment under this Part unless the Lifelong Income Fund is solvent"?

Remember, even Lehman Bros, a 150 year old bank, also claims nothing is wrong before it collapse.

If CPF Board collapse, Singapore will collapse.... If Singapore collapse, you can pack your bags n start a new life in Somalia....

 

[xingguy]

If CPF Board collapse, Singapore will collapse.... If Singapore collapse, you can pack your bags n start a new life in Somalia....

If CPF Board collapse, PAP will collapse.
Singapore as a country will still go on.

 

[winnipegjets]

If CPF Board collapse, Singapore will collapse.... If Singapore collapse, you can pack your bags n start a new life in Somalia....

Yeah, right. Since when CPF Board is the future of sinkapore?

 

[HK14K]

Yeah, right. Since when CPF Board is the future of sinkapore?

Then ain't you contradicting yourself if CPF is not the future of Singapore, then why do you contribute???? Dun tell me becoz compulsory.... I've not contributed to CPF for 12 years.

Almost 80% of Singaporeans own a HDB or stay in a HDB. Can you enlighten us why so many of them including yourself are paying your HDB via CPF n not cash if CPF is not the future of SG....

Also, CPF was introduce in 1955... It's been around for more than 50 years and you mean the CPF is only a failure now and not in the past??? What can of bullshit are you talking about

 

[HK14K]

If CPF Board collapse, PAP will collapse.
Singapore as a country will still go on.

Singapore to go on??? How??? Since ppl like you have claim that there's so much monies in the CPF....

Maybe SG can go on. Being buy over and colonized by China

 

[xingguy]

Singapore to go on??? How??? Since ppl like you have claim that there's so much monies in the CPF....

Maybe SG can go on. Being buy over and colonized by China

Talk is cheap.

Name me just one sovereign country being sold to another.

 

[HK14K]

Talk is cheap.

Name me just one sovereign country being sold to another.

Here you are, giving an answer to yourself.... Talk is Cheap!!!!

So apart from all the complaints, cursing n swearing in this forum, what actions have you pro-oppos executed????

You simply didn't understood my meaning of " being buy over n colonized by china"

 

[Cerebral]

SGD is a fiat currency and SG will go on even when CPF collapses. Please note that I am not complicating the argument with discussions on hyper-inflation. That's a different topic

 

[palden]

If CPF Board collapse, Singapore will collapse.... If Singapore collapse, you can pack your bags n start a new life in Somalia....

No need to pack your bags. Stinkapore will become Somalia under the rule of LTK and wayang party.

 

[winnipegjets]

No need to pack your bags. Stinkapore will become Somalia under the rule of LTK and wayang party.

Will you leave for Somalia in 2017?

 

[winnipegjets]

Then ain't you contradicting yourself if CPF is not the future of Singapore, then why do you contribute???? Dun tell me becoz compulsory.... I've not contributed to CPF for 12 years.

You are beyond help ...you can't grasp simple concepts ...how, how, HOW?????

Almost 80% of Singaporeans own a HDB or stay in a HDB. Can you enlighten us why so many of them including yourself are paying your HDB via CPF n not cash if CPF is not the future of SG....

I talked about apples, you bring up Ah Meng ...focus, so that we can at least see each other's POV.

Also, CPF was introduce in 1955... It's been around for more than 50 years and you mean the CPF is only a failure now and not in the past??? What can of bullshit are you talking about

CPF has changed for the worse.

 

[HK14K]

You are beyond help ...you can't grasp simple concepts ...how, how, HOW?????

I talked about apples, you bring up Ah Meng ...focus, so that we can at least see each other's POV.

CPF has changed for the worse.

Oh ya, since when did you ever show us that you can talk sensibly when you dun even have the guts to admit your own words!!!

Trying to ACT like a HERO is fine with me but do it wisely.... Dun get slapped by me again just like the HK MPF issue n the Germany topic....

You love to prove yourself in a forum but at the end of the day you always make a laughing stock out of yourself....

CPF change for the worst???? What's the percentage of Singaporeans that have claim CPF change for the worst or is it just your own conclusion.... You always like to ask other to show proof n links right, why not you show us your claims now!!!

 

[winnipegjets]

Oh ya, since when did you ever show us that you can talk sensibly when you dun even have the guts to admit your own words!!!

Trying to ACT like a HERO is fine with me but do it wisely.... Dun get slapped by me again just like the HK MPF issue n the Germany topic....

You love to prove yourself in a forum but at the end of the day you always make a laughing stock out of yourself....

CPF change for the worst???? What's the percentage of Singaporeans that have claim CPF change for the worst or is it just your own conclusion.... You always like to ask other to show proof n links right, why not you show us your claims now!!!

I am speechless ...

 

[tanwahp]

Here you are, giving an answer to yourself.... Talk is Cheap!!!!

So apart from all the complaints, cursing n swearing in this forum, what actions have you pro-oppos executed????

It seems that you are "cursing and swearing" at everyone here, based on your definition.

Here is a place where everything goes. The only forum in Singapore (or maybe even the world) where the forum founder and owner himself is a troll and spammer speaks volumes of its identity.

 

[Poomer]

If CPF Board collapse, Singapore will collapse.... If Singapore collapse, you can pack your bags n start a new life in Somalia....

Considering this is concerning the future of all Singaporeans, your joke is really not funny.

 

[lifeafter41]

Source: Singapore Statutes Online

Excerpt from The Online Citizen
July 29 2009

Since Manpower Minister Gan Kim Yong has given his assurance in Parliament that the monthly payouts will be paid for life — despite the provision in the new law which allows the CPF Board to stop CPFLife payments unless the Lifelong Income Fund is solvent — then why have this provision in the first place?

Years down the road, the law will prevail, regardless of what the minister said in a past Parliamentary debate.

Moreover, as “the minister cannot make changes at will but must base his decisions on sound actuarial principles to ensure that fund solvency will not be compromised”, is this not somewhat self-contradictory?

As how then can the fund become insolvent and thus stop payouts?

I understand that historically, no country in the world has ever had to stop pension payouts due to fund insolvency.

Even insurance companies’ annuity contracts are contractually backed by the full faith and credit, and assets of the insurance company, and are not subject to the solvency of the pooled annuity fund.

So, why is CPFLife so different?

The question is who will decide if it is insolvent.
Are there any fact and figures to indicate that it is insolvent.
It is all very foggy at this point.

 

[Poomer]

Wow.... Since when did ppl like you start to even concern about the future of all Singaporeans when ppl like you can even say " Let the opposition try to rule SG".... A developed nation to be put on a TRY mode.... So SMART of you n indeed you really CARE FOR ALL SINGAPOREANS!!!

We had PAP on TRY mode too, and look how well they performed at the first 2-3 decades?