CPF has Officially Included a Pension Component

[Leegimeremover]

As everybody knows, CPF is quite flawed, and not too wrong to say, failed as an effective publicly administered retirement security system. In order to mitigate the major failings of the system, CPF now has a pension component. I will not bother to write the name it is called as the purpose of the name is to confuse the public.

Basically, it will have $40K cash set aside at 55 and for a person with close to no assets, if you leave no beneficiaries aside by opting for a life annuity, you get S$394-428/mth from 65, based on the calculator provided by CPF. This sum is the equivalent of being on public assistance till you die, except in this case, you fund it yourself.

You can only set aside $134K as the maximum. Same parameters as above, you get $1,146-$1,257/mth or 3 times the current public assistance sum. Hopes this gives some people here an idea what is happening. Whether this is good or bad may be an issue of relativity given how many other countries are not performing too well for pension schemes.

 

[Muthukali]

As everybody knows, CPF is quite flawed, and not too wrong to say, failed as an effective publicly administered retirement security system. In order to mitigate the major failings of the system, CPF now has a pension component. I will not bother to write the name it is called as the purpose of the name is to confuse the public.

Basically, it will have $40K cash set aside at 55 and for a person with close to no assets, if you leave no beneficiaries aside by opting for a life annuity, you get S$394-428/mth from 65, based on the calculator provided by CPF. This sum is the equivalent of being on public assistance till you die, except in this case, you fund it yourself.

You can only set aside $134K as the maximum. Same parameters as above, you get $1,146-$1,257/mth or 3 times the current public assistance sum. Hopes this gives some people here an idea what is happening. Whether this is good or bad may be an issue of relativity given how many other countries are not performing too well for pension schemes.

No need to think too much.........

 

[johnny333]

CPF is a large pool of easy funds & too accessible by some people with sticky fingers. No matter what changes they make it won't make a difference unless they make changes to the controls of who has access to it.

 

[jacobsgoh]

Heads they win, tails we loss.

Those in charge of CPF are slow thinking guys, if me, by now i would have confiscated everything.

 

[tonychat]

yayaya.. what can you do beside posting here.....

 

[SIFU]

yayaya.. what can you do beside posting here.....

CB Kia tonychat,

Thailand best..

woman can go sell their pussies overseas..

man can go work as fake monk overseas..

grow old liao can go thai imperial palace n beg thai emperor for $$

:oIo:

 

[hockbeng]

CB Kia tonychat,

Thailand best..

woman can go sell their pussies overseas..

man can go work as fake monk overseas..

grow old liao can go thai imperial palace n beg thai emperor for $$

:oIo:

What issue do you have with TonyChat? Why u keep calling him CB kia. (Though i must admit its a catchy name)

 

[slohand2]

As everybody knows, CPF is quite flawed, and not too wrong to say, failed as an effective publicly administered retirement security system. In order to mitigate the major failings of the system, CPF now has a pension component. I will not bother to write the name it is called as the purpose of the name is to confuse the public.

Basically, it will have $40K cash set aside at 55 and for a person with close to no assets, if you leave no beneficiaries aside by opting for a life annuity, you get S$394-428/mth from 65, based on the calculator provided by CPF. This sum is the equivalent of being on public assistance till you die, except in this case, you fund it yourself.

You can only set aside $134K as the maximum. Same parameters as above, you get $1,146-$1,257/mth or 3 times the current public assistance sum. Hopes this gives some people here an idea what is happening. Whether this is good or bad may be an issue of relativity given how many other countries are not performing too well for pension schemes.

Hi, I got tired trying to understand the confusion on the website. Need your help.... so the amount is from 40,000 to max 134,000. Do we have any control over how much we want to subscribe to? I am trying to be neutral about this (as you have said, countries with welfare are not performing too well) But then again, those are social security schemes which are "provided" by their country while ours are enforced scheme, using our own monies. Its a huge difference.

There are some comments here that are basically resigned to the fact and asks what can we do about it? True, there is little we can do, but still we need to know our options. Thanks

 

[Ha1ry Potter]

Hi, I got tired trying to understand the confusion on the website. Need your help.... so the amount is from 40,000 to max 134,000. Do we have any control over how much we want to subscribe to? I am trying to be neutral about this (as you have said, countries with welfare are not performing too well) But then again, those are social security schemes which are "provided" by their country while ours are enforced scheme, using our own monies. Its a huge difference.

There are some comments here that are basically resigned to the fact and asks what can we do about it? True, there is little we can do, but still we need to know our options. Thanks

maybe can consult mr. tan kin lian ?
we, layman, sure dont know lah

 

[Leegimeremover]

Hi, I got tired trying to understand the confusion on the website. Need your help.... so the amount is from 40,000 to max 134,000. Do we have any control over how much we want to subscribe to? I am trying to be neutral about this (as you have said, countries with welfare are not performing too well) But then again, those are social security schemes which are "provided" by their country while ours are enforced scheme, using our own monies. Its a huge difference.

There are some comments here that are basically resigned to the fact and asks what can we do about it? True, there is little we can do, but still we need to know our options. Thanks

The Leegime is also unclear how the new pension scheme component will work, so they are pussyfooting and obfuscating, as well as the dogs are too stupid to comprehend, so that they have room to maneuver. Their reference minimum sum in their heads is 40K, corresponding to public assistance. According to their calculator, there is no floor. If you contribute 1K you get 10-12 dollars/mth. If you contribute 0 you get zero.

 

[slohand2]

The Leegime is also unclear how the new pension scheme component will work, so they are pussyfooting and obfuscating, as well as the dogs are too stupid to comprehend, so that they have room to maneuver. Their reference minimum sum in their heads is 40K, corresponding to public assistance. According to their calculator, there is no floor. If you contribute 1K you get 10-12 dollars/mth. If you contribute 0 you get zero.

so effectively, they take our money, pool the resources, to replace the public assistance. I think you are right about them not understanding what they are doing, and hence the answer from GKY that the payout depends on interest rates and "choke" mortality rates??

My next question is, if that bloke dont have the answers for the MPs questions, then why the hell parliament pass the bill??

 

[Leegimeremover]

My next question is, if that bloke dont have the answers for the MPs questions, then why the hell parliament pass the bill??

It is quite clear that the job market is failing tremendously in Singapore, especially for the old. No one wants to hire the old. No salary for the old means we return back to the original excuse why pensions were formed in the world - Grow old and die miserably with nothing. To escape this political death knell, use the CPF to provide public assistance sums funded with your own money. But do not call it a pension, as it does not have a solid health component and the payout sucks.

Get this basic survival poor pension out now or risk being exposed to be a big cheat. The Leegime is counting on systemic failure of OECD pensions and argue, "Nah, we were prudent. See those Ang mohs and Japs?!"

BTW, SD400/mth works out 13SD per day.

But in some sense compulsory savings/pensions may not be a bad thing. People misuse money everywhere in the world, because money is an abstract representation of our wants and greed.

 

[SIFU]

What issue do you have with TonyChat? Why u keep calling him CB kia. (Though i must admit its a catchy name)

u go ask that CB kia what issues he has with sporeans 1st.

 

[tonychat]

Hi, I got tired trying to understand the confusion on the website. Need your help.... so the amount is from 40,000 to max 134,000. Do we have any control over how much we want to subscribe to? I am trying to be neutral about this (as you have said, countries with welfare are not performing too well) But then again, those are social security schemes which are "provided" by their country while ours are enforced scheme, using our own monies. Its a huge difference.

There are some comments here that are basically resigned to the fact and asks what can we do about it? True, there is little we can do, but still we need to know our options. Thanks

u sure that is ur money?

 

[tonychat]

It is quite clear that the job market is failing tremendously in Singapore, especially for the old. No one wants to hire the old. No salary for the old means we return back to the original excuse why pensions were formed in the world - Grow old and die miserably with nothing. To escape this political death knell, use the CPF to provide public assistance sums funded with your own money. But do not call it a pension, as it does not have a solid health component and the payout sucks.

Get this basic survival poor pension out now or risk being exposed to be a big cheat. The Leegime is counting on systemic failure of OECD pensions and argue, "Nah, we were prudent. See those Ang mohs and Japs?!"

BTW, SD400/mth works out 13SD per day.

But in some sense compulsory savings/pensions may not be a bad thing. People misuse money everywhere in the world, because money is an abstract representation of our wants and greed.

Pal, it is already showing that working till old is not the way to survive. Learn from the rich and be like them.

 

[zhihau]

Whether this is good or bad may be an issue of relativity given how many other countries are not performing too well for pension schemes.

i have said and will continue to say "NO" to that compulsory annuity (or whatever name the PAP Government delivered through high-handed means).