Early opt-in for annuity. PAPee Very Short of $!

[makapaaa]

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</TR><!-- headline one : start --><TR>Early opt-in for annuity <!--10 min-->
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The scheme will apply automatically to those who turn 55 from 2013, with at least $40,000 in their CPF savings. But older CPF members who opt in now can receive monthly payouts as early as January next year. -- ST PHOTO: MALCOLM MCLEOD
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<!-- START OF : div id="storytext"-->SINGAPOREANS and permanent residents aged 55 and older this year can sign up for the new CPF annuity scheme from this month, four years before it begins.
The earlier opt-in date is in response to requests from older CPF members who want to join the scheme ahead of 2013, when it will be implemented for those turning 55 then, said Manpower Minister Gan Kim Yong on Saturday.
This move allows more than 700,000 people aged 55 and older now to apply for the annuity scheme, which comprises four plans, announced earlier this year.
Called CPF Life, the plans will provide a steady stream of retirement income for life, compared to the current CPF Minimum Sum Scheme, which gives monthly payouts for about 20 years.
The scheme will apply automatically to those who turn 55 from 2013, with at least $40,000 in their CPF savings. But older CPF members who opt in now can receive monthly payouts as early as January next year.
Mr Gan encouraged children to make top-ups for their elderly parents so that they can take part in the scheme. He suggested it at a CPF Life roadshow at West Mall in Bukit Batok.
A package containing information on the scheme and an invitation to sign up will be mailed to those aged 55 or older in the next few weeks, starting tomorrow.
Others can choose to apply online on the CPF website or call the CPF Life hotline on 1800-5433-273 for help. More roadshows and talks are also in the works.
CPF members can choose from four annuity plans that vary in the level of monthly income and the amount they want to leave behind for their loved ones.
CPF members will also receive a bigger payout if they have more savings in their Retirement Account. Those aged 55 to 79 have up to the time they reach age 80 to sign up. But those aged 80 and above have to do so by December next year.

Read the full story in The Sunday Times. Goh Chin Lian

 

[zhihau]

CPF members can choose from four annuity plans that vary in the level of monthly income and the amount they want to leave behind for their loved ones.

how come there's no option to opt out?

i'm saying "NO" to this compulsory annuity

 

[Whats4]

how come there's no option to opt out?

i'm saying "NO" to this compulsory annuity

NO??? u better wait to be slaughtered like a sheep!!!

 

[zhihau]

NO??? u better wait to be slaughtered like a sheep!!!

time to migrate.

 

[kingrant]

how come there's no option to opt out?

i'm saying "NO" to this compulsory annuity

What for you opt out? You think that they can't touch yr money? C'mon, think about it - because you are not opting to take out yr money and it remains in there, it will be part of the pool that will be used to pay out to others who are in the scheme. Get it? The later you opt in, the more your money has been funnelled to others while you are not getting a single cent! This is not the time to opt out as a sign of protest. You will be the loser!

 

[Boliao]

Opt-in means that it is non-compulsory. The only opt-out you get is to opt-out of Singapore; leave this bloody communist country and withdraw all your CPF.

 

[zhihau]

What for you opt out? You think that they can't touch yr money? C'mon, think about it - because you are not opting to take out yr money and it remains in there, it will be part of the pool that will be used to pay out to others who are in the scheme. Get it? The later you opt in, the more your money has been funnelled to others while you are not getting a single cent! This is not the time to opt out as a sign of protest. You will be the loser!

then the next obvious thing to do is to migrate.

 

[ahleebabasingaporethief]

Remember ONE thing.

Once you opt in and you die 2 days later, no family member of yours can get the money.

It automatically belongs to the GARMENT

 

[kakowi]

time to migrate.

migration is the only option available for the middle-class singaporean

they cannot change the system

they do not benefit from the system

no worthwhile opposition leader will emerge who can change things

yet other countries want them, deem them valuable

so if they have a chance to make it good in other countries, they should consider

the opportunity, once passed, will lead them to being in sammyboy.com on a futile hunt for significance or change

all opportunities will pass when you are an old middle-class singaporean

migration is then, no longer an option

 

[sinren67]

I afraid this will be like extension of retirement age, they will modify the rules & regulations till we've no chance to receive our 1st payment.

 

[kingrant]

Remember ONE thing.

Once you opt in and you die 2 days later, no family member of yours can get the money.

It automatically belongs to the GARMENT

Sori, you stand corrected. If you opt for the bequest ones, the money goes to yr beneficiaries. Only the last option where you do not bequest anything to anyone will yr money go back to the pool and therefore others like I will gain!

 

[po2wq]

how come there's no option to opt out?

i'm saying "NO" to this compulsory annuity

dey want u 2 do dat wif ur feet ...

 

[zhihau]

dey want u 2 do dat wif ur feet ...

ok!

 

[Whats4]

time to migrate.

if u got the means or $$ to go, just go. :p:p:p

 

[eQuipment]

rich on paper no use...... most important is must have cash. they trying to con ppl to throw $ inside the bottomless pit. dont know how many stupid ppl will follow suit

 

[Watchman]

Take all the money out from CPF if you can ! Fcuk their interest rates. Let them rot and die .

They can come up with rules like no CPF contribution cannot buy HDB !