Is CPF Life a con job ?

[Glaringly]

Ok, thanks. Good to know there's an option.

I don't have the exact link. You can search through www.cpf.gov.sg.

I went with my mom and aunt to CPF to choose their plans. They said it's refundable at death or migration according to the plans chosen, minus whatever annuities already paid out. Only Plan D is non-refundable. Plans A, B and C all are refundable. Choose Plan D only if you're alone without dependants or successors and intend to remain in Singapore till death. At death it's straightforward refund for Plans A, B and C. At migration, a bit more complicated, has to apply and show cause case-by-case. Only on total severence of ties from Singapore, i.e. no more Singapore bank accounts, investments and business interests etc. Otherwise, no lump sum refund, they'd just keep paying your annuities.

 

[Queen Seok Duk]

In Singapore, there is no dole nor pension. So if your CPF savings is exhausted and you have no personal savings, you are fucked. And you would soon have to vote for the PAP so that you can have a roof over your head.

But Vivian has promised that Singapore is the only place where you can still have food on your table.

 

[Cruxx]

The more pertinent question is: "What will Sinkies do if it's a con job? "

 

[kingrant]

Sorry to burst yr bubble, but no con job. Any govt who doesnt want to use tax funds to feed and support hordes of senile ageing sickly retirees will go the same way - pooling savings into an insurance pool, and hoping there's no run on the bank.

The more pertinent question is: "What will Sinkies do if it's a con job? "

 

[chootchiew]

Has Leong Sze Hian commented on this new CPF Plan so far ?

There are 4 different plans:

(1) Life Plus
(2) Life Balanced
(3) Life Basic
(4) Life Income

What if you have exhausted your CPF savings in your Retirement Account, and you're still alive and kicking ?

And when they say Highest Bequest for Life Basic Plan, how much of your balance in your RA at the time of your death will they pass on to your beneficiaries ?

anything to do with CPF is confirm a con job there is no arguement to it at all .

 

[eErotica69]

anything to do with CPF is confirm a con job there is no arguement to it at all .

To those who thinks whatever that PAP does are all con jobs, there is no point for argument at all.

 

[metalslug]

PAP must be DESTROYED!!!

 

[hochiminhcity]

do they guarantee the payout, or based on assumption ,like number of subscriber, mortality rate, economy cycle to generate profit.
how is the fund invested to generate a healthy ROI?
All this are still vague, I am waiting for CPF life to reply my email.
will revert later.

 

[palden]

Squeezed all our money, lose all our money,now thinking of our coffin money

 

[gundamz]

Just write off whatever's in your CPF accounts when you do your financial planning. Pretend the money doesn't exist.

Aim for 2 to 3 million in solid assets by age 45 to secure your independence. Treat any accumulated wealth beyond that (cpf included) as a bonus.

It doesn't matter which country you live in. No govt linked retirement scheme is EVER enough for a happy and contented retirement. The best retirement scheme is invariably the one you've planned for yourself.

nice!

 

[wizard]

I dun know if it is a con job.. but from the replies.. We simp0le dun trust PAP..

Trust has been broken..Simple as that

 

[Ramseth]

PAP government (and many other governments too) have been guilty of restropective application of laws by holding residents hostage. When a resident opens a CPF account (or social security account as known elsewhere), the terms and conditions and regulations as at opening should stay as it is throughout. Any changes in terms and conditions, new regulations and schemes should only apply to accounts opened after the changes are introduced, not compulsorily applied to pre-existing accountholders without their consents, i.e. they should be allowed a choice of opt-in or opt-out.

PAP government does go under the cover of offering certain limited opt-in or opt-out choices, but beneath that cover pushes through and shafts down many no-choices without people noticing, just accepting for granted that's the way law is.

 

[kingrant]

That is true. Note now the govt doesnt want to talk about the minimum sum scheme anymore. It just keeps talking about the CPF Life plans. many older people are unaware of the older scheme. Of course, the PAP is only too glad if they forget.

I think the govt screwed up big time in robbing Sinkies of their high employer's contribution by asking sinkies to tighten their belts so businesses and investors dont suffer; but now conditions are improved, but the rates are still repressed.

PAP government does go under the cover of offering certain limited opt-in or opt-out choices, but beneath that cover pushes through and shafts down many no-choices without people noticing, just accepting for granted that's the way law is.

 

[zhihau]

Has Leong Sze Hian commented on this new CPF Plan so far?

not too sure, but i've strongly opposed this compulsory CPF Life aka annuity scheme in Sam's old forum at Delphi. i'd choose to opt out of it if there's an option for opting out.

 

[hochiminhcity]

You are not allowed to withdraw from CPF LIFE except on the following grounds:

a) Medical ground of shortened life expectancy;

b) Leaving Singapore and West Malaysia permanently with no
intention of returning to either country.

If you are on one of the 3 CPF LIFE plans with a refund feature, you will receive a discounted refund* of the savings used to join CPF LIFE less any monthly payouts that you have received prior to your withdrawal. For information on the discounted refund, please email [email protected].

* There may not be a refund if the savings used to join CPF LIFE has been fully paid out in monthly payouts.

However, if you are on the LIFE Income Plan which is a nonrefund plan, you will not receive any refund if you withdraw from the scheme.

What I understand is there is no guarantee on Monthly payout amount, it based on projection similar to all other insurance company.
how they compute the figure is confidential.

 

[hochiminhcity]

CPF Minimum Sum is set at $123,000 from 1 July 2010 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013.

The Medisave Required Amount is set at $22,500 from 1 January 2010 and will increase by $2,500 (to be adjusted for inflation) each year until it reaches $25,000 (in 2003 dollars) on 1 January 2013.

 

[wizard]

You do a simple caculation. after paying for your HDB how much is left.

Everytime you get nearer. they either increase the min sum or increase the age..

Then you die with nothing...


You voted for them ..

 

[patrickv]

yes cpf life is a con job.

it is a small part of a bigger con job to suck away all our cpf $. the con job includes ridicously priced hdb and medi care.

all these is to make sure you have very little to withdraw when you retire

 

[patrickv]

yes cpf life is a con job.

it is a small part of a bigger con job to suck away all our cpf $. the con job includes ridicously priced hdb and medi care.

all these is to make sure you have very little to withdraw when you retire

some pap dogs minus my rep points for saying this. lol

cannot handle the truth.

 

[Qantas]

some pap dogs minus my rep points for saying this. lol

cannot handle the truth.

Mr Goh MS, better do a study on this matter and raise it during the elections. If you do it right, for sure PAP cannot rebut and you will win. This is how Chiam fitrst won his PP seat in 1984 cos at that time, the govt. wants to raise retirement age and he campaigned on it and he won. Similarly, he also campaigned on the cost of HDB flats at that time.